Divorce can be especially difficult when substantial assets are at stake. Identifying, valuing, and dividing marital property can be time-consuming and expensive.
Work with an experienced high-asset divorce attorney who has experience in achieving equitable distribution in New Haven high-asset divorces. Dolan Divorce Lawyers, PLLC can protect your financial position efficiently and effectively, so you are well-positioned for life after divorce.
The law asks judges in divorce cases to divide property in an equitable manner. An equitable division means the property settlement is fair when considering all the circumstances, but fair does not necessarily mean equal.
Connecticut is an all-property state, meaning that everything owned by the couple or either spouse at the time of a divorce is potentially subject to division. There is no automatic segregation of certain property as separate. In theory, a court can include the value of property one spouse owned before getting married and still owns at divorce when dividing the marital estate.
If a judge must decide how to divide the couple’s property fairly, Connecticut General Statutes § 46b-81 lists numerous factors they can consider. These include the length of the marriage, each spouse’s financial and other contributions to the household, and their future earning capacity. In a high-asset divorce, New Haven courts focus on equitable principles when determining the fair distribution of marital property.
Prenuptial agreements may designate some property as separate or decide in advance that one spouse will receive a stated percentage of the couple’s property if they divorce. They allow a couple to use a method they believe is fair rather than relying on a judge’s idea of fairness. A prenuptial agreement may favor one spouse, and this fact alone does not render it unenforceable.
However, a prenuptial agreement is not enforceable if it was unconscionable at the time the couple signed it or at the time of divorce. An unconscionable agreement is one that is so one-sided as to be blatantly unfair. It is wise for a spouse with a prenuptial agreement to have a property division attorney review it at the time of divorce to determine whether it is potentially subject to challenge on the grounds of unconscionability. Equitable allocation of assets becomes especially important in a divorce involving substantial financial holdings in New Haven.
Divorcing couples must identify, locate, and assign a value to all their property before they can divide it. When a couple has significant wealth, this process can require the input of forensic accountants, business valuation experts, appraisers, and other specialists.
Disputes can arise over the value of specific property. The appropriate valuation date can become important when a couple holds a portion of their wealth in stocks or foreign currency. The value of an executive’s compensation package can be the subject of conflict.
Selling or dividing certain assets can lead to tax implications that can complicate property division. A New Haven high-net-worth divorce attorney can work closely with a spouse’s tax professionals to ensure that the fair division of property is as tax-efficient as possible.
For most wealthy couples, negotiating a property settlement is a better strategy than going to court. Mediation or direct negotiations are more private and offer the parties more control over the outcome.
If both parties are willing to compromise to reach agreements, a negotiated settlement can be quicker and less expensive than litigation. An experienced high-asset divorce attorney in New Haven can work with mediators and other professionals to help a wealthy couple reach a private financial settlement outside of court while ensuring a fair and balanced distribution.
Obtaining equitable distribution in New Haven high-asset divorces requires experience, knowledge, and skill. At Dolan Divorce Lawyers, PLLC, our attorneys have the expertise you need to achieve your financial goals in divorce, so call us today.
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