Getting a divorce can create several challenges. One of the most complex issues for many spouses going through divorce is understanding how assets will be divided. Married couples who have significant assets like a house, retirement plans, stock accounts or have their own business often face unique challenges when trying to divide assets.
Understanding how your assets will be divided in the divorce process can be complex but it is best to consider how the divorce will impact your short-term and long-term finances. This includes thinking about which assets will be best for your financial goals and how splitting those assets will change your financial plans.
Property and assets acquired during the marriage is most often considered marital property in Connecticut. Even assets or property that is only titled in your spouses name is considered marital property if it was acquired while you were married.
Since Connecticut is an Equitable Distribution state, the division of assets will not necessarily be equal but they are supposed to be fair and equitable. When dividing assets during divorce, several factors are taken into account, including how the long the couple has been married, the income each spouse makes, the standard of living during the marriage, the financial situation for each spouse after the divorce and the needs for the parent having custody of any children.
Understanding how assets will be divided during the divorce settlement can help spouses prepare financially for life after the divorce. Individuals should consult with a divorce attorney to understand the different ways their finances will be impacted by the divorce settlement as well as what to consider before going into the financial negotiations of the divorce settlement.