Divorce can be an emotionally difficult and draining process for anyone. The stakes can get bigger if it involves high net worth assets, and the process may not be so straightforward.
Technically, such a divorce deals with the same issues that arise in typical divorce proceedings but what makes it outstanding is the value of the property that has to be divided between the two parties involved.
Connecticut aims to divide assets fairly
In community property states, any marital property is divided equally in the event of a divorce. However, Connecticut follows an equitable distribution approach, and in most cases, “equitable” does not mean “equally.” It means that there may not be a 50/50 division of property as the court will consider external factors when arriving at a decision. Some of these factors include:
- A spouse’s income or earning potential
- Pre-existing medical conditions
- Whether or not the ex-couple has children
- The length of the marriage, among others
It is important to note that marital property does not include inheritance, gifts, or property owned before the marriage.
Other pertinent issues in a high asset divorce
Property division usually takes centerstage, but other aspects may also come into play: Alimony, child support issues and prenuptial or postnuptial agreements could have consequences for your divorce case. In addition, since divorce proceedings are considered public information, you may attract unnecessary attention to your family, especially around your financial matters.
Both you and your ex-spouse could file a request with the court to seal the divorce records to ensure your privacy. Above all, it is in your best interests that you look out for your rights during the divorce process. The decisions made are likely to affect various spheres of your life for years to come.