Have you been married for years and just recently filed for divorce? As you may know, divorce is a complicated process, particularly the asset and property division process. Asset division can be complicated, immensely emotional and time-consuming. Many people fear that they’ll lose many of the things they cherish, such as their home, vintage collection, vehicle or hobby-related items.
While you may be quick to panic, you should take a moment to ask a few simple questions about the division of property and assets. You may find that asset division isn’t as complex as you once perceived. Here’s what you should ask:
How are assets divided?
One of the most important factors of property division is determining what marital assets you and your spouse keep or let go of. Many people believe that assets are divided equally in a divorce.
However, Connecticut courts use an equitable distribution process, which means that assets may not be divided equally, but, instead, are distributed fairly. If you and your spouse can come to an agreement about how assets are divided, then the court may not have any reason to step in.
What are marital assets?
Couples typically accumulate assets during their marriage, these assets are considered marital assets. Marital assets can include property, debt, savings and income.
Marital assets are distributed differently than other assets, such as separate and divisible assets. Separate assets are often brought into a marriage and have a clearly defined owner in a prenup or postnup. Divisible assets are made or acquired during the divorce process and may or may not be included in the divorce.
If you’re having difficulty discussing how assets are divided in your divorce, then you may need to reach out for legal help when learning your options and understanding your rights.
