When millions of dollars of assets are at stake in a divorce, the outcome of the property division process is crucial to both parties. Stamford area residents who own a family home, a vacation home and rental properties may be very concerned about how these assets will be split.
Connecticut is considered an equitable distribution state when it comes to property division. This means assets will be divided by a judge based on fairness, and this may not lead to an exact 50-50 split. It is important to keep in mind, however, that if an asset is considered separate property it will remain the property of the spouse who owns it, even after a divorce.
Marital assets are those that are obtained by either spouse during the course of their marriage. These assets will be divided between the spouses in a divorce. Separate property is that which is brought into the marriage by one spouse. Inheritances are also generally considered separate property. However, it is possible for separate property to commingle with marital property, thus changing its status from separate to marital.
Let’s look at the example of the marital home. A spouse might have purchased a multi-million dollar home prior to their marriage, but used marital funds to pay the mortgage. This may be considered commingling that changes the status of the marital home from separate to marital. The same could be said of a vacation home. When it comes to rental properties, whether the rental home was paid for through marital funds, upkeep paid for through marital funds and whether rent payments were kept separate from marital funds may all be considered.
Ultimately, when you own multiple multi-million properties, how these assets are divided are of a great concern to you. Everyone wants the outcome of the property division process to be fair, so it is important to seek the help of an attorney who will fight for your rights to keep what you are due following your divorce.