How To Prepare Financially For An Impending Divorce
There is no easy way to end a marriage, but if you have the benefit of time on your side, planning in advance for an impending divorce can really help your situation. One of the most difficult pieces to sort out in a divorce is the division of assets. Depending on if you entered the marriage with property or other financial assets, or if you and your spouse built a financial portfolio together, dividing your finances fairly and equitably is one of the most important factors of a divorce. When you know that the dissolution of your marriage is imminent, you can start to plan for the financial impacts of your divorce.
Division Of Assets
In the state of Connecticut, there are two classifications of assets that will be divided in the event of a divorce.
- Real property – This is real estate including land and buildings, investment property and your primary residence.
- Personal property – This describes all other properties, including valuable jewelry and heirlooms, bank accounts, investment accounts, stocks and bonds, furniture, cars, boats and so on.
A judge will decide the fair division of your real and personal property as a part of your divorce proceedings. Before you file for a divorce, it can be helpful to put together a list of your assets and keep close records of all of your financial statements.
The Benefits Of Preplanning
As soon as the legal documents are filed to initiate your divorce, there is an automatic hold on your assets. This means that both parties in the divorce are prohibited from selling or transferring property without the other person’s written consent or without an order from the court.
Although the court is designed to protect your assets after you file for a divorce, there are several major benefits of pre-planning before you file. One of the most significant advantages is the ability to engage in collaborative financial planning. The more that you and your spouse can agree on going into a divorce, the easier and faster the process can move forward.
Conversely, if you anticipate a difficult divorce, it is advisable to speak with an attorney about how to prevent your spouse from dissipating assets. If you have reason to believe that your spouse will attempt to drain your savings, rack up debt, and sell your property while you are going through a divorce, you have options. Your attorney can advise the best course of action pre-divorce.
Speak With A Stamford, Connecticut, Divorce Lawyer Today
Even the most financially organized couples can find themselves working through some difficult issues when they decide to divorce. If you are starting to review the divorce proceedings, it is helpful to retain the advice of an experienced family law attorney. At LAW OFFICES OF PIAZZA & SIMMONS, LLC, our legal team is well versed in the financial implications of a divorce, and we can help you secure your best financial future. Call us today to discuss your specific situation. You can reach us by phone at 203-936-6772 or contact us online. Even if you haven’t officially started the legal divorce process, it can help to review your options now.