Division of Property After Divorce
How will our property be divided?
One of the biggest challenges that many couples face during a divorce is the division of assets, or property. Deciding how to split up marital assets and debts is often a difficult issue in a divorce, especially when there are significant assets at stake. It is crucial that you have legal representation to protect your property rights.
Connecticut is not a community property state; meaning the law does not require that all of the property to be divided equally. Connecticut is an “equitable distribution” state, which means that the law requires the property be divided fairly and not equally.
What kinds of property is divided in a divorce?
There are two categories of property: “real property” and “personal property”.
Real property consists only of buildings and land which include:
- The family residence
- Cabins
- Commercial lots
- Acreage
- Rental houses
Personal property is everything else, that isn’t land or a buildings; which includes:
- Bank accounts
- Stocks and bonds
- Trusts
- Collectibles
- Business interests
- Receivables
- Profit sharing
- Automobiles and boats
- Furniture
- Jewelry
- Clothing
- Household goods
- Pension and retirement interests
Can I stop my spouse from selling our property?
Yes. As soon as the summons and complaint (the legal documents that initiate a divorce) are served, an automatic order goes into effect that prevents both spouses from selling, hiding, transferring, or giving away any joint property without a court order or the written consent of the other spouse. The only exception is if the transaction is in the usual course of business or if it’s for necessary and ordinary household expenses or reasonable attorney’s fees in relation to the divorce. This order is in effect until the divorce is finalized.
What about my retirement?
In general, pension and retirement benefits are not exempted from property division. They are assets subject to the judge’s decision.
Will the court divide our debts?
Yes, in addition to dividing assets, the judge will also divide the repayments of any debt fairly. When dividing debts, the judge can consider who was responsible for creating the debt. Debts that occur after the date of separation are usually, but not always, given to the spouse who incurred them.
If you are facing a divorce and need assistance with your property and asset division, contact Glouzgal Ramos and speak with our family attorney, Krystal Ramos, who will review your case and help you receive a fair portion of your marital estate.