A divorce is an overwhelming process, especially when you and your spouse share significant assets.
Understanding how property division works in Connecticut can help you plan and reduce worry. Here are five things to consider when dividing your property.
1. You can keep negotiations out of court
If you and your spouse are able and willing to work together to agree on the division of your property, you can avoid a situation where the court decides who gets which assets. You can achieve this through divorce mediation, a collaborative process guided by a neutral party.
2. Connecticut is an all-property state
Unlike many states that differentiate between community and separate property in a divorce, Connecticut is an all-property state. This means that nearly all your property, including assets acquired before marriage, is eligible for division.
3. Property division is equitable
Connecticut is also an equitable division state, which means that a court will not divide your property equally, but in a way they deem fair if you and your spouse cannot agree outside of court. The court will consider factors like age, health, income-earning capability, liabilities, the length of your marriage and reasons for separation.
4. Some exceptions may exist
In situations where ownership of an asset depends on a future outcome, like an inheritance, pension or stock options, the court may opt to leave that asset out in the division stage.
5. Transparency is important
Whether your spouse knows about all of your assets or not, you should remain transparent in the property division process to protect yourself and your integrity.
Knowing what to expect in the property division stage of your divorce can take some of the worry and uncertainty out of the process. Keep these five things in mind as you plan.