If you are in your 50s, 60s or even older and are contemplating getting divorced, you are far from alone. Many other couples in Connecticut and around the United States are in this position as the rate of divorces in this age group has grown from five per every 1,000 married persons in 1990 to 10 in every 1,000 spouses by 2010. In total, these gray or silver divorces as they are often called account for roughly 25 percent of all marital dissolutions in the U.S. today.
For some couples in Connecticut, the last several weeks of 2018 might look very different than anyone could have ever imagined. Instead of rushing to the mall, enjoying holiday festivities and working to salvage a marriage being primary activities, rushing to get divorced might be the focus. Generally speaking, divorces are not rushed nor are they the primary focus during holiday seasons but an upcoming change to the tax code is making this an unusual year indeed.
Many people in Connecticut are aware that the generation known as the millennials is responsible for leading a variety of changes in society and this includes in the realm of marriage and divorce. Some new information from a study conducted by a researcher at the University of Maryland as well as data from the American Academy of Matrimonial Lawyers corroborates this.
Some divorces bring out the worst in people. Vengeful spouses will look for any way to harm an ex, including denying their former partners as many assets as possible, even if it means spending them away or ruining them so they will be of no value. This kind of asset destruction is known as dissipation, and it is something that Connecticut spouses planning a divorce should watch for.
If you are thinking about getting divorced or in a marriage that is on the rocks and possibly headed for divorce in Connecticut, you will no doubt want to start taking stock of your life on many levels. This stock taking includes getting a good handle on your assets whether they be yours solely or jointly owned. In addition, you will want to pay close attention to the actions and behaviors of your spouse so that you can identify if they are hiding assets from you.
Like many in Southport, you may find it hard to understand the notion of your 401k being an asset that is subject to property division. After all, your account is any available through your employer and is typically supported solely by your income (as well as any matching funds offered by your employer). Why, then, would it be considered a marital asset? Think of it along the same lines as your earned income. Whatever you made while married is marital income, and given that your contributions to your 401k came from that income, it makes more then as to why its viewed this way.