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Asset division during a divorce

Connecticut residents who divorce often have a number of things to think about, including where they will live, who will get custody of their children and how assets will be divided during the divorce. The issue of property division is a major concern for many people because it will have a large impact on their future. This is why it is important that individuals ensure they know the value of items that are being divided during a divorce and that they have the right mindset during the negotiation process.

Some assets in a divorce are easy to split up; bank accounts can simply be divided in half. Most property in a divorce does not have an apparent dollar value. Automobiles, houses and electronic equipment may require an expert to appraise their value. This may not be necessary if a couple is willing to agree on the value of these items, but if there is a question, it may be a good idea to have a third-party get involved.

When determining who gets which assets, it is important for an individual to argue for them with a financial mindset, not an emotional one. If someone is emotionally attached to an item, their spouse may try to get them to accept a lower value for it than it is worth. While there are sentimental items that have more value than a dollar amount, it is best to consider someone's financial future when dividing assets.

A lawyer may be able to help an individual going through a divorce achieve an equitable portion of a couple's assets. Additionally, a lawyer could explain state asset division laws to someone and argue their case in court if necessary.

Source: Forbes, "Divorce: Who Gets The Air Miles?", Jeff Landers, June 26, 2013

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