Connecticut is an equitable distribution state. Therefore, there is a strong presumption that when dealing with cases involving property division in Shelton Connecticut that property acquired during the marriage is marital property that can be divided at the time of divorce. There are a few ways to avoid this designation, such as by establishing an agreement before marriage that sets out the parties’ expectations. Likewise, parties have great flexibility in determining issues related to property division in Shelton Connecticut when they work out their own settlement agreement with the help of an experienced mediator.
Assign Property
To get started, neither a mediator nor an attorney can help you determine what you want to do with the division of the marital estate until you know what exists in the marital estate. Spouses can create a worksheet in which the value of different assets is placed beside each asset that the couple owns. One or both of the spouse’s names can appear beside each asset until there is a fair distribution of all assets.
Buying Out an Interest
With more valuable assets, one spouse may buy out the other spouse’s share. This scenario is most common in cases involving real estate in which one spouse wishes to refinance the mortgage for the marital home so they may continue to live there and gives the other spouse his or her share of equity interest.
Sale of Assets
Many couples see divorce as an opportunity for a fresh start. They may not want to retain items that remind them of the former marriage. They may agree to sell all or a portion of their possessions and to split the proceeds in a fair manner.
There are lots of ways to equitably distribute the marital estate, and you can get as creative as you like. The most important thing is to get organized at the beginning so that those decisions can be made with full knowledge of the advantages and drawbacks of each route you wish to take re each item that exists.