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

People often make mistakes with property division during divorce

Divorce in Connecticut can be financially and emotionally draining. Although it is unwise for people to stay in unhappy marriages simply due to financial matters, a lot of misinformation and many misconceptions exist about the financial effects of divorce. A few tips may help people to avoid making the expensive financial mistakes commonly made during the process of divorce, especially when matters such as property division and asset distribution are involved.

First, sometimes people have unrealistic lifestyle expectations following divorce. It might simply not be possible for two divorcing people to maintain two households using the same assets and incomes that were previously being used to sustain one. Changing one's lifestyle is often inevitable following divorce, so it is wise to adjust accordingly.

It is also important to understand all of the tax implications of divorce, particularly when there are high-value assets that have to be divided. Additionally, alimony can cause confusion. The person receiving alimony may not be aware that he or she must pay income taxes on the amount received; meanwhile, the paying spouse gets a tax deduction.

In Connecticut, two divorcing individuals may benefit from considering divorce mediation or collaborative divorce when dealing with issues such as property division. Many times, couples take part in hostile divorce processes, attempting to outwit one another, and this can be financially costly, in addition to leading to high levels of emotional distress. However, mediation or collaborative divorce may help two individuals to go through the divorce process in as amicable a way as possible and ultimately achieve a settlement that benefits both parties.

Source: nj.com, "Financial mistakes to avoid in divorce", Kurt Rossi, March 13, 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
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Berchem, Moses & Devlin, P.C.
9 Morgan Avenue
Norwalk, CT 06851
Phone: 203-853-7997
Fax: 203-866-2818
Norwalk Law Office Map