By Attorney Jaeden Spitale:
A key aspect of divorce actions is the division of property. Every state has its own unique property division scheme, and many people’s belief of what property division is supposed to look like is based on popular notions of “marital property.” The reality is that Connecticut takes a different, more wholistic approach to property division that can be broken down into three simple steps: Identification, Valuation, and Distribution.
Identification
The property division process starts with the task of identifying what property is subject to distribution. Unlike many other states, Connecticut follows an “all-property” distribution scheme. This means that any property you or your spouse owns is subject to distribution, regardless of how or when it was acquired. This includes retirement assets, inheritances, vehicles, credit card or medical debt, and any other part of your estate regardless of whether it was acquired during the marriage or decades prior to the marriage.
It is common for one or both spouses to feel as if they lack information regarding the contents of their partner’s estate. The Court has ways of resolving these uncertainties by requiring the completion of a financial affidavit that fully discloses any property in a person’s possession. You are also entitled to request certain financial documents in each case, including certain paystubs, tax documents, appraisals, and bank or investment account statements. This process helps the parties and the court identify all the property that may be divided in your divorce case.
Valuation
Once the Court knows what property belongs to the parties, the next task is to ensure that there are reliable values for the property at issue. Some assets are easy to value, such as a savings account that holds a consistent balance. Other assets are much more difficult to value and often require the assistance of a professional. Examples of these assets may include the marital home, pension accounts, businesses, or high-value personal assets (furniture, vehicles, jewelry). Some divorce cases require the assistance of professional appraisers or valuators to make determinations about what an accurate estimation of the value of an asset may be.
Distribution
The final step in the property division process involves the actual distribution of property. Connecticut follows an equitable distribution scheme for the assignment of property in a divorce case. Keep in mind that “fair and equitable” does not always mean that property will be divided equally, nor does it mean that one party will retain all their solely held assets. The court will consider a variety of factors to determine what is fair, including the length of the marriage and causes for separation, the characteristics of the parties (including the age, health, employment and earning capacity of the parties), the opportunity for future acquisition of assets, and the contribution of each party in the acquisition, preservation, or appreciation in value of their respective estates. Based on this analysis, the court will enter orders determining what assets and debts each party will walk away from the marriage with.
The property division portion of a divorce case in Connecticut can often be unpredictable as the individual facts and circumstances of each case can vary significantly. The consequences of this process can be significant, as the value of your real estate, retirement accounts, and other valuable assets may be divided by the court. If you are considering a divorce, you may want to consult legal counsel to better determine the likely outcomes of your case. The divorce attorneys at Diana, Conti, Tunila, Sheridan & McCann are equipped and ready to help you with these issues. Contact us today to schedule a free initial case evaluation with one of our family law attorneys to learn more about how we may be able to help you with your legal matter.
