Milford Division of Assets Lawyer
Regardless of the circumstances, the prospect of divorce is always fraught with emotion, frustration, and sometimes palpable anger. The idea of dissolving a marriage entered into with a great sense of hope and optimism is something most everyone wishes to avoid.
However, there are situations in which it truly is best for all involved to negotiate a mutually acceptable parting of ways. One of the most contentious issues surrounding divorces tends to revolve around achieving an equitable division of property between the spouses.
Each party to the divorce will have a keen interest in securing as sound a financial future as possible following the split, and therefore it will be necessary to determine how bank accounts, stock holdings, pensions, social security, and proceeds from a home sale will be divided.
A knowledgeable Milford division of assets lawyer can play a crucial role in making certain that clients receive their fair share of financial resources in order to move forward successfully and provide for their own needs and those of their minor children.
Property Division in Connecticut
Pursuant to Connecticut General Statues Section 46b-81, courts within the state have the authority to assign to either divorcing party all or any portion of the estate. This runs counter to the often-held misconception that only assets acquired during the course of the marriage may be distributed upon divorce.
Property acquired prior to marriage as well as inherited funds can be, but are not always, made subject to division. Factors to be considered by the court during the process of asset division in Milford will include:
- length of the marriage
- reasons for separation or divorce
- age of spouses
- health status of spouses
- occupations in which spouses are engaged
- available income sources
- earning potential of each spouse
- educational attainment of spouses and employability
- financial needs of the parties
- likelihood of future acquisition of assets or income
Courts in Connecticut also take into consideration the contribution each party has made to the acquisition, appreciation, or preservation of the marital assets. The work of homemakers, it should be noted, is considered as a factor in the acquisition as well as the appreciation of assets for purposes of division during a divorce.
Potential Points of Contention
Even the most amicable divorces may encounter serious disagreements when it comes to division of marital assets. Among the potential areas of contention is the status of the marital residence. Both parties to a marriage have a clear interest in this type of property, no matter how it was initially acquired or in whose name it is legally titled.
Upon commencement of a divorce, no party may deny the other his or her use of the residence. However, there may be circumstances under which this type of scenario is undesirable or even unsafe.
Thus, according to Connecticut General Statues Section 46b-83, a party may then file a motion to obtain exclusive use of the residence until final asset division determinations are made, and a knowledgeable divorce attorney can assist with this process when it proves necessary.
Safeguarding Families’ Financial Futures
In the heat of a divorce battle, it is not uncommon for one or both parties to seek a quick resolution to all outstanding issues so that they may begin rebuilding their lives. However, it is essential for divorcing individuals, particularly those with minor children, to take all possible steps to secure financial stability now and into the future.
Division of pensions and retirement accounts, social security benefits, inheritances, personal injury awards, securities, and all other assets is vital to this process, and must be done carefully and deliberately. The assistance of a Milford division of assets attorney can be invaluable to carving out the resources required to thrive once a marriage is permanently dissolved.
Compassionate Advocacy for Equitable Asset Divisions
There can be little doubt about the emotional strain and undeniable stress commonly attendant to divorce. Though the idea of ending a marriage is something no one relishes, when it does become necessary, the assistance of a Milford division of assets lawyer is critical to achieving fairness and equity.
If you are contemplating dissolution of your marital union and need help securing your financial future, contact an attorney right away.