Connecticut Property Division Lawyers
While property division in divorce can be straightforward, couples often have difficulties arriving at an agreement of how they want to divide marital assets. At Swerdloff & Swerdloff, we assist clients through the often complex property division process in divorce.
We will help you obtain what you are entitled to receive in a property distribution. We assist you whether you are seeking alimony or are required to pay alimony.
When Assets Commingle
Premarital assets can often be retained by the person who brought them to the marriage, unless they become commingled with marital assets. The passage of time is one of the ways assets can become co-mingled. You may be allowed to retain recently acquired, non-marital property such as inheritances and gifts, although this is not guaranteed. While awarded to only one of the parties, a personal injury settlement is a complex issue which needs to be addressed separately. There are no hard and fast rules for division of these assets. They are judged on a case-by-case basis.
Dividing Marital Property
Marital assets (property acquired during the marriage) will be distributed equitably. Marital assets include:
- Homes or other real estate property
- Deferred compensation plans such as pensions, 401(k) accounts, IRA's and annuities
- Savings accounts
- Stocks, bonds, and mutual funds
- Stock options
- Personal property
State law requires that the judge dividing your assets has to look at many factors before making any final decisions regarding these distributions. The judge is required to enter an order that is fair under all circumstances particular to your case. When we analyze the division of marital property, we provide a method for each party to obtain his/her share of the marital estate, valued in today's dollars. Marital debts are divided in the same manner.
Full Financial Disclosure is Required
A divorce can be a very empowering experience for a disenfranchised spouse. In Connecticut, there is a requirement for full and complete financial disclosure prior to the entry of a divorce judgment. Married couples who keep separate bank accounts and who have not inquired about the other spouse's assets or retirement accounts are often surprised by the nature and extent of the other party's assets to which they are entitled.
Connecticut laws allow for the payment of alimony, also known as spousal support, under various circumstances. This may be the case when one party demonstrates a financial need and the other has the ability to pay. One goal of alimony is to allow the receiving spouse to maintain a standard of living similar to the one enjoyed during the marriage.
Alimony may also be payable for a brief period of time in order to allow the receiving spouse to properly prepare for entry or re-entry into the work force. It may also be ordered to equalize the financial status of the parties.
If alimony has been granted by the court, it may be possible to return to court to seek a modification of either the amount or the duration depending on the wording of the order of the court at the time the divorce happens. In most instances, a substantial change in circumstances must have occurred since the divorce was granted. For tax purposes, alimony is taxable to the receiver and deductible by the payor.
Failure to obtain an order for alimony at the time the judgment is entered prevents an individual from ever returning to court in the future to modify an alimony order even if circumstances have changed substantially.
Schedule a Consultation Today
If you have a question or concern about property division or alimony, we invite you to contact attorneys Mark and Ileen Swerdloff today.