PROPERTY MATTERS
Property Matters

Resolve Property Matters in Bridgeport, Milford, Trumbull & Stratford, CT

Property Division

Because Connecticut is an equitable distribution property state, one cannot be certain of future property rights if the relationship ends. A prenuptial agreement is a foolproof way to avoid property disputes in the case that the marriage ends in divorce.

Equitable Marital Property Division

In Connecticut, courts determine property division based on what is fair or equitable. Although certain assets may be kept separate from marital property, such as individual inheritances or property brought into the marriage, the court may choose to divide property in any manner that it believes to be equitable.
The following factors are used to determine what is fair:
• Age
• Health
• Length of the marriage
• Cause for the termination of the marriage
• Occupation
• Available assets
• Income and sources of income 
• Vocational skills, education, and earning capacity 
• Debt and liabilities 
• Special needs 
• Contribution to the marriage
Many factors used to determine equitable distribution of marital property are similar to the factors used to determine alimony. However, the contribution to the marriage is also considered. Providing income to the marriage is considered to be a valuable contribution, and so is homemaking and raising children.

A Divorce Lawyer Can Help You Divide Your Assets

Going through a divorce involves making tough decisions about property you have accumulated during your marriage. To start the process yourselves, take the following steps:


List Your Belongings

Work together to make a list of the items that you own jointly. You can omit items that you agree are personal belongings of insignificant value.


Determine Your Property's Value

Try to agree on the value of anything worth more than a previously-agreed-upon amount. Houses, vehicles, businesses, or any assets that are difficult to determine yourselves should be appraised by an outside authority.


Determine the Logical Owner

Review your main list item by item and decide between yourselves whether there is a good reason for a particular piece of property to go to one or the other of you. Start with the items of largest value and see how far you can get.


Consult a Professional

If you and your spouse can agree on dividing your joint property, a judge will likely approve your agreement after reviewing it to ensure it is fair. This is where working with a divorce attorney comes in handy; we can help make sure that your agreement is fair and made in good faith, which streamlines the process.

Property Division & Retirement
A retirement fund is often the most significant asset acquired during marriage outside of the marital home. Therefore, it is essential that any marital settlement agreement carefully address retirement funds, including stocks, IRAs, 401ks, pension plans, or other investments.

Gans & Gans has the experience and resources to help you understand how retirement funds are treated in property division and help you establish a settlement which fully protects your right to these assets.

Asserting your Rights to All Marital Property

A retirement fund is a marital asset and should be considered accordingly when determining division of property. If an agreement is not reached involving retirement funds, the courts will utilize the same factors as used for determining other property divisions, giving each party an equitable share of the retirement fund or an asset of comparable value.
  • Division of retirement funds: If a retirement fund is divided between the couple, it is necessary to determine the value of the funds at the date of the divorce decree. 
  • Allocation of comparable asset: The value of the retirement fund is determined by considering current monetary value (from the date of the divorce), life expectancy, assessment of retirement age, and many other factors. Once determined, comparable real estate or other assets may be awarded in place of a share of the retirement fund.
Before making any property division agreements, it is important to understand the elements of your retirement funds. Obtain any financial information necessary before filing for divorce, so you are aware of all retirement and investment plans before the documentation is disputed or altered.
Gavel and miniature house figurine
Retirement planning paperwork
If you need help with any of the above legal matters, call Gans & Gans at 203-864-4385 today.
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