Property division is an important part of a divorce, and if your marriage was a long one and you have amassed considerable assets over the course of it, the process may prove quite complex. Connecticut is an “equitable distribution” state and has certain rules and guidelines in place when it comes to dividing property. However, some of these guidelines leave certain things open to interpretation.
The goal in most divorces is to achieve equitable asset division. However, this does not always mean that you and your spouse split everything 50/50. Also, things often become more complicated if you and your ex have to split business interests, pensions, retirement accounts and other investments that may prove difficult to divide. During complex asset division, you may need a judge or court to determine the following.
Whether an asset constitutes divisible property
Connecticut differs from many states in that the assets someone in a marriage owns belong to both parties, regardless of when acquired. The same holds true when it comes to debts.
The value of the property
Before you are able to divide an asset or replace indivisible property with something of equal worth, you must determine the value of the asset at hand.
How to divide said property
Judges strive to come up with asset division plans that are “fair.” When deciding what is fair, courts might consider each party’s income, the length of the marriage and each party’s contributions to it, among other factors.
Courts have quite a bit of discretion when it comes to property division. The more you understand how the process works, the better your chances are of walking away with what you need.