In preparing for your divorce, you may find it challenging to both distinguish what constitutes marital property and determine what each spouse should have.
According to Financial Times, you and your spouse must each fully disclose marital property in your possession and refrain from selling anything until after the judge finalizes your divorce.
Equitable division of property
Connecticut is an equitable division of property state meaning that the judge presiding over the case will divide your marital property according to what he or she deems fair. This occurs after careful consideration of several factors, including the following:
- How long did your marriage last?
- What did you and your spouse each contribute to the accumulation of the property?
- Do the two of you have children together?
- What are the ages of you and your spouse?
- Do you, your spouse or your children have any health concerns?
- Are there any tax consequences involved?
The judge may look at whether you stayed at home to care for the children or helped support your spouse so he or she could take steps to obtain a better career.
Marital and separate property
Marital property includes everything accumulated during the marriage, including property, vehicles, 401(k) plans, term life insurance policies, antiques, artwork, intellectual property, income tax refunds and gifts exchanged between you and your spouse during the marriage.
Separate property, on the other hand, can remain with you in the final divorce settlement. This includes gifts given to you by a third party, property that remains in your name, inheritance money and personal injury compensation.