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

Asset, property division can pose financial challenges

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.

It is also wise to refinance or pay off any debts that existed before the divorce. If possible, both parties would be wise to refinance their debt obligations in their individual names. For instance, they might want to transfer debt on a joint credit card to individual cards and then close the joint credit card account. Likewise, if one person decides to retain the family home, it would be expedient for him or her to refinance the property in his or her own name. Otherwise, the other party might be held liable for the property's mortgage debt in the future.

If two people can find common ground during a divorce, they may benefit from alternatives to divorce litigation, such as divorce negotiation or mediation. This may enable them to reach a mutually satisfactory settlement without further court intrusion. Otherwise, a judge in Connecticut will need to make important decisions for the couple, such as those involving property division and asset distribution, and the outcome might not be what the parties would have preferred.

Source: msnewsnow.com, "7 ways to protect yourself financially in a divorce", Andrew Housser, July 18, 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