Splitting up is rarely the most fun thing in the world, but when you and the other person have been married, then there’s a legal element, as well. Here in our state, we use a concept known as equitable distribution to figure out the division of assets and debts, and this can be complex. It allows the courts to take a deeper look at the history of the marriage and each spouse’s input to reach a just conclusion.
If it’s time to end a marriage in Connecticut, call The Law Office of Larracuente & Goulden in Milford. Our team of effective, qualified family law attorneys can help you to understand your next steps through counsel you can trust. Equitable distribution does not necessarily equal a 50-50 split, and it can include nearly everything you own, so make sure to talk things through with a lawyer in your area who understands the complex world of Connecticut law. We’re proud to be a real asset for our clients.
Separating finances during divorce can take some time and effort. Learn more about what we do to help at The Law Office of Larracuente & Goulden.
Breaking Down The 5-Step Equitable Distribution Process
Equitable distribution is more complex than community property distribution, but it still follows a formula. Here is the general timeline:
Discovery Of Assets
The first step in the process is determining who has what. This is called discovery, and it often focuses on big items like real estate, vehicles, and large investments. But since Connecticut is an “all-property” state, there is a lot to look through. Nearly everything that you own is likely subject to this split.
Categorization And Valuation
In order to know how to divide things, the court has to know the value of your possessions. This means that real estate must be appraised, it might require an actuarial valuation on a pension plan, and more. By talking with a qualified family law attorney in your area, you can make sense of this step. We’re here to help you.
Determination Of Debt
While people tend to focus on the assets in their possession, a marriage also often means debt. The court needs to identify all debts held by either party to essentially figure out the estates net worth.
Application Of Statutory Criteria
Connecticut judges have a wide amount of flexibility, unlike in community property states. The court can consider a number of factors, including the length of the length of the marriage and the reasons for its end.
Final Allocation
After everything has been taken into consideration, a judge can make a determination of how things are to be split.
Understand Your Moves With Larracuente & Goulden
When you’re thinking about divorce in Connecticut, take the time to talk to a trusted, qualified family law attorney. To find out more about equitable distribution, call The Law Office of Larracuente & Goulden, LLC in Milford, CT at (203)951-6688 today.
Recent Comments