When a couple decides to end their marriage, one of the biggest questions to solve is how their property will be split. Our legal team is mindful of your connection to property is likely sentimental as well as financial. For example, assets like the family home, inheritances, and even retirement accounts have more significance to you than just a number on a spreadsheet.
Working with a capable West Hartford property division lawyer can make a huge difference in how your family’s resources will be shared. Not only do we know the ins and outs of the many nuances of property distribution in Connecticut, but Freed Marcroft’s knowledgeable family attorneys also have creative strategies to “expand the pie” so that the assets you receive are those of most value to you – financially and emotionally –based upon your financial goals for the future.
How State Law Addresses Property Division
Connecticut is an “equitable distribution” state when it comes to dividing property during divorces. This means that, instead of splitting every asset 50/50 between you and your spouse, divorce courts attempt to establish an “equitable” arrangement. Not only may you receive more of some assets than others – the bottom line is: this takes into account all of your monetary and non-monetary contributions to the marriage. The individual who contributed more will end up with a greater share of the split.
In many states, the only assets and debts that are divided during divorce are those that are considered “marital property,” meaning those acquired by either spouse while they were married. This is not the case in Connecticut. Connecticut is an “all property” state, which means that – unless you have a prenuptial agreement – there’s no formal concept of “separate property” here. In other words, in Connecticut, everything that either spouse owns or owes is subject to division in divorce. The court determines whether and how to divide a specific asset or debt based upon its view of what’s equitable and fair.
Challenges to Property Division in West Hartford
Connecticut allows courts to award marital property to either party regardless of whose name is on the title or who specifically acquired it. State courts are also not required to make a distinction between marital property and separate property when identifying divisible assets. In other words, even gifts and inheritances you may have received and businesses you’ve built are not considered exempt from division like they would be elsewhere, and neither are pensions and stock options.
This is why it is vital to work with a skilled attorney to protect future financial wellbeing during property division in West Hartford.
Defining “Equitable” Division of Assets
When Connecticut courts determine what’s an “equitable” split of that property, judges base their decision on factors like:
- How long the marriage lasted
- Each party’s ability to acquire new assets and additional income in the future
- Each party’s age, skills, liabilities, and overall health
- Any contributions either party made to acquiring, preserving, and/or appreciating the value of certain assets
- The specific grounds for the divorce, if one party is held at fault
With help from a knowledgeable property division lawyer in West Hartford, you will have a strategy to emphasize on the factors that work in your favor.
Speak with a West Hartford Property Division Attorney
Legal issues surrounding physical property and financial assets are complex, plus, this can be a contentious topic when it comes to divorce. Because of how Connecticut approaches this, going through asset division proceedings without someone to guide you could lead to an outcome you may regret down the road.
We want you to keep the property that is most meaningful to you and that best sets you up for a solid financial future. The West Hartford property division lawyers from Freed Marcroft understands how important this is, so please get in touch with us today.