When couples in Connecticut get divorced and they own a home together, they often put a lot of time and emotional energy into figuring out what to do with their house. However, some of that time and energy should also be directed toward the mortgage. That is because banks do not look at houses and mortgages as one in the…
Divorced or would-be divorced couples in Connecticut may want to take note about a change that is looming regarding how spousal support payments will be taxed once the Tax Cuts and Jobs Act goes into full effect on January 1, 2019. As explained by the Internal Revenue Service, the current law assigns tax liability to the spouse who receives alimony…
Marital property division can be a complex and emotionally charged aspect of divorce proceedings. The process involves the equitable distribution of assets and debts acquired during a marriage, and it can significantly impact the financial well-being of both parties involved. To help ensure a smoother and more efficient property division approach, there are four essential ways that spouses can streamline…
There is virtually no aspect of the divorce process that is easy for individual spouses to navigate. Yet, it is undeniable that some aspects of this undertaking tend to be more challenging than others. For example, if you and your spouse need to divide significant marital assets, it is unlikely that this process will be straightforward. As a result, it…
Divorce is an emotionally and financially challenging process, especially when numerous assets are involved. Connecticut requires the equitable distribution of marital property to ensure neither spouse is left with an economic disadvantage after the divorce. But what happens when you suspect your spouse is hiding assets to avoid a fair distribution? Different ways assets can be hidden Hiding assets is…
As you enter into your divorce proceedings in Southport, you likely have already resigned yourself to the fact that you will likely lose (or at least see your ownership diminish in) some assets. You may not be ready, however, to include your 401k amongst them. While the contributions made to your retirement account during your marriage do come from marital…
Residents in Connecticut who get divorced know that there will be many new things to learn and decisions to make. One of the difficult parts of ending a marriage is deciding how the couple’s assets and debts will be split between both parties. It is important for spouses to know that making this decision requires not simply agreements between each…