Determining how property should be divided as part of a divorce can be challenging, especially if the parties own a significant number of assets that are complicated to value. The issue of how to divide responsibility for debts is also a common area of contention.
If you are pursuing marital dissolution, a Hartford property division lawyer can protect your rights throughout court proceedings and help you reach a favorable outcome in your case. A knowledgeable divorce attorney can construct a comprehensive list of your assets and debts and work tirelessly to protect your best interests as you separate from your partner.
Like most other U.S. states, Connecticut is an “equitable distribution” state. This means that courts will attempt to create a property division arrangement that is “equitable” to both parties.
For example, if most of the money in a joint bank account came from one spouse’s work income and investment profits, a 50/50 split of that account’s contents may or may not be fair under the circumstances. An equitable distribution could result in a proportionately higher percentage of those assets being awarded to the higher-earning spouse, however, in a long-term marriage or where the parties have children together an even split of the assets may still be most appropriate. Other factors that may play into a court’s decision on property division include:
A lawyer familiar with state laws regarding the allocation of marital property can work with an individual spouse to emphasize certain factors over others to obtain a favorable court ruling.
In most situations, state law makes no distinction between marital and private property. Under Connecticut General Statutes §46b-81, courts overseeing divorces have the authority to treat all property owned by both parties as marital property.
In practice, this means that everything a couple owns could potentially be subject to court distribution during a divorce, including:
The courts prioritize making “equitable” arrangements regardless of who initially owned the property. However, if one party can convince the court that certain assets should be regarded as theirs alone, they may be able to exempt that property from division.
A signed prenuptial agreement that identifies a couple’s separate and marital property can serve as valuable evidence in these cases. A property division lawyer in Harford can provide individuals with more information about what assets the court may reallocate after a divorce.
Once your marriage ends, property settlements made as part of the divorce are binding, and it is crucial you have correctly identified and valued all the marital assets. Working with skilled legal counsel during your divorce is essential to arriving at a complete and fair division of assets.
A Hartford property division lawyer can fight for your equitable share of the marital assets. To schedule your initial consultation, call our office today.