Marital Property Division in Connecticut
Equitable Distribution in Divorce
There is no law in Connecticut that states that marital property will be allocated equally between the spouses. Instead, the courts in this state apply the principle of equitable distribution, which holds that the division should be fair, even if it is not strictly equal. A family law court will consider several different factors when making a determination about how to divide marital property. These include the financial liabilities of each spouse, and each spouse's contribution of to the acquisition, preservation or appreciation of their respective estates. The goal of equitable distribution is to ensure that each spouse walks away from the marriage with his or her fair share of the marital estate.
Marital vs. Separate Property in a Divorce
Marital property can include real estate such as a home bought in contemplation of a marriage, a pension plan, vehicles, bank accounts, income tax refund and / or household furnishings. Generally, anything that was acquired during the course of the marriage may be considered to be an asset of the marital estate. Items and funds that either spouse owned prior to the marriage, on the other hand, are generally considered separate property. As mentioned above, however, the appreciation in value of separate property may be claimed as marital property. When engaged in a divorce, both parties are required to make a full and honest disclosure of assets in order to apportion shares to each spouse. In the event that it appears that your spouse is not declaring all of his or her income or has failed to disclose other assets, your divorce attorney from the Bauer Law Group, LLC can move swiftly to engage a forensic accountant or business valuator to locate and properly value those assets.
Is fault a factor in the division of property in Connecticut?
The cause of the breakdown of the marriage will be considered by the court in making its financial awards. If the fault is substantial and contributes to the breakdown of the marriage, the court may compensate the party not at fault by giving that party a greater portion of the marital assets than he or she would otherwise be awarded. The court will try to distribute the assets equitably as possible taking into consideration all of the relevant facts. To learn more about the laws concerning asset and debt division and to find out what to expect in your own case, contact our office now for a free initial consultation with a divorce lawyer from our team.