By far, the most contentious issue in American marriages is money. It stands to reason, then, that Connecticut residents facing divorce can expect to have similar challenges when it comes to dividing assets and debt as part of the divorce process. A solid understanding of how this process works, including potential support payments, can go a long way toward mitigating these issues.
Generally speaking, most couples have a variety of assets and debts they will need to split as part of their divorce proceedings. Connecticut is an equitable distribution state, which means assets are rarely divided 50/50. Rather, they are divided based upon a determination of what a fair division of property would be — not necessarily a simple equal split. Additionally, there is a difference between communal assets, or those accrued during the marriage, and individual assets, which generally refers to assets brought into the marriage.
Debt works in a similar way. If an individual brings debt into the marriage in the form of student loans, for example, that debt is typically the responsibility of the individual who originally owned it. However, if debt was accrued during the marriage on a credit card, a determination must necessarily be made as to what a fair distribution of that debt will be between both spouses.
Connecticut residents understand how complicated all of this can be. Seeking guidance prior to a divorce to help learn more about asset and debt division can help both parties better prepare for the proceedings. This can help facilitate a faster, more equitable settlement in the long run.
Source: CBS Boston, “Dividing Assets Or Debt During Divorce”, Dee Lee, Aug. 19, 2014