Marital property is any asset – from real estate to savings accounts to home furnishings – that was purchased or obtained before or during the marriage that remains the property of either party of the marriage at the time of the divorce. In Connecticut, courts have the authority to divide marital property and will consider a number of factors to arrive at a fair division of these assets. In many cases, courts will divide the assets evenly, particularly where the parties have been married for a long time. However, the court may, in its discretion, award more assets to one party.
The factors considered in making this determination are: (1) the age of the parties; (2) the health of the parties; (3) the station of the parties; (4) the parties’ respective occupations; (5) the amount and sources of the parties’ income; (6) the party’s liabilities; (7) any relevant special needs; (8) each party’s future earnings capacity and prospect for the acquisition of capital assets and income; and (9) the contribution of each of the parties in the acquisition, preservation, or appreciation of the assets.
If you have any questions related to divorce proceedings in Connecticut, please contact Joseph C. Maya, Esq. at (203) 221-3100 or e-mail him directly at JMaya@Mayalaw.com.