When you divorce, Connecticut law requires you and your spouse to divide your marital property fairly and equitably between you. In other words, we are one of the many equitable distribution states. But what does this mean?
As FindLaw explains, the words “equitable” and “fair” are basic synonyms. As such, an equitable distribution simply means that you must divide your marital property fairly between yourselves. This does not necessarily mean a precise 50/50 split of it.
Fair and equitable factors
Many things go into coming up with an equitable distribution plan, including the following:
- How old each of you is
- How much each of you currently earns
- How many medical or other extraordinary expenses each of you currently has
- How much, if anything, either of you pays to a former spouse for child support
Simply stated, does either of you require more marital assets than the other in order to, as nearly as possible, maintain your current lifestyle after your divorce? Only your precise situation can answer that question.
Separate property
Keep in mind that both of you also have separate property that forms no part of your required equitable distribution. This property belongs to you and you alone. Examples of separate property include the following:
- Assets you owned prior to your marriage
- Assets you received as inheritances during your marriage
- Personal gifts you received during your marriage
While separate property is, in fact, separate from marital property when it comes to equitable distribution, it can come into play as you and your spouse negotiate a fair and equitable property settlement agreement.
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