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Financial documentation during divorce

On Behalf of | Feb 2, 2017 | Divorce |

Any Connecticut resident who has ever gone through a divorce knows how far-reaching the financial implications can be. While the thought of a divorce itself was once far-fetched, other things can often happen during a divorce that a person would certainly never have imagined. Many of these things can seriously and negatively impact a person’s financial situation both immediately and for the future.

For these reasons, divorcing spouses should make it a priority to collect and maintain very detailed financial records. At a minimum, gathering up to even four years’ worth of financial statements and records is recommended. These records should be for any assets or debts held in only one spouse’s name as well as those assets or debts held in both spouse’s names together. This type of information may be valuable if one spouse needs to prove the other spouse made certain purchases either before or after the date that the divorce was initiated. Such distinctions can play directly into the outcome of a property division settlement.

Marriage is very much a contract that binds two people together financially. The actions of one person may well leave the other carrying debt he or she had not intended to. When a divorce has been started, separating these financial ties as soon as possible may help to prevent some issues down the road.

When questions about how to handle certain accounts or other assets during a divorce, Connecticut residents may find it helpful to talk with an experienced family law attorney. This offers insights into things a spouse may not think of on his or her own.

Source: USA Today, “4 ways to protect your finances during a divorce,” Shawn Leamon, Jan. 28, 2017