Asset Division in Connecticut: Who Gets What in Divorce?

November 10, 2012 (Press-News.org) Asset Division in Connecticut: Who Gets What in Divorce?

Determining how to divide property during a divorce can be difficult. Not only should the worth of the assets be considered, but it's also important to take into account potential tax implications.

Before dividing assets, is important to have a basic understanding of how courts in Connecticut determine property division in a divorce proceeding.

Basics of Asset Division

Connecticut is considered an equitable distribution state. This means that property is not distributed in a simple 50 percent split. Instead, the court aims to provide each spouse with a fair portion of the property after reviewing a wide array of factors.

These factors include:
-Length of marriage
-Age and health of each spouse
-Sources of income and employability of each spouse

Not all property is automatically considered in the division equation. The court may consider property that was acquired before the marriage to be separate property. If this is the case, the property labeled as separate will not be considered during asset division.

However, property owned by one spouse prior to the marriage is not guaranteed to be treated as separate property. Connecticut is often referred to as an "all property" equitable division state. This means the court, under state law, has the ability to assign either spouse with "all or any part of the estate," including any property gained by one spouse prior to the marriage.

Dividing Difficult Assets

Unfortunately, not all assets are easy to split. Assets like "priceless" art or some types of businesses can be very difficult to divide. These difficulties were recently highlighted by the media with the divorce of the Dodger's owners, Frank and Jamie McCourt.

During this divorce, it became clear that the agreement allowing the couple to purchase the sporting franchise left ownership of the Dodgers in question. According to a recent Forbes article, the case became a long and bitter battle. As a result, it serves as an opportunity for other couples attempting to split difficult assets to learn from the McCourt's mistakes and avoid similar problems.

The best way to avoid these problems is to prepare in advance. Determine clear ownership when difficult assets are purchased. This can be done through the use of marital property agreements, trusts or postnuptial agreements. In the McCourt's case, taking the time to read over the purchase agreement and ensure that the agreement specifically gave ownership to Frank McCourt could have helped the couple to avoid the property division debacle.

If these determinations are not made in advance, a couple can either reach an agreement on their own or the court can make the determination.

Navigating through property division determinations in a divorce proceeding can be difficult. Contact an experienced Connecticut property division attorney to discuss your situation and better ensure your legal rights are protected.

Article provided by Lawrence & Jurkiewicz, LLC
Visit us at http://www.ljct-lawyers.com