If you are facing divorce, you are probably concerned about the process of property division and how you should prepare.
You may feel that problems will arise with your spouse in this phase, but good planning will help to keep property division fair and on track.
How it begins
One of the first tasks is identifying your assets and categorizing them either as marital or separate property. You will have to have a value assigned to each asset through research or appraisal. Connecticut is an equitable division state, so the process of dividing your property will not be a 50-50 split, but rather a division that the court feels is fair to both you and your soon-to-be ex-spouse.
A sensible approach
Your concern about property division may stem from the fact that your spouse was a spendthrift, or that there was an extramarital affair that drained your family finances. Whatever the reason for your unease, you can initiate a plan that will help to mitigate problems. Here are a few pointers:
- Set up separate bank and investment accounts
- If you continue to have a joint bank account, draft a written agreement that addresses the purpose of the account as well as how the funds are to be used
- Request that your attorney draw up an agreement concerning activity on joint accounts until the accounts can be separated
- Close your joint credit card accounts and set up new ones in your own name
- Freeze investment assets until the divorce is final so that there is no misuse of funds
- If you own your home, change the title to include the phrase “tenants in common” to make it easier to identify the percentage each of you will own
Property division in the state of Connecticut requires a common-sense approach and considerable negotiation. The more prepared you are the smoother the process will be. Good prior planning will go a long way toward making the property division phase of your divorce organized, fair and as stress-free as possible.