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Berchem, Moses & Devlin, P.C.
  • Milford 203-783-1200
  • westport 203-227-9545
  • Norwalk 203-853-7997

Address property division, beneficiary designations in divorce

Getting divorced is a major step both financially and emotionally for people in Connecticut. It is natural for people to feel unsettled about how to approach life-changing matters such as the splitting up of assets and property division. However, a few tips may help divorcing individuals remain in control of their financial futures.

It is essential for people to revoke any powers of attorney or joint authorizations that they had given to their soon-to-be-exes in the past over assets and investment accounts. It is also important for them to remove themselves from joint accounts that their spouses are planning to independently maintain. This might involve notifying the institutions holding these accounts that they do not plan to claim a future interest in these accounts.

People getting divorced also would be wise to remove their exes from any accounts they plan to individually maintain. Updating beneficiary designations associated with existing insurance policies and retirement accounts is also important. Failure to do so means that their exes, if they are kept as beneficiaries, will end up getting their retirement funds or life insurance money in the future.

The decisions that a person makes when getting divorced, especially when they involve asset and property division, can have long-term ramifications in Connecticut. An applied understanding of the law may help people to work toward a settlement that will benefit them financially in the long run. Both people getting divorced have the right to pursue their best interests while still trying achieve a fair solution with the other person.

Source: hometownlife.com, "Financial checklist is a must when divorcing a spouse", Paula Swain, June 25, 2015

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Berchem, Moses & Devlin, P.C.
75 Broad Street
Milford, CT 06460
Phone: 203-783-1200
Fax: 203-878-2235
Milford Law Office Map

Berchem, Moses & Devlin, P.C.
1221 Post Road East
Westport, CT 06880
Phone: 203-227-9545
Fax: 203-226-1641
Westport Law Office Map

Berchem, Moses & Devlin, P.C.
9 Morgan Avenue
Norwalk, CT 06851
Phone: 203-853-7997
Fax: 203-866-2818
Norwalk Law Office Map