When you get a divorce, you and your spouse must divide your property equitably, not equally. Accomplishing a fair division requires you to identify and value everything either of you own and the property you own jointly. When a marriage breaks down, all types of assets in Southbury are subject to division. Contact our skilled property division attorneys to ensure your arrangement is fair.
Connecticut General Statutes § 46b-81 requires divorcing couples to divide their property equitably. The courts provide numerous opportunities for couples to negotiate a property settlement that they believe is fair under their circumstances. When negotiations fail, and a court must make the decision, the judge may divide the property equally or award one spouse a larger share.
Connecticut courts do not distinguish between marital property and separate property unless a marital agreement designates specific property as separate. Instead, anything owned by either spouse or the couple is subject to division upon the breakdown of the marriage.
Many couples jointly hold assets like the family home, checking and savings accounts, investment accounts, credit cards, and lines of credit. The couple must decide how to allocate the spouses’ interests in these assets and personal debts. A Southbury lawyer can help a spouse manage these negotiations and those regarding other types of assets.
Saving for retirement is a priority for many couples, and retirement accounts may hold much of their wealth. The value of the interests in pension plans, employer-sponsored retirement savings vehicles, employee stock ownership plans (ESOP), and Individual Retirement Accounts (IRAs) must be assessed and divided fairly between the spouses.
Even when one spouse has not earned outside income during the marriage, they are entitled to a fair share of the working spouse’s pension and retirement savings. Sometimes, spouses choose to divide these accounts as of the date of their separation or divorce. In other cases, the division of these assets will not take effect until a receiving spouse reaches retirement age.
IRAs can be divided immediately without tax consequences if the receiving spouse deposits the money in their own IRA. Dividing 401ks and pension plans requires the spouses to execute a Qualified Domestic Relations Order (QDRO). A Southbury attorney can draft a QDRO and ensure that a spouse understands the tax implications of dividing these types of assets.
The family home, financial accounts, and even retirement savings are relatively easy to value and divide. However, dividing other kinds of assets can be more challenging in Southbury.
When a spouse owns a business or professional practice, determining its value typically requires a professional appraisal. A forensic accountant may review the books to confirm that the business’s income, assets, and liabilities were disclosed entirely. The other spouse’s contributions to the business must also be evaluated.
Other business interests, real estate investments, and personal property are also subject to division. These often require appraisals to establish their market value, and one spouse may have personal or business reasons for desiring to retain the entire asset. Negotiating a fair exchange rather than dividing these assets requires the assistance of a skilled lawyer.
All types of assets in Southbury are eligible to be divided in a divorce. Ensuring that you have identified and accurately valued all the marital assets can be a daunting task.
Our family law attorneys are skilled at managing the financial aspects of divorce. Schedule a meeting today to find out how we can ensure you leave your marriage with a fair property settlement that will enable you to move forward and thrive.
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