There’s no doubt that divorce can be a lengthy and difficult process to go through. Not only is your life suddenly turned upside down, but now you have to worry about protecting some of your most valuable assets. Understandably, people want to know their options. The following includes further information on property division and retirement assets during a divorce in Connecticut.
Property division
During a divorce, anything deemed marital property will likely be split down the middle. Of course, this will depend on the state you’re living in.
One of the most contested properties is the family home. Because it is such a high-value item, most former spouses will attempt to negotiate a divorce lien. This means that one spouse (usually the wife) will remain within the home with their children while the father/husband earns a note to the mortgage/property. This is usually seen as a win-win situation. With other real estate properties, the owner may seek to simply sell the property or buy out the other person’s ownership.
Division of retirement assets
Perhaps the most complicated part of divorce is the division of retirement assets. This is because policies are often tricky to change as the holders of those policies may not want to lose benefits. Let’s take 401(k) accounts as an example. Because the account holder does not want to lose their benefits or the account’s value, they may opt in to simply exchange it for an asset they already have. This is the quickest route to take, but it can be quite complex in terms of calculating the taxes involved in the exchange.
Divorce alone can be quite complicated enough. When you add the lengthy battles of dividing assets, it can be a downright nightmare. It is wise to consult with an attorney as soon as possible in order to avoid any legal mistakes.
