Dividing assets during a divorce is an integral part of the process and is often contentious. In Connecticut, the law follows the principle of equitable distribution, which means that the assets that belong to both spouses are divided fairly but not necessarily equally.
However, Connecticut is unique because courts have significant discretion in awarding property. In this state, all property becomes marital property.
Most equitable distribution states vs. Connecticut
Notably, most equitable distribution states recognize a distinction between marital property and separate property.
For example, marital property includes any assets that either spouse acquired during the marriage, regardless of whose name is on the title. This includes bank accounts, real estate, investments, retirement funds, and debt.
On the other hand, separate property is anything one spouse owned before marrying another. It also includes any assets one spouse received as a gift or inheritance during the marriage.
Property division in Connecticut
Parties usually settle property ownership matters outside of court through their divorce attorneys.
However, when a divorce case goes to trial, a judge must decide how to divide property. In most equitable distribution states, they determine whether something is marital or separate property and then divide it according to equitable distribution principles.
Some of these principles include the marriage length, the spouses’ age and health, whether they have children, their financial situation, their earning potential, and each spouse’s contribution to the marriage. The judge then divides only the marital portion, not the separate part.
All property belongs to both spouses
In Connecticut, all property belongs to the couple. That includes gifts and inheritances given to one of the spouses, regardless of when and even if the spouse owned it before marrying.
If you want to protect your property in case of divorce, you should have a prenuptial agreement that specifies who owns what and what should happen to the assets in the event of a divorce.
If you are getting a divorce, it is not too late to contact our law firm for guidance and assistance. Experience and competence matter when it comes to representing someone in a divorce. If you are here because you are seeking representation, rest assured that we will do everything to ensure you have the best outcome possible.