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

Asset, property division important considerations during divorce

The process of divorce is often an overwhelming emotional experience for all individuals involved. However, it can also take a financial toll for both parties. A few tips may help people to navigate the financial aspects of a Connecticut divorce  when dealing with matters such as asset distribution and property division.

First, it is important to pay attention to assets. When people are going through the divorce process, it is simply good common sense for them to pay close attention to the types of assets they acquire in their settlement. One of the reasons for this is cash flow; even if the math reveals that an equal split was completed, one souse may get stuck with an asset that is illiquid, which means it is hard to get rid of in the event that cash flow is a problem.

It is also essential to keep a close eye on the tax impact of a divorce settlement. For instance, alimony payments are tax deductible. Meanwhile, any alimony received is deemed ordinary income. In addition, any child support received will not be taxable to the person receiving it. All of these factors are important to consider, as they may change how a person prepares his or her taxes following a divorce.

Although divorce can be complicated financially, appropriate legal guidance may help to make the process much easier. Divorce negotiation or mediation may be particularly helpful for two divorcing individuals who are willing to try to find common ground when it comes to asset and property division. If they are able to achieve a settlement with which both parties are satisfied, they can avoid the potentially stressful process of divorce litigation in Connecticut.

Source: Time, "Money and Divorce: Financial Rules for Splitting Up", Jill Schlesinger, March 1, 2016

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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