One of the most complicated parts of a divorce is splitting assets. Under Connecticut law, assets acquired during a marriage are subject to equitable distribution in a divorce. This can be challenging considering that many couples have intangible assets, such as retirement accounts, pensions and business assets. Although dividing these assets may seem daunting, it is possible with help from legal professionals.
While some couples have little more than a house, a vehicle or two and maybe a little bit of money in savings, there are some who are on the other side of the spectrum. They are CEOs, investors, celebrities, managers, entrepreneurs and other professionals who have millions of dollars in assets. These assets may consist of property, stocks, bonds and multiple accounts.
Gaining access to these assets can be tricky, but it is necessary in a divorce. The accounts may be listed in only one spouse’s name, but in a divorce, they could become the property of the other spouse. A lawyer can determine which assets a client has access to with the hope of maximizing their outcome.
Besides assets, a person needs to be concerned with taxes. For example, when withdrawing money from an IRA, there are tax penalties to consider. In addition, the acquisition of property can mean thousands of dollars in taxes. While taxes cannot be avoided entirely, there are ways a lawyer can help minimize the effects.
Property division can be complex in some cases, but with professionals on your side, you can rest assured that you will be getting what is fair based on your contributions to the marriage. Whether you choose mediation or litigation, a divorce attorney will fight for your rights.