Property division can be a challenging aspect of any divorce so it is useful to be familiar with how property is divided during the divorce process. Having a firm understanding of the property division process in Connecticut can help spouses divorcing there prioritize their needs and protect their interests during the property division process.
Connecticut follows equitable property division rules during divorce which means that property will be divided as fairly as possible between the divorcing couple but not necessarily in half. It is important to keep in mind that generally only marital property is subject to the property division process during divorce which includes property, assets and income acquired during the marriage. Separate property is another category of property which is generally not subject to the property division process so it is helpful for divorcing couples to be familiar with the different categorizations of property and their implications.
There are a variety of considerations that may be taken into account during the equitable property division process to determine how property will be divided. Considerations may include the duration of the marriage; the age, health and special needs of the spouses; the financial needs and obligations of each of the spouses; child custody arrangements; child support obligations of the spouses; the financial position and earning-potential of the spouses; contributions of each of the spouses to the marital property and non-monetary contributions as well; the value of each spouse’s separate property; and any adverse actions taken by one of the spouses that impacts the marital estate.
Reaching a property division settlement agreement can be challenging but understanding how it is arrived at can help guide divorcing spouses through the process. Familiarity with equitable property division rules can help divorcing couples reach a property division settlement agreement they can both live with.