When you’re in the process of divorcing, you’ll need to determine who gets what of your jointly owned assets.
While it might be a relatively easy task to make sure each party gets their fair share of the money in the bank account, dividing real property is a more difficult task. This is especially the case where a couple bought multiple properties together during the marriage as well as owning their own.
So, how do couples decide how to divide their property?
If the couple can do so fairly and amicably, they are free to decide between them who gets what at the dissolution of their marriage. So long as a judge is happy that the agreement is fair and both parties are comfortable with how things have been split, they will usually agree without further adjudication.
Generally, a court will only look to divide property that was acquired during the marriage. Separate property, or that which is owned by each individual, is usually not considered during the split unless there are special circumstances.
Connecticut aims for equitable distribution of assets
When a couple cannot agree on who gets what property, it will be for the court to decide. The court aims for equitable distribution of assets. What this means is that the division should be fair. It’s important to remember that fair does not always mean equal.
In making a decision, the judge will take a number of things into consideration including the size of each party’s assets, the length of the marriage and the needs and liabilities of each partner.
If the divorcing couple cannot agree on a reasonable value for each property they own, there will need to be an independent valuation undertaken. After this, it can be more easily divided based on its monetary value.
The marital home is usually the most contentious issue in property division where one party wants to sell and the other doesn’t. Commonly, the options available are to sell or for one party to buy the other out of the property.
Navigating a divorce is a difficult and emotional process. Having someone on your side to provide you with support and help can take a weight off your mind.