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Finances in divorce need not be overwhelming

On Behalf of | May 6, 2019 | Divorce |

Getting a divorce in Connecticut can be a difficult and emotional experience. Every aspect of one’s life is about to change and probably none more than one’s financial situation. The divorce rate is about 50% for the baby boomer generation, and many of them went directly from their parent’s homes to marriage. Some may not have had the experience of managing a single household. There are steps that can be taken to ease the transition.

For most people, the most important step will be ensuring that there are enough funds available to cover monthly expenses. Some expenses are fixed, and some are flexible. Credit cards are the most flexible, and if one has a shared account it should be closed or changed to a separate account prior to settling the divorce.

In addition to immediate expenses, long term finances should also be taken into consideration. Insurance policies and retirement accounts should be checked for beneficiaries. Even if a will or trust is changed, that does not affect the designated beneficiary of an insurance policy or a retirement plan. If minor children are involved, a guardianship plan may need to be revised and financial plans made in the event of the custodial parent’s death.

While all of this can seem overwhelming, a calm and measured approach can lead to a strong financial plan for the future. If a person in Connecticut is considering a divorce, a consultation with an attorney well-versed in family law can prove beneficial. An experienced lawyer can review one’s financial picture and suggest options for a settlement that results in a fair outcome for both parties.