Dividing assets is one of the major hurdles couples must overcome when they divorce. Some married partners do not realize that debt is included in the marital property they need to divide.
The division of liabilities in Southbury can be complicated, and managing it fairly requires sound legal advice. The skilled divorce attorneys at Dolan Divorce Lawyers can explain the factors judges consider when dividing liabilities and help you negotiate a fair settlement when possible.
Connecticut uses the equitable distribution system for dividing marital property when couples divorce. The couple’s property must be split in a way that is fair, but not always necessarily equal.
When a judge must decide how to divide a couple’s property, Connecticut General Statute § 46b-81 lists factors they can consider to determine a fair allocation. These factors include:
A family court judge has broad discretion to consider which factors seem relevant and to give each factor as much weight as they deem appropriate.
When a couple cannot agree on the division of property or debt, a Southbury divorce attorney will present a partner’s desired property allocation and debt division plan to the court. Their argument for this plan can incorporate the same factors judges consider when determining a fair allocation.
Judges use the same factors that apply to dividing property to decide how to divide a couple’s debt. However, the judge may also examine the timeframe for when the couple accrued the debt, its purpose, and whether one partner derived more benefit from the debt than the other. The judge may also consider the partners’ respective financial positions and who can most easily repay it.
The courts typically leave mortgage debt with the partner who keeps the home and allocate car loans to the person who drives the vehicle. However, there are no definitive rules on how to divide debt, and a judge could divide it differently depending on the situation. Similarly, judges often allocate credit card debt to the partner who accrued it, but they are more likely to divide it between the two partners if the couple used the credit card debt for the benefit of the family as a whole.
An attorney in Southbury can review marital liabilities and help a spouse determine a fair allocation. The legal professionals at Dolan Divorce Lawyers will present a compelling case to persuade the judge that the spouse’s desired outcome is the most equitable.
Connecticut family court judges follow the law and strive to be fair. Unfortunately, a decision that seems equitable to a judge with limited information may not seem fair to both partners. Negotiating a division of property and liabilities is the best way for a couple to maintain control and agency during the decision-making process and develop a property settlement that feels fair to both.
Some couples can negotiate directly with each other to arrive at an acceptable settlement, while many others find working with a mediator to be effective. Regardless of how a couple manages the process, a Southbury attorney should review any negotiated settlement concerning the division of property and debt before a couple submits it to a judge.
A judge must approve the couple’s settlement before they will incorporate it into a divorce decree. Judges typically accept negotiated settlements but will ensure that they are fair to both parties before enforcing them.
A divorce means dividing your marital debts in addition to your marital property. The way you allocate debt can have a big impact on your quality of life post-divorce, so thoughtful consideration is critical.
Our divorce attorneys can help you with the division of liabilities in Southbury, along with every other aspect of your divorce. Reach out to us today to discuss how we can help with your property settlement during a free consultation.
N/a
