You and your spouse have decided to divorce. Do you know what will happen to your property once the divorce is finalized? Connecticut is an equitable distribution of property state, which means the property won’t be split 50/50.
You want to protect yourself financially. You or the judge in your divorce will identify your assets and your liabilities.
Connecticut is not a community property state
Instead, this state, along with about 42 other states, follows the “equitable division” practice. If you and your spouse are able to communicate with each other, you might want to decide how your property will be divided. If you can’t do this, the judge overseeing your divorce will have to do so.
What “equitable distribution of marital property” means
After your assets have been identified, their value has to be assessed. Next, you and your spouse will decide how to divide property (real property) and your significant assets. If you or your spouse own a family business, it will be divided between you and your spouse.
The judge will rule on the division of any liabilities you and your spouse have. These include secured debts, credit card debt and mortgages.
How property is split between spouses in a divorce
The judge will look at everything you and your spouse own. They have to decide what distribution of property and liabilities will be fair to you and your spouse.
Because property is not divided evenly in a divorce, one of you could get less property. Learning how to protect your interests could result in a better financial picture.
