Financial uncertainty is one of the most stressful components of divorce. There are so many unpredictable factors in the average divorce that you may feel totally confused and worried about what will happen. Between the costs of the divorce and the loss of some assets, there can be a staggering financial impact.
Unless you have a very strong prenuptial agreement or have agreed to terms with your spouse for an uncontested divorce, you will have no way of predicting the outcome of the divorce.
Worries about asset division are often some of the biggest concerns for those facing a pending divorce. Specifically, people worry about which assets they will retain and how the courts will handle the biggest and most significant assets they possess.
In general, you can expect the courts to divide any assets that they consider marital. Just about all of the assets you acquire during marriage are marital property and therefore subject to division. Learning more about Connecticut family law can assuage your concerns.
The biggest concern for the courts will be a fair outcome
The judges who preside over divorces in Connecticut have to adhere to state law. The code in Connecticut specifically addresses how judges should divide assets. The standard that judges should use for a divorce is equitable division.
Unfortunately, there is some confusion about what equitable division really means. Too many people assume that equitable division means a 50/50 split of all of your shared assets and debts. However, the definition of equitable is not even. It is fair. The courts won’t just split your assets evenly between you.
They will look at the circumstances for you and your ex and determine what is the most fair way to handle your possessions. The length of your marriage, your earning potential, medical conditions and even custody of the children can factor into the needs and abilities of each spouse in a divorce. The Connecticut courts will weigh many considerations in order to determine the best means of dividing your property in the divorce.
Certain positions are probably exempt from asset division in a divorce
While the courts will typically divide most of the assets you acquired during marriage, not all of your possessions are subject to division. Possessions you owned outright prior to marriage may remain your sole property after divorce. Also, gifts that you receive from people other than your spouse and any inheritance that names you specifically as the beneficiary are typically separate property.
There are many issues, from maintaining the family home to commingling, that can impact whether your separate property remains separate property in a divorce. Consulting with an experienced Connecticut divorce attorney is usually in the best interests of anyone facing an impending divorce.