When going through the process of dissolving your marriage, you may worry that you are not going to equitably receive the property and assets you deserve. Understanding the factors and considerations in New Haven property division cases can be beneficial to alleviating some stress about the process.
A skilled asset division attorney can help you through the process and explain how your contributions to and role in your marriage can impact your case.
As part of a divorce, a judge has the authority and discretion to divide the marital estate, which includes anything the parties currently own. The purpose of the division is to arrive at an equitable distribution of property for each individual.
In New Haven family courts, the judge takes into consideration the assets both parties have, how those assets were accumulated, and who contributed to them when dividing the property. Some other factors a judge may take into consideration include the following:
A seasoned attorney can help an individual prepare for the court process and provide full and accurate information to the judge.
A state statute mandates that twelve factors be considered when dividing property and assets. Some of the factors include the length of the marriage, the causes for the dissolution of the marriage, the age and health of the parties, their occupation, employability, and income. A local attorney can walk an individual through each of the twelve factors to help them understand what a court does and does not consider in property division cases.
When dividing property, the judge considers each spouse’s specific financial contributions, including income made during the marriage, the acquisition of an asset, and appreciation of that asset. The income can come from employment, but it can also come from assets or rental income. Regardless of where the sources of income are, a court can take them into consideration when dividing property.
A family court may also consider nonfinancial contributions in property division cases. Some common nonfinancial contributions include managing the home and raising the children. Courts also consider how each party contributed to the other’s success and ability to work.
Equitable distribution does not necessarily mean the property division is split 50/50 like equal distribution would. Instead, equitable distribution is based on the facts of the case and what a court or judge finds to be fair. A judge will consider what each party’s respective contributions were to the accumulation or appreciation of the property and assets.
The number of considerations in New Haven property division cases might seem overwhelming, so do not hesitate to call legal counsel for assistance. An experienced attorney can protect your rights, act as a mediator with the other party when necessary, and fight on your behalf to help you through the process.
Schedule a consultation with our firm today. We are standing by to assist you.