Property division during a divorce can quickly become contentious. Although courts are responsible for equitably dividing a couple’s assets, both spouses may feel that the law is unfair. Work with a lawyer to help you navigate some of the common issues during asset division in Southbury. Our skilled property division attorneys have deep knowledge of the process and tax implications and a broad network of professionals who can assist when needed.
Like many states, Connecticut uses the equitable distribution standard to divide property when a couple divorces. When a judge must decide how to divide the couple’s property, they evaluate the relevant factors and divide the property in a manner that seems fair under the circumstances. This can result in an equal division, but not necessarily so.
Connecticut General Statute § 46b-81(a) makes everything the spouses own separately or together subject to division as marital property. This differs from other states, which generally recognize property a spouse brought into the marriage as separate property. Any assets or debts can be divided if the judge believes doing so is equitable.
Many couples, especially those with significant assets, create prenuptial or postnuptial agreements to govern property division matters. However, Connecticut General Statutes § 46b-36g contains a provision saying that a marital agreement is unenforceable if it was unconscionable at the time of its execution or when a party seeks to enforce it. Substantial changes in the value of a couple’s assets or debts could render an agreement unenforceable even if it were fair when it was executed.
A Southbury attorney will review a couple’s marital agreement when assessing potential pitfalls in the property division process. When it appears the agreement may be subject to challenge, a legal professional may advise renegotiating certain aspects of it to avoid the uncertainty and expense of litigating the matter.
Each family’s financial circumstances are unique, and the sticking points in property division will vary. However, there are some common topics that couples often find difficult to resolve either because they are complex or emotionally loaded.
When a couple has minor children, a court may award the family home to the spouse with primary physical custody. This is less a financial decision than acknowledging that uprooting the children from their home may not be in their best interests.
When the family home represents a substantial portion of a couple’s property, the judge may reduce the value of the assets the spouse who retains the home receives or order the couple to arrange a buyout. When preserving stability for young children is not a primary concern, a judge may order the couple to sell the family home and divide the proceeds.
Pensions and retirement accounts are divisible in a divorce, even when only one spouse’s earnings funded the account. Working with a Southbury lawyer who understands the tax implications of dividing these assets is critical. In addition, specific rules apply to dividing state and municipal employee pensions.
Some couples invest substantial wealth in real estate, art, antiques, jewelry, and collectibles. Establishing a fair value for the purposes of asset division can be complex and contentious.
Ideally, couples can jointly select appraisers and experts to assign a value and agree to accept their decision. If not, mediation can sometimes resolve a valuation dispute.
Dividing property in a divorce is often emotionally fraught. Working with professionals who can take a business-like approach while advocating for your future financial security is essential.
Our family law attorneys are skilled at managing common issues during asset division in Southbury. Contact us today to discuss how we might help you with property division in your divorce.
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