posted in Divorce
on Friday, May 18, 2012.
The potential for a divorce to quickly become complicated is apparent to many people living in Connecticut. Most realize that if children are involved and joint custody is not an option, the proceedings could turn sour over support and custody agreements. Add in a massive amount of assets and the recipe for emotional and financial stress is apparent.
But what about other states? Divorce laws differ from state to state and Connecticut is not without its differences. This means that alimony, child support and division of property can all occur differently depending the state where the couple files for divorce.
In regards to property division, Connecticut differs directly from neighboring New York. In that state, marital assets cannot be accumulated after a divorce is filed with the court. This means that any assets purchased, earned or inherited after the filing is submitted are considered separate property. In Connecticut, this is not the case. A 90-day cooling off period between filing for divorce and the date a judgment can be rendered is mandatory for divorcing couples. During this period, any assets accumulated are still considered marital, despite likely tension between spouses.
Other important topics addressing the division of property include whether or not the state you file in is a community property or common law state. In community property states, all income earned during the marriage is considered a marital asset and will be divided as such. In common law states, which are also known as equitable division states, assets such as an inheritance may only be considered a marital asset once they are comingled with marital assets.
This means that if one spouse receives an inheritance and invests a portion of it into a mortgage, that investment is considered marital property and will be treated that way during divorce proceedings. The remainder of the inheritance will be considered separate property. Connecticut is a common law state.
If you are confronting a divorce, you must be aware of your current state laws. If you do not, you might have a slanted understanding of your legal rights.
Source: Fox Business, “How states differ on divorce laws,” Cindy Vanegas, May 7, 2012