Every state has their own laws and rules about how divorce should be handled, and a primary element of this is the division of financial assets and liabilities. It is important to understand the differences between our area and some other areas, and trusted legal counsel can help you to know your rights. Here in the state of Connecticut, we operate under the concept of “equitable division,” which differs from places that recognize community property. But what does that mean for your finances?
Here at the law offices of Charles & Concilio, LLC in Greenwich, CT, we can help you to decipher what equitable means in your divorce. In our state, our court system wants to make sure that neither you nor your spouse winds up significantly disadvantaged during the divorce process, but that means that the concept can be a little more complicated than in community property states, which recognize an equal split. To find out more about Connecticut’s rules on financial division in divorce, speak with our team!
What Does Equitable Division Mean, Exactly?
From the start, the term “equitable” can be confusing for individuals going through a divorce. Our system recognizes that certain factors play into how much money is received and spent, and that there are inevitably some mitigating circumstances that play into the situation. This is why the courts have given themselves a little bit more latitude in finding a positive outcome for both parties.
Your judge will look at the history of your marriage in order to make a determination, and this can include a wide range of things. For instance, your judge will look at the financial contributions of each partner. They will also look at the contributions made outside of financial gains, such as working as a homemaker or a caregiver for children or family.
You Can Negotiate Between Yourselves
For some, the idea of an external force making money decisions for the family seems wrong. In these instances, you and your former partner can come together to negotiate the financial terms of your divorce. Your judge will ultimately make the final decision regarding financial division, but they tend to give weight to a negotiated agreement.
Mediation is another option for divorcing families, which allows an unbiased third party to help you two to come to a consensus. Talk to your attorney about your options in financial division and how negotiations can play a big role.
Navigate Divorce With Our Trusted Team
Financial division in Connecticut divorce can be confusing on your own. Take some time to meet with our team to find out more about the concept of equitable division by calling The Law Offices of Charles & Concilio, LLC in Greenwich, CT at (203)234-1000.
