Property or asset division is often one of the more contested areas in a Connecticut divorce. Both spouses may have assets that they hope to retain, and neither may agree with the demands or wishes of the other. As you may already know, Connecticut utilizes the equitable division standard.
In an equitable division scenario, the courts look at the circumstances of the marriage and the income and circumstances of each spouse to determine what is a fair and reasonable way to split up your marital assets.
Some of your assets will be exempt from the property division process. Your separate property is typically not subject to division in a divorce. Understanding what assets remain your separate property can help you make more informed decisions.
Acquisition dates and how you acquire an asset impact its status
There are two considerations that the courts will review when they attempt to determine if an asset is your separate property or a marital asset. The date that you acquire the asset is an important consideration.
For typical assets, such as income you earn or items you purchase, what you obtained during your marriage will likely become marital property. Items owned prior to marriage typically remain separate property. However, items you acquire during your marriage can sometimes be separate property.
Gifts from someone outside of your marriage, such as a sibling or a co-worker, may remain separate property. Provided that there is no commingling, any inheritance you receive before or during the marriage will typically also remain separate property. Finally, assets that you earmark as separate in a prenuptial or postnuptial agreement likely won’t be subject to division in a divorce.