The aftermath of a divorce can be difficult for children to handle as they try to become adjusted to a new life. However, there are some things that parents in Connecticut can do to protect their children after a divorce and ensure that they are able to enjoy their new life.
Twice as many millennials are keeping their finances separate after marriage compared to baby boomers and Gen X, and that's not the only difference. Some Connecticut millennial couples may be among the growing number who are also making sure they have a prenuptial agreement in place prior to marriage. The American Academy of Matrimonial Lawyers reports that these are on the rise in general across all age groups but particularly with millennials.
Debts taken on during the course of a marriage are generally considered part of the marital estate, and they are divided as part of a divorce just like assets are. This can lead to bitter disputes when the debts in question are student loans. Divorcing spouses may resent making payments on loans that helped their former husbands or wives to attend college, and in states with equitable distribution laws they may not have to. Connecticut is one of these states.
The Social Security Administration allows spouses to receive retirement benefits based on the contributions made by their husbands or wives if doing so would be advantageous for them, and this eligibility is unaffected by divorce as long as certain requirements are met. In order to receive benefits based on their former spouse's earnings records, spouses must have been married for 10 years or longer prior to divorcing, their former husbands or wives must be entitled to Social Security benefits, their spousal benefits must be higher than their individual benefits and they cannot have remarried.
Some husbands in Connecticut do not take it so well when their wives become the primary breadwinners. Research shows that such a situation often leads to divorce, especially when the partners harbor more traditional views toward marriage.
For years, the common and alarming statistic was that half of all U.S. marriages end in divorce. Although there was a period when the divorce rate was nearly that high, it came at a time when divorce had first become widely available and socially destigmatized. Since then, the divorce rate has been declining steadily for decades.
It can be a challenge for a Connecticut couple to determine how they are going to divide their business during a divorce. The divorce process already has enough emotional challenges on its own. When a couple throws in a business that both of them may have been emotionally invested in, the challenges can skyrocket.
The ability to claim a child or another dependent on a tax return can have a profound impact on the ability to claim deductions or credits. It can also impact a person's chances of claiming Head of Household status. If there is no custody or similar agreement in place, the IRS will use a series of rules to determine which person gets to claim a person as a dependent.
People who own a Connecticut business may be concerned about how to protect it in a divorce. Some people might choose to create a prenuptial agreement that makes the business separate property, or it might name a certain amount the spouse will receive. Couples who own a business together may want a prenup in which they agree to continue operating the venture even if they get a divorce or in which one agrees to buy out the other. A post-marital agreement can serve a similar function if the couple is already married.
After 10 years of marriage, it's finally ending. Your spouse asked for a divorce. The last year has been pretty rocky, so you're actually happy to move on from the relationship.