When you meet the love of your life and decide to marry, you hope you’ll spend the rest of your life together. Unfortunately, not all marriages are meant to last a lifetime.
If all reconciliation efforts fail and you resolve to divorce, you have two options: you can come up with a mutually acceptable method to divide your property or take the matter to court for determination. If you seek the court’s intervention, the court will divide things according to this state’s laws.
Equitable distribution is the rule for marital property
To understand how marital property is divided during a divorce, it helps to start by understanding what the court defines as marital property. Basically, this refers to any asset or debt acquired by both spouses while in the marriage. These include assets such as the family home, checking and savings accounts and other tangible assets as well as credit card debts and any other debt acquired during the marriage.
Connecticut applies what is known as an equitable distribution model when dividing marital property. However, this does not necessarily mean a 50/50 split. Rather, it means that each party has to walk out of the marriage with their fair share of the marital property.
Factors the court will take into account when distributing marital property
To ensure a fair division of the marital property, the family court will take the following factors into account:
- The duration of the marriage
- Each party’s contributions to the marriage
- Each party’s health and ages
- Each party’s occupation or employability
- Each party’s needs and liabilities
When the marriage is over and divorce is underway, one of the most contentious issues the couple must address is the division of what they amassed during the marriage. Learning more about Connecticut marital property laws can help you protect your rights and interests.