Divorce, a challenging life event, often necessitates the division of marital assets to ensure a fair and equitable outcome.
In Connecticut, the process has clear principles and laws, helping spouses navigate this tumultuous journey.
Connecticut follows the principle of equitable distribution when dividing marital assets. This approach entails a just and fair allocation of assets, which may not always mean a 50-50 split. The court considers various factors to determine what is fair.
Marital vs. separate assets
The first step in the process is distinguishing between marital and separate assets. Marital assets encompass property acquired during the marriage, while separate assets typically include those owned before the marriage or received as gifts or inheritance. Marital assets are eligible for division.
Numerous factors play a role in deciding asset distribution. These include the duration of the marriage, the financial contributions of each spouse, their respective ages and health, and the potential for future income.
Debts and liabilities
Marital assets are not just properties and investments. Debts and liabilities are also subject to distribution. Both spouses are responsible for any debts incurred during the marriage. These factor into the overall division.
Mediation and negotiation
Divorcing couples have the option to reach a mutually agreeable settlement through mediation or negotiation. When spouses can collaboratively decide how to divide their assets, they retain more control over the outcome. If a couple cannot reach an amicable agreement, the court steps in to make a final decision.
While the state aims to provide a fair resolution that considers the unique circumstances of each marriage, it also takes time. From July 1, 2021, to June 30, 2022, Connecticut family courts had 23,591 new caseloads.