Both parties in a divorce are concerned with marital assets and ensuring a fair outcome. While some couples can reach an equitable agreement on their own regarding assets and liabilities, those with disputes or complex finances should consider consulting a knowledgeable divorce attorney for guidance.
When a couple cannot agree on a fair division, the appraisal of assets and liabilities in New Haven will be decided by a judge after hearing testimony from one or more expert valuation witnesses. Debts and assets are both part of the marital estate, and courts use the concept of equitable division to allocate these values between the parties.
A couple may assign value to their assets if they agree on the amounts. If they cannot reach an agreement, each party will endeavor to obtain an appraisal to support their valuation proposal, or the parties may agree to a joint valuation. Appraisers may consider an asset’s income potential (such as rental property), replacement cost, or comparable market value, the latter of which is commonly used for evaluating the marital home.
Connecticut follows the principle of equitable division under Connecticut General Statutes § 46b-81 and does not apply community property rules. As a result, courts do not automatically split assets and liabilities equally. In most cases, all property owned by either spouse during the marriage becomes part of the marital estate. Even assets acquired before the marriage may be subject to division at the court’s discretion.
To allocate property fairly, the court considers multiple factors, including:
Determining the value of marital assets often creates stress and disagreement. The process of appraising and dividing assets and debts is a large part of why people decide to consult a divorce attorney familiar with New Haven laws.
Courts treat debts similar to assets in a divorce, typically classifying them as marital property subject to equitable division. Judges assign liabilities based on when the debt arose, its purpose, each spouse’s financial circumstances, and to whose benefit the debt inured. Valid liabilities may include credit card balances, consumer loans, car loans, student loans, and mortgages.
Courts will not give weight to personal loans between family members that are not secured by a promissory note.
If one spouse incurred a debt before the marriage, the court may assign that debt to the person who benefited from it. For example, a student loan used by one spouse to attend school may be allocated entirely to that individual. However, the court retains full discretion in dividing debts, regardless of how or when they originated.
Because Connecticut courts make the final determination, it could be helpful to speak with an attorney who understands New Haven’s asset and debt appraisal process and who could outline the various ways the court might approach your situation.
Divorce is a complex process that taxes your time, resources, and mental health. The division and appraisal of assets and liabilities in New Haven must be done for any couple going through the breakdown of a marriage, and will be more challenging for those with complex finances or who disagree on the valuation of their property.
Hiring a law firm focused exclusively on family law and resolving high-conflict disputes can help ensure a complete and fair division of assets. The attorneys at Dolan Divorce Lawyers PLLC bring extensive experience in divorce law and recognize the emotional and financial strain the process often involves. Our team provides clear, compassionate guidance and works to advance your interests with professionalism and care.
Contact us today for a free consultation.
N/a
