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Making sound financial decisions during your Connecticut divorce

Recently, we discussed the various tax impacts on newly-divorced people. While it's always best if you can work together to minimize the tax burden on both of you, it's also important to get other financial advice as you go through this relationship transition.

Too many Connecticut residents make decisions in the midst of a divorce out of anger, hurt or other emotions. However, when finances are involved, it's best to have a clear head and sound financial guidance so that you don't end up doing something that could cost you later on, long after the emotional wounds have started to heal. One personal finance expert lists some important financial tips for anyone contemplating or going through a divorce.

Tax considerations for newly-divorced Connecticut residents

When you're in the midst of a divorce, chances are that one of the last things on your mind is how it will impact your taxes. Well, now that tax-filing season is here, it's time to think of how this important change in your life will impact your taxes.

Whether you are in the midst of a divorce or it has already been finalized, it's probably a good idea to see a tax professional even if you have always filed your own taxes (or your spouse has). You don't want to make any mistakes, and you want to ensure that you get any tax benefits due you.

How common was divorce in 17th-century Connecticut?

While many people think that divorce is a relatively modern concept, it can actually be found among our forefathers in Connecticut and the other original colonies. In fact, the group of English Protestants known as the Puritans who settled in New England could actually be called socially progressive when it came to marriage and divorce. After all, they came here to escape what they viewed as persecution by the Church of England and the King.

While divorce wasn't nearly as common as it is today, it wasn't unheard of. At that time, marriage was considered a civil contract rather than a religious. Therefore, there was less social stigma in ending a marriage than there came to be later in our history. Throughout the 17th century, residents of the Connecticut and Massachusetts colonies had about one divorce granted each year. That increased throughout the 18th century. Looking at a couple of early New England divorces, it appears that, as often happens today, monogamy was an issue.

Billionaire cites drop in stock valuation in fighting settlement

The wealth of many divorced people here in Connecticut who work on Wall Street is tied to the stock market and the price of various commodities. That's also true of people around the country. Such is the case for oil billionaire Harold Hamm.

The divorce of Hamm and his wife has made national news in part for the sheer magnitude of assets involved and the size of the judgment awarded to his ex-wife, Sue Ann Arnall, last November. Now, says Hamm, the drop in oil prices that has made many drivers happy when they pull into their local gas station has impacted his net worth and his ability to pay the support ordered.

Important financial discussions for engaged Connecticut couples

While many people may believe that young adults are less likely to be fiscally responsible than their elders, some financial experts says that isn't the case. In fact, "millennials," those born between the early 1980s and the early 2000s, have been called the most fiscally-conservative generation since those who lived through the Great Depression.

One certified financial planner says that his younger clients are "very pragmatic and very cautious" about money. This may bode well for their marriages since money arguments have been shown to be the key predictor of divorce.

Are Wall Street divorces becoming meaner or just more public?

Has 2014 been a year of unusually-nasty divorces and break-ups for financial power players? Whether it actually has been or not, we've certainly been exposed to plenty of lurid details in the media. Such details can have serious ramifications beyond the couple involved.

Investment banker Sage Kelly and his wife Christina finally settled their case, but he resigned this month to "focus on family matters." Meanwhile, his ex-wife issued an apology for what she called "inaccurate, untrue or hyperbolic" things that appeared in the media. In her divorce documents, she alleged, among other things, that her husband used illegal drugs and participated in an orgy. The well-publicized allegations even impacted the stock prices of two biotech companies.

We help Connecticut parents with relocation issues

Many Connecticut residents relocate over the course of their adult lives, whether to a neighboring state like New York, all the way across the country or even abroad. As mergers and acquisitions of companies increase, many employees find themselves having to relocate in order to keep their jobs. Some people who lose a job and find employment prospects dim relocate to be near family who can help support them or where they have a better chance of employment.

However, when you are a divorced parent with one or more children, a relocation for any reason can be problematic. Whether you are the custodial or non-custodial parent, moving can be extremely disruptive to the family dynamic that you and your ex-spouse have developed since you went your separate ways.

Consider the kids when making holiday child custody arrangements

Recently, we talked about how ideas for handling the holidays as a newly-single person. Now, we're going to focus on what it's like for children who are spending their first holiday season without their family under one roof and how to make the season happy for them after what has likely been a stressful, unhappy year.

Children of newly-estranged or divorced parents are likely fearing what their holiday season will be like -- not just for them but for their parents. They may be concerned about one or both of their parents spending important holidays alone and feel some guilt about that.

What can make a Connecticut prenuptial agreement invalid?

Prenuptial agreements are becoming an increasingly common part of couples' pre-wedding rituals. They can be particularly important for those going into a marriage with personal and/or business assets they want to protect. However, even couples just starting out may want to codify things like who is responsible for debts or how wealth accumulated after the marriage will be divided if they split up.

However, a prenup is only worthwhile if it is done correctly and will hold up in court. There are a number of reasons why a prenup may be deemed invalid. Some of these things are pretty basic, like having it in writing and signed by both people. However, others are more complex and have been known to leave people without the financial support they hoped to ensure for themselves by having the agreement.

Handling the holidays in Connecticut as a newly-single person

The holidays can be a stressful time for all of us. However, if you're going through a divorce or are newly-divorced, this time of year can be particularly depressing. Many people will be seeing relatives and friends whom you may not have seen since the break-up or not even know about it. Some will be going to holiday events alone or spending some of the holidays without their children for the first time.

Here are some ideas to make the holidays more than something to just "get through" without your once-significant other at your side. No matter what you decide to do for the holidays, remember to look ahead to a new year and a new life.

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