Divorce is not something most people want to go through, but yet, many people do. Their marriages may break down, or they may think they have no other option because of problems with finances or other factors.
Both spouses usually own the family home together as a part of the marital estate. This can leave the question of who will stay in the family residence somewhat unclear. Since a home is usually worth over a hundred thousand dollars — often several hundred thousand dollars — allowing one spouse to keep the residence may not even be possible.
When you get a divorce, one thing you need to understand well is the way your property will be divided. In Connecticut, the state follows equitable distribution laws. This means that each party is able to fight for an equitable share of the marital estate.
If you and your significant other are unmarried but live together, you may still build up a collection of assets that you've purchased together. Unlike in a marriage, your assets aren't immediately divisible based on your shared interests, though, if you choose to separate.
It's easy to look just at the short-term financial picture when going through a divorce, but it can be disastrous. It is critical that you think about every decision through the lens of your big-picture financial plans.
When it comes to things that spouses have disputes about in a divorce, it might surprise you to know that the top three are alimony, retirement accounts and business interests. Alimony ranks 83 percent, retirement accounts 62 percent and business interests 60 percent.
It is always to a divorcing couple's benefit to come to their own agreement on how they want to divide their marital property. If the parties cannot agree on a fair and acceptable settlement, then the courts will be making those personable decisions for them.
In Connecticut, there is no such thing as separate property if you are married. If you owned a house or property when you got married, your spouse is now a partner in that ownership. If you decide to divorce, how will the house be divided?
It is safe to say that no one ever wants to go to court for any reason. This is so in family law cases just as much as it is in criminal cases. Going to court for property division and other matters takes away your time, causes emotional distress and may delay the divorce decree. As such, anytime spouses can agree on the terms of divorce between each other, it should be considered a win.
Aside from issues concerning children, property division is one of the most complicated elements of divorce. It is also a massive source of conflict for many couples getting divorced. Many times, this conflict arises because each spouse is concerned that the other will come out ahead. Regardless of the reason, ongoing conflict can become fuel for an all-out battle.