April 1, 2023
More Myths About Property Division in Divorce
A prior column debunked the myth that, under Connecticut law, whose name property is in (who holds title) determines how it will be divided between divorcing spouses. Actually, although who holds title might be a factor, virtually all property in which one spouse has an interest can be granted to the other spouse to accomplish a fair result.
Now, let’s debunk three additional myths, all of which relate to the source of the property no matter who holds title at the time of the divorce.
Myth #1: Property owned by one spouse must stay with or be returned to the spouse who owned it before the marriage. Unlike many states, that property is not automatically exempt from division between divorcing spouses. A home is a common example. Just because one spouse owned it before the marriage, doesn’t guaranty that he or she will keep it in the divorce or won’t have to share the equity in it.
Myth #2: The spouse who inherited the property will keep it. The law allows for one spouse’s inherited property to be transferred to or shared with the other spouse. The timing of the inheritance and how it was managed or utilized during the marriage are factors that affect the legal outcome. For example, it’s more likely a court will award both spouses a share of an inherited stock portfolio if some stocks were sold during the marriage to support the couple’s lifestyle.
Myth #3: The person who earned the property gets to keep it. If that were true, countless spouses who sacrificed a career to be a homemaker or care for children would find themselves penniless or trapped in a bad marriage. Connecticut has long recognized the value of nonfinancial contributions to a marriage. Thus, 401(k) accounts earned by one spouse through employment are routinely divided between both spouses as part of a property settlement.
Understanding property division truths rather than myths is crucial for any person who is in a divorce or contemplating a divorce. The truth is that the source of property is one of numerous factors a court can consider when making property division orders. An experienced divorce lawyer can help you understand how the law would apply to your particular situation.
This article was initially published in the March 9, 2023 edition of The Cheshire Citizen.
« Back to all news