A divorce will directly reshape your financial future. It is critical that you proactively understand all monetary factors involved in the dissolution of the marriage and protect your legal rights to ensure long-term financial stability. Working with an experienced divorce attorney at Dolan Divorce Lawyers, PLLC, to answer all your financial questions in a New Haven divorce can help bring you peace of mind and confidence in your decisions going forward.
The State of Connecticut considers all property owned by the divorcing couple as marital. This is a different approach from many other states, which have exceptions for assets owned prior to marriage and those gifted to or inherited by one spouse alone.
When referring to marital property, this usually means the assets that you or your spouse acquired individually or jointly during your marriage, the property either of you owned before your marriage, and the gifts or inheritances that either of you received during your marriage. Only assets that are specifically addressed in a legally binding marital agreement, such as a prenuptial agreement, are considered separate property.
In your divorce, the state will divide assets between you and your spouse in a manner that it considers fair, given your relevant circumstances. This is what is known as an equitable distribution. While it can mean that the state will divide your marital assets between you equally, it does not necessarily mean that this will be the outcome.
Factors the state considers in the equitable division of marital property include:
A trusted New Haven divorce lawyer has the skill and legal insight to answer your financial questions and help you achieve a fair division of marital property that bolsters your future.
The state determines alimony, or spousal support, on a case-by-case basis, and it is the exception rather than the norm in most divorce cases. If you have questions about spousal financial support in your New Haven divorce, our attorneys can help you determine whether you or your partner qualifies to receive it.
In Connecticut, alimony is designed to address economic disparities between spouses. Alimony’s primary purpose is often rehabilitative and time-limited, intended to provide necessary support and an incentive for the recipient to become self-supporting and achieve financial independence. This support also serves to acknowledge the economic and non-economic contributions of the lower-earning spouse that may have enabled the other party to develop their career and earning capacity during the marriage.
Parents who are no longer together must continue supporting their children financially, mostly through child support. Connecticut employs an income shares model, which bases child support payments on the combined total of both parents’ net weekly incomes.
Even when parents share child custody equally, if the higher earner has a notably higher income, they will usually make the child support payments. A seasoned New Haven attorney can help answer your child support and financial questions relevant to your divorce.
Divorce comes with tax implications that you should consider carefully. These include matters such as declaring the children as dependents, selling the marital home, and dividing retirement accounts.
The consequences of taxes on your post-divorce finances in New Haven can become complicated very quickly, and you will have many questions. Your knowledgeable divorce lawyer will make sure you understand the tax burden before you settle your divorce terms and bring in the services of a tax professional as needed.
Asking the right financial questions in a New Haven divorce is extremely important. A dedicated divorce attorney at Dolan Divorce Lawyers, PLLC, will guide you through the divorce process with a keen focus on your financial rights to protect the stability of your future. Contact us online or call today to learn more about what we can do to help you.
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