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Pressing through the financial issues during a divorce

On Behalf of | Nov 9, 2019 | Divorce |

Making ends meet today can be pretty tough. It usually takes two incomes to live reasonably comfortably, so when a Connecticut couple makes the decision to divorce, looking at the financial picture is a necessity. Most likely each person will be moving forward independently on one income and that means the more knowledge each has about the law and finances, the better.

In a divorce situation, assets as well as debts must be divided. Often deciding who will be responsible for what debt is more difficult than dividing assets. A rundown of what is owed and to whom is necessary for the couple to be able to manage their debt and their finances independently. Obtaining independent credit reports might help the process and any debts that can be paid off, should be. 

There’s no escaping tax issues either during the divorce process. There are many things to consider such as who will get exemptions for dependents, who gets to claim for head of household, child support deductions. Changing have been made to various tax rules under family law and getting an attorney’s advice is crucial.

The best foot forward when it comes to finances in a divorce scenario is to get the advice of a Connecticut lawyer. He or she may also be able to put a client in touch with other experts who may be able to help such as accountants and financial planners. Divorce can be a difficult time for everyone involved, so taking one issue off the plate may be conducive to having less stress in the long run, especially where debts are concerned.