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Property Division Archives

Dealing with divorce

For Connecticut couples whose marriages are breaking down, it may be unpleasant to think about the divorce process. However, developing a good understanding of the way divorce works is key if a person is going to move smoothly through the process. Each person's divorce will undoubtedly be different, but most divorces share some common procedures. It's easy to think divorce is something that will be over and done with quickly, but it actually takes a significant amount of time. Almost all divorces share the step of property division. This includes property that the couple acquired after marriage, but it usually excludes gifts and inheritances. Even if one or both members of the couple has a prenup, property may still be considered for division, depending on the circumstances of the marriage.

Determining post-divorce pet custody

A divorcing pet owner in Connecticut may have many questions pertaining to what the best strategic options may be to help ensure that his or her pets are treated respectfully throughout the process and that the spouse who cares the most for the animals may receive custody. The understanding that pets are considered personal property in divorce proceedings, a thorough consideration of which individual's lifestyle will best suit the animals' interests and the foresight to keep personal records to present a solid case can all be important components in framing an argument on this matter.

Lobbyist couple divorce filing

Many Connecticut couples who have been together for several years may believe that they have worked together to build up their wealth and that their success should be attributed to both parties. However, in a case involving two lobbyists in Washington, D.C., much of the argument over the couple's divorce and property division is to which spouse to attribute their success.

Some tax effects of a divorce

Connecticut couples who may be getting a divorce might be interested in an article discussing some of the effects that splitting up can have on a person's taxes. They are not all obvious, so the help of an attorney or tax professional may be advisable.

Stock options and restricted stock present challenges in divorce

Many Connecticut couples know that dividing property in a divorce can be a challenging process. Even if the assets only consist of a house, some savings and retirement accounts, the property division process can be complex. Marital property division becomes even more complicated when assets like restricted stock or stock options are involved. Stock options represent the opportunity to buy company stock at a fixed price regardless of the current market price. Restricted stock are shares of a company that have been granted as compensation but cannot be sold until certain conditions are met.

Tax audits can be caused by divorce

Divorcing Connecticut couples going through a divorce may be surprised to discover that, in some cases, the process may end up causing an audit of their tax returns. This is because a judge oversees property division determinations during the proceedings. If the judge becomes aware of hidden assets and other property or earnings that haven't been reported, there is an ethical obligation to report any suspected discrepancies to the IRS. These reported inconsistencies can lead to a tax audit.

Ways to protect your assets in a divorce

Many Connecticut residents may be interested in a recent article that discussed ways to protect your assets during a potential divorce. According to the author, while the new year is often a time for instituting new resolutions and goals, many couples around the nation are also deciding to begin their divorce proceedings; more than 800,000 divorces are filed every year in the U.S. While some divorces can indeed be amicable, if a contentious divorce does occur, parties can work to prepare for the division of assets ahead of time.

Property division should be logical not emotional

One common mistake that some Connecticut residents may make when going through a divorce is dealing with asset division from an emotional standpoint. It is very easy for people to approach property division from a sentimental angle, but doing so can leave them with assets they cannot afford. They may also miss out on property that would have put them in a better financial position following the end of their marriage.

Expert witnesses may aid in a divorce

Couples in Connecticut contemplating getting a divorce might be surprised to hear that expert witnesses can aid them in making their divorce cases. People who are considered experts are those who are trained to offer professional opinions on specific issues. Various types of experts specialize in certain practice areas.

Division of assets in divorce calls for full inventory

Connecticut is home to many wealthy couples who have often accumulated expensive real estate and artwork during their marriage. These spouses as well as others who are going through a divorce are advised to consider other less-obvious assets as part of the marital property division process that can be as important as the issues of spousal support and child custody.

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