In the U.S., over 800,000 couples decide to divorce every year. Divorce in Connecticut and other states unfortunately brings both emotional baggage and financial challenges, particularly when a couple has to deal with property division and the distribution of assets. A couple of tips may help people to navigate the financial aspects of the divorce process.
First, if a couple has debts, it is essential to specify in the divorce agreement which person is responsible for which debts. The clarification needs to include both joint debts and individual accounts. If both people's names are on a debt and one person fails to pay this debt, the creditor very well may come after the other party.