One often contentious area of divorce is property division. In Connecticut, property division is handled under the laws of equitable division. While this means that each party should end up with an equal amount of property, it doesn’t necessary mean that it will be split 50/50. The fair market value of the property is considered. So is whether an asset is considered marital or separate property.
The court has the ultimate decision on how the property will be divided, even when a couple might reach an agreement on their own. If the judge doesn’t feel the division is equitable, he or she may not sign off on the agreement.
When there are complex property division issues, then things can become even more complicated. It’s best to obtain a valuation of any business, real estate, pensions and other holdings in order to ensure that the division of assets is equitable.
Some spouses may attempt to hide property during a divorce, such as in offshore accounts or by giving gifts to relatives or friends that are returned after the divorce is final. That’s just one reason why it’s important to have an experienced attorney representing you. He or she can work to locate hidden assets and ensure that your rights are protected throughout the divorce process.
Divorce is not usually easy on any party involved. It’s best not to let your emotions rule your decision-making, as this can result in decisions that aren’t in your best interests later on. Your attorney can be a great ally in the divorce process and work to get you what you deserve in your divorce.
Source: Connecticut Judicial Branch, “Equitable Distribution of Marital Property in Connecticut,” accessed Oct. 12, 2015