A common concern of people who wish to pursue a divorce is what will happen to their assets, particularly those they own separately. While many states recognize separate property, Connecticut does not. In Connecticut, all property you and your spouse own are subject to an equitable property division.
It does not matter whether you acquired the assets before the marriage or received it as a gift, via a bequest or through inheritance. If you are making a sizeable income and own valuable assets, that could be troubling to learn. Fortunately, you can settle your property division affairs outside of the courtroom and take steps to protect your fair share.
Understand and organize your assets
Before you worry about property division, you should figure out what assets are up for grabs. It is so important to understand your financial situation. You can do this by gathering all your financial documents, including:
- Checking and savings account statements
- Bank account statements
- Retirement accounts statements
- Tax returns
- Brokerage account statements
Find out the actual value of all your assets, including vehicles, vacation homes, other real estate and the marital home. Organize your property by creating a comprehensive list of your assets and liabilities. Remember to track your income and expenses to know how much is coming in and going out. Understanding your financial situation will put you in a better position to negotiate your divorce settlement agreement.
Determine your objectives and goals
You and your spouse share the same goal: to secure your financial future after the divorce. However, you must realize that you cannot keep everything. Therefore, you must recognize what matters most to you and what you are willing to forfeit in exchange. If you cannot agree on a fair settlement, the court will do it for you. While they will base their decision on several reasonable factors, it does not always guarantee that you get to protect the assets you really want to keep.
You can use your financial situation and goals to form a strategy that protects your assets and allows you to negotiate favorable terms.
