In Connecticut, marital assets are divided just like a pie, with everything that was acquired during the marriage equally split between the parties. However, everything that was acquired prior to the marriage or inherited by one spouse is usually treated as separate from that pie. That pie includes any business that was acquired during the marriage and/or appreciated during the marriage, do that will be divided equally, as well.
The house can be sold with the agreement of the parties, although when one party starts a divorce proceeding and serves the other party the papers, there is an automatic order to prevent either party from doing anything outside the normal course of business. One party may decide to trade off their share of the business in exchange for their share of the house, but ultimately everything is thrown into the pie and split down the middle.
How is Debt Handled in a Divorce?
Debt is handled the same as everything else in the divorce, and split down the middle, since it is assumed that the debt was incurred for the benefit of the family. The exception would be if some of the debt was attributable to one party and not the other and which only benefitted one part; for example, gambling debt would not be shared, unless both parties were gambling.
Getting Through Divorce Without Ruining Lives
People must try to put their anger, hurt and emotions aside and handle things with the best interests of the children in mind. Unless they do that, their money will just go to the attorneys instead of the future education or support of the children.
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