When a person is going through a divorce in Fairfield County, they should take each step carefully so that they do not make a mistake and lose property that they would have been entitled to under the law. In Connecticut, marital property is subject to equitable division, which means that each spouse has a claim based on certain factors. As such one spouse could be awarded a greater amount than the other one.
In order to prevent disputes from arising, it is important for both spouses to be willing to work together and to be honest about all assets and marital property that exists. This can be done by understanding what marital property is, how it is valued, and how to establish a claim to it.
Marital property
Many people already know that marital property is property that is acquired during the term of the marriage. However, whether your divorce is going to be a high-asset divorce or just involves a family home and some bank accounts, it is important to keep in mind that marital property can entail more than physical items and cash.
According to Forbes, people going through a divorce should keep in mind the following future sources of income:
- Stock options
- Retirement packages
- Tax refunds
- Personal businesses
- Professional licenses
- Life insurance
In addition, debt is also considered part of marital property and can be negotiated so that each spouse keeps the personal debt that they may have incurred. As spouses work out the details of a settlement, they should be willing to give up some property in order to be given another.
Assigning a monetary value
After assembling a list of all property and assets, a person would be better able to receive a fair settlement if each item was valued. This is done by deciding on a valuation date and is generally the date of separation according to Forbes. By having a clear picture of what each piece of marital property is worth, a spouse can be assured that they are not on the losing end of the settlement.
Each spouse should produce an accurate inventory of all assets, bank accounts, and debt in order to keep the process fair. If a spouse feels that the other spouse is trying to prevent them from putting a claim on a property by selling the property to a family member or friend, or trying to transfer ownership, the spouse can ask the court to issue an injunction preventing any action with marital property until the divorce is final.
If you are going through a divorce it is in your best interest to contact an experienced attorney who can help you understand equitable division and protect your rights.
