A divorce can be an emotional process, but at its most basic level it is a legal event that ends a marriage. When a Samford resident is ready to divorce their spouse, they undoubtedly will have many questions and concerns about what they must do to protect themselves, their children, and their assets. Attorneys who practice family law and who work with high-asset divorce clients are well-suited to support these individuals with their unique divorce needs.
One concern that an individual may have about their pending divorce is just how much of their property they will have to concede to their ex-spouse. Connecticut is an equitable division property state, which means that pursuant to a divorce a court will decide what is fair for each of the parties to take from their marital property assets. Fair for the purposes of property settlements does not always mean equal, and individuals should be prepared to negotiate to protect their rights and interests.
When determining what property and assets may be divided during a divorce, the parties to the litigation may submit discovery to the other side to find out what each has and what is potentially subject to division. Parties are obligated to be complete and honest in their discovery responses, and if a party attempts to hide assets from the other side, they may violate this mandate.
Suspicions of hidden assets may be confirmed with the help of forensic accountants and attorneys who understand the intricacies of high-asset divorce litigation. The identification of hidden assets may greatly alter the evaluation of a court’s determination of what is fair for each party to take from their marriage. While this post offers its readers information, it should not be used as advice or guidance on any legal topic.