If you are preparing to end your marriage, you have many different issues to consider. Aside from court-related stress, familiarizing yourself with the divorce process and deciding when to initiate divorce, you could have other issues to think about, such as property division.
There are many factors that courts take into consideration when deciding how to distribute property when a married couple gets divorced. Make sure you review all of your assets beforehand and prepare yourself for the potential impact of property distribution.
Property division and various types of assets
According to the Connecticut Judicial Branch, various factors influence how courts divide marital property. Depending on your circumstances, you may need to think about the family home, your insurance as well as your pension or retirement plan. Personal property, stocks, real estate and even professional licenses can come under review during a divorce. Trusts, gifts, inheritance, debts and collectibles also require attention during the divorce process.
If you own a small business, you need to focus on how property division and the divorce process, in general, could impact your business.
Factors that can influence how courts divide property
When it comes to the distribution of property, there are a host of issues that courts go over when making a decision. For example, the court may look at each party’s contributions during the course of the marriage. The point when a party acquired property can affect whether it is subject to division.
It is important to keep in mind that every couple is in a unique position with respect to divorce and the distribution of assets. Make sure you take an individualized look at your circumstances.