Dividing assets? Avoid uncertainty by staying out of court

by | Oct 5, 2018 | Firm News, Property Division |

Connecticut is an equitable distribution state, which means that your marital property will be divided fairly but not necessarily equally. This can work well for couples who earn incomes of varying levels or who put in different amounts of money into the relationship.

When you are getting a divorce, you need to make sure that you know every asset in your possession that is of value. You should write down every asset you can think of and provide this list to your attorney. You may wish to hire a forensic accountant. This professional has the ability to look for hidden or missing assets, which may play a significant role in your case.

Once you know what all of your assets are, you and your spouse can discuss how you would like to divide them. In many cases, people know what they want and can work out a settlement negotiation relatively easily.

There may be one or two items that are under dispute, but for the most part, people know what they are entitled to. If you and your spouse cannot agree, then you have the option of going to mediation or arbitration. If that won’t work for you, then you can head to trial.

Typically, a trial is not the best option, because a judge will make determinations based on the facts of the marriage, the true values of assets and who was entitled to more or less based on the length of the marriage and how much you invested into it. A judge does not have any ability to determine where assets should go based on sentimentality, but you could work that out with your spouse on your own.