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Posts tagged "assets"

What happens to the art when artists divorce?

Property division is often a challenge in divorce cases, but it can be especially difficult when one or both of the divorcing spouses is an artist. Determining the value -- and potential value -- of art produced during the marriage can be a fraught topic for people who have never before had to look at their work as "property," and especially not as the property of a spouse. In states like Connecticut, with equitable distribution, the calculations can be even more complex.

Connecticut marital property division representation

If you are going through a divorce in Connecticut, you may have some concerns about your financial future. At our law firm, we help clients protect their personal property during a divorce and ensure that marital property is divided fairly. We work hard to help people like you work out an agreement about property division that places you in a positive position going forward.

Splitting the house in a divorce

When a couple divorces in Connecticut, the process of dividing marital property can become tricky. One of the hardest assets to agree on is the family home. While the most simple solution is to sell the property and split the equity, this may not be an option if one party wants to remain in the home. The spouse who is remaining in the home will want to have a free and clear claim to it moving forward, and the partner who moves out will want to ensure that his or her name is completely removed from this asset in the event that there are future losses or problems.

The marital home and property division in a divorce

Although Connecticut uses the principle of equitable distribution to address marital assets during a divorce, the issue of the family home may be decided based on important factors in the relationship. Children are an important consideration if the court is to decide who keeps a home. Issues such as domestic abuse may also play a role. In some cases, a couple may arrive at a plan for dealing with the home without a judge's involvement. In other instances, the court may have the final say in the matter.

Can you receive inherited property in a divorce?

When a couple goes through a divorce, anything considered marital property is usually divided fairly between both partners. A person's inheritance is usually considered separate property, but there are circumstances in Connecticut where a spouse could receive part of another spouse's inheritance.

How inheritances and gifts may be protected in divorce

In Connecticut, couples who are getting a divorce must also divide their marital assets. However, if one individual has received an inheritance or gift from a family member, it may be unclear whether that will be divided between the two as well.

Marital assets that are often overlooked during divorce

Heading into a divorce in Connecticut without a good understanding of assets and liabilities in the marriage could place a spouse at a serious disadvantage. It may be wise to take time to evaluate one's most immediate needs at the outset so that during discussions about the division of property, attention can be placed on seeking those assets that best facilitate a smoother transition into a separate life.

Challenges with divorces and mortgages

When it comes to Connecticut divorces, real estate tends to be a couple's most valuable asset. The underlying mortgage can continue to affect the party who moves out, so it is vital for people to take the proper steps to protect themselves from future problems. The first thing to keep in mind is that lenders are not bound by divorce decrees. As long as both parties have their name on the mortgage, the lender can hold both of them responsible for payments. This makes it more difficult for one to buy another house in the future, and it can also result in poor credit ratings if the person that remains in the home does not make the payments.

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