If you are going through a divorce or preparing for a divorce, it is important to think of how property will be divided.Connecticut is considered an all-property state, which means each spouse’s property, regardless of how it is titled or how it was acquired, can be divisible in a divorce. No distinction is made between “separate property” and “marital property.” In Connecticut, it is all the same.
In addition, there are no guidelines or presumptions as to how property should be divided in a divorce. Instead, property is to be equitably divided, and the judge is required to consider a number of factors including:
- Length of the marriage
- Causes for the divorce
- Amount and sources of income
- Earning capacity
- Vocational skills
- Estate, liabilities and needs of each of the parties
- Opportunity of each for future acquisition of capital assets and income
- Each party’s contribution of each of the parties in the acquisition, preservation, or appreciation in value of their respective estates.
The value of the property being divided is determined as of the date of divorce.Connecticut is unlike New York, which determines the value of property as of the date of filing for divorce. Therefore, if assets are acquired after the divorce has started but before it is finalized, or if assets have appreciated during the case, those assets or the appreciation of assets are subject to division.
Property that can be divided includes:
- Real estate
- Bank and brokerage accounts
- Retirement accounts and pensions
- Business interests
- Certain trust interests
- Lottery winnings
- Jewelry, cars home furnishings and other items of personal property
- Cash value of a life insurance policy
The divorce lawyers at Ferro & Battey, LLC have handled cases involving all sorts of complicated business assets such as professional businesses, family businesses, private equity, and hedge funds. To schedule a consultation, call 203-424-0482.