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Tips for dividing property during a divorce

| Jan 25, 2021 | Property Division |

The end of a marriage can be challenging in many respects. In some cases, estranged Connecticut couples agree on most of the issues but have a hard time when it comes to dividing up the possessions that they have accumulated.

Know the components of most divorces

Divorce will touch on most aspects of your personal, occupational and family life. Some of the common issues will be parenting time if you have minor children and the matter of providing them with support. As mentioned above, asset division is an essential part of virtually every divorce. Rather than focusing on your divorce as a whole, consider prioritizing property division if you particularly value your finances.

If you decide to focus on all parts equally, expecting to compromise in one or more of the other four areas can help you get better results in terms of property division outcomes.

First off, get your own bank account

Restricting your spouse’s access to existing bank accounts isn’t ethical. Courts could also consider this illegal. While you should always consult an attorney before draining bank accounts that both you and your spouse have access to, open a new bank account immediately.

Shift all of your income streams over to this new checking account. In addition to making the property division process easier, this will prevent your partner from taking money that isn’t theirs.

Prove which assets belong to you

Although divorce court judges take personal testimony into account, it can be a weak form of evidence. Get documentation to prove which assets you have ownership of. Good forms of asset ownership documentation include bank statements, receipts, company sales records and credit card histories.