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Tips for a budget-friendly divorce

Ending a marriage can have a huge financial impact on a person's life. Divorce in Connecticut can lead to the loss of assets already owned as well as the assumption of future financial obligations in the form of child support and spousal support. With careful planning, one can minimize the negative effect of divorce on one's financial status.

One of the first mistakes many people who find they are going to be getting divorced make is to start trying to find ways to hide assets. They think that by squirreling away money and other assets they can keep a little something extra for themselves that doesn't have to be split with the soon-to-be-ex. This is not a good idea. Most spouses have a pretty good idea what the marital assets are, so if some goes missing, there will be questions to answer and more anger to contend with. It can make the person appear dishonest to the other spouse as well as the judge and can affect the overall outcome of the divorce.

Finances should start being separated as of the split instead of the completion of the divorce. Joint bank and credit card accounts should be closed by both parties, and new individual accounts should be opened. This keeps one spouse from going on a vindictive shopping spree on a joint credit card with the intent of having the bill split later. It also protects one spouse from having his or her bank account wiped out, leaving him or her with no cash to cover expenses. It helps keep everyone honest about their own spending during the divorce process.

The time to start planning for one's financial future is now. While the divorce is still underway, one should design a financial plan that extends into the future past the divorce. There should be consideration for current income and expenses as well as future income and expenses including child support, spousal support and adjusted housing arrangements.

The most important decision one can make for his or her finances is to hire a knowledgeable divorce attorney. A Connecticut divorce attorney is familiar with steps one should take to help protect one's financial future. The attorney can guide the client through the divorce process and utilize his or her experience to help the client secure a favorable result.

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  • Hi Yuliana and Attorney Prince, Thank you so much for taking time out of your busy day to meet with me. I really appreciated how compassionate you were while listening to my situation, even through my tears. Thank you so much for sharing such valuable information with me. I left feeling very hopeful that when the dust settles, I’ll be ok.
  • Wendy helped guide us through a very difficult and emotional process and was really able to provide an even and fair account for both parties. It's quite evident in her expertise in this area but the way she was able to make you feel safe and secure in a very insecure time goes far beyond her legal prowess. If the two parties are really willing to cooperate and collaborate, she's there to help gain the best possible solution for all involved, especially if there are children.
  • Regardless of how committed one is to the fact that divorce may be imminent and necessary, it is truly one of the most emotional and stressful situations one can experience. It can also be daunting. Wendy has a remarkable ability to cut through the noise and help you focus on the big picture while drilling down on what is most pertinent to your particular situation., they are a formidable team who work collectively with your best interests in mind.
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