Finances, asset division major issues for many divorcing couples
Posted by Thomas Pettinicchi of D'Amico & Pettinicchi, LLC on Nov 01, 2012 in Property Division
At the point when a couple has decided to divorce and go their separate ways, their feelings towards each other can often be quite negative. Divorcing couples may be bitter, angry and hurt when they are ending a marriage and many people are focused on their own financial and emotional wellbeing. This can present a challenge when it comes to the division of property and assets.
For many divorcing couples, achieving a fair and equitable division of property is the ideal goal. In Connecticut, the law requires the equitable division of marital property. However, determining what is and is not considered marital property can be difficult. Typically, cash, art collections, pensions, businesses and even employee benefits are considered to be marital property which should be divided equally between spouses.
However, as is the case for many divorcing couples, the process is not always straightforward. There may need to be negotiations and accommodations made in order to come up with a fair and agreeable agreement. When couples cannot come to an agreement outside of court, a judge may be the one to divide the assets as he or she sees fit. Many couples want to avoid this option, however, because it can extend the process and create new challenges.
One such couple trying to negotiate an out-of-court settlement is Demi Moore and Ashton Kutcher. Reportedly, the two cannot come to a financial agreement about how to split up their assets. Kutcher, specifically, made a significant amount of his wealth towards the end of their marriage and does not want to share this money with Moore. However, his reported infidelity may be working against him. If the two cannot come to an agreement on their own, their case may go to court and details of their relationship and divorce would spill out into the public eye.
Avoiding extensive legal proceedings may be favorable for many couples who are ready to put an end to the marriage and move on. Working with an attorney throughout this process can help a person achieve a fair and favorable settlement.
Source: examiner.com, "Ashton Kutcher and Demi Moore's divorce could turn ugly fast," Joann Scheffler, Oct. 21, 2012