New Canaan Property Division Lawyer
In Connecticut, courts adhere to the principle of "equitable distribution" when it comes to the division of property. This means that property of the marriage—both assets and debts—will be divided in a manner that is deemed equitable, rather than one that is necessarily equal. Notably, unlike some other “equitable distribution” states, in Connecticut all assets, no matter how they are titled or how or when they were acquired, are subject to equitable distribution by the Court. This includes assets that that are commonly defined as “separate property” in other states, such as assets owned by a party prior to the marriage, or inherited by just one spouse during the marriage. In Connecticut even these assets are subject to distribution. There is no specific formula for determining an equitable division of assets in a Connecticut divorce. Instead, property will be equitably divided based upon consideration of numerous statutory factors.
Division of Property in High Asset Divorces
For better or worse, high net worth spouses or couples with a substantial marital estate often have more complex divorces. Among other reasons, this can because such cases often involve intricate business valuations, multiple real estate properties, and/or high standards of living.
When it comes to the financial side of any divorce, the first step is to value all of the parties' assets. The more complex or sophisticated the assets are, the more expertise and time will likely be required to determine their values, and the more likely it is that disputes will arise over the value of certain assets. Of course, not all assets are the same. Liquid assets (assets in money markets or bank accounts) may not be as complex as real estate holdings, business interests, complex trusts retirement assets, or other investments.
In a high net worth divorce, it is critical to work with an attorney who is familiar with the multitude of complex and nuanced valuation issues that can arise with a diverse and complicated asset portfolio. High net worth divorces often require the use and selection of experts to value businesses, the tax consequences of restructuring assets, and sometimes lifestyle experts.
How Your New Canaan Divorce Lawyer Can Help
Given that divorce law in Connecticut is complicated even if you do not have substantial marital property, it is extremely important to work with an experienced New Canaan or Fairfield County divorce lawyer. The dedicated advocates at The Family Law Firm of Healy + Eliot can examine the circumstances of your case today and can work with you to achieve the best possible outcome in your divorce case. To schedule an in-person or virtual meeting with one of our New Canaan child custody lawyers, please call 203-652-8018 or complete our online contact form.