Dividing assets is usually the largest difficulty in divorces involving a great deal of wealth, but a divorce lawyer could help guide one party to post-separation financial security. It may be necessary to consider the division of multiple homes, valuable personal belongings, business interests, non-cash incentive compensation, significant bank accounts, private equity and hedge fund interests, and other complex financial holdings that are not easily valued. A high-asset divorce may require either spouse to call in outside professionals to find and valuate such assets for fair division.

In a high-asset divorce, there is always a chance that one or both spouses will try to hide, undervalue or secretly sell off assets they do not want to give up. Hiding information about one’s assets and liabilities in a Connecticut divorce case can lead to serious legal consequences. Full and fair disclosure is a requirement in divorce proceedings.

In Connecticut, marital property is divided based on the principle of “Equitable Distribution,” which means that the family law courts aim to divide property fairly, but not necessarily equally. The judges have broad discretion to consider various factors, such as the length of the marriage, the causes the divorce, the age, health, station, occupation, amount and sources of income, earning capacity, vocational skills, education, employability, estate, liabilities and needs of each of the parties and the opportunity of each for future acquisition of capital assets and income. The court shall also consider the contribution of each of the parties in the acquisition, preservation or appreciation in value of their respective estates.

Premarital property or inherited property is not automatically excluded and may be subject to distribution based on the specific circumstances of the marriage and the parties involved.

While there is no such thing as a typical divorce, spouses who go through the dissolution of marriage process could reasonably expect to confront one or more common issues.

How is property divided in Connecticut divorces?

Most divorce cases that a Connecticut divorce lawyer handles often involve issues related to the division of marital property. The first step of this process is to identify the parties’ assets, then to value those assets, and then to determine an appropriate distribution of those assets among the two parties. If a divorcing couple cannot agree on how to divide their assets and liabilities, the court must divide the property based on the concept of equitable distribution. Equitable distribution does not mean that the property will be split evenly, but rather it will be disbursed fairly based on many factors set forth in Conn. Gen. Stat. § 46b-81, including but not limited to the length of the marriage, the age of the parties, sources of income, employment, the estate of the parties, the needs of the parties, and the parties contributions to the acquisition, preservation, or appreciation in the value of their respective assets.

Child Custody

If a divorcing couple has children who are minors, the divorce decree must include detailed information regarding child custody and the parenting plan needs to be found to be in the child’s best interest. It is important to understand the difference between physical custody and legal custody. Physical custody primarily relates to where and with whom the child is spending time. Legal custody relates to decision making. Many families share joint legal custody which means that both parents must agree on all major decisions related to the child. A divorcing couple can develop their own child custody arrangement although it will be subject to court approval pursuant to the best interests of the child. Our child custody lawyers can help guide parents throughout the process to ensure that a custody and parenting plan is created to serve your goals with respect to the welfare of your children and entire family. 

Child Support

Child support is an ongoing, periodic payment made by one parent to the other to help satisfy various childcare expenses and ensure that the child’s needs are met. In most cases, child support continues until a child reaches the age of 18, or if the child is still in high school when they turn 18, then child support continues until graduation from high school or the child attains the age of 19, whichever first occurs. Child support is calculated based on the Connecticut Child Support and Arrearage Guidelines. Parents are allowed to deviate from state child support guidelines but only in certain circumstances. If a parent believes it would be necessary to deviate from the state child support guidelines, it may be wise to speak with an experienced divorce lawyer to determine whether such a deviation might be allowed in their case and what that deviation may look like. Our dedicated and experienced legal team has vast knowledge of how to craft child support orders to best serve the needs and interests of your children and entire family.

Substance Abuse & Mental Health Issues

Substance abuse and mental health issues often emerge as a prevalent factor in many of our cases. Families that experience issues with substance abuse and mental health concerns often find themselves in a world of uncertainty and fear. These situations can be extremely scary and very difficult to navigate. You do not have to do it alone. Our dedicated and experienced legal team has extensive experience working with client’s whose spouses have significant substance abuse and/or mental health issues or with clients that experience such issues themselves. Our team knows how to best navigate these challenging situations to help ensure that familial relationships are not destroyed but instead fostered and improved. At Schoonmaker George, we have extensive experience addressing these complex issues, enabling us to approach cases involving this delicate matter with exceptional competence and unwavering compassion.

Hedge Funds & Private Equity 

Hedge funds present a distinct set of financial intricacies, and our firm brings substantial experience in navigating this complex landscape. Our dedicated legal team possesses in-depth knowledge and a broad understanding of the inner workings of hedge funds and private equity funds and have developed a keen awareness of their unique financial dynamics, strategies, and regulatory considerations. This expertise allows us to provide our clients with comprehensive guidance tailored to their specific needs related to these types of assets and income structures of those that are employed by such entities. Whether it involves due diligence, risk assessment, compliance, or dispute resolution, we are well-equipped to handle the intricacies of cases involving income and/or assets related to hedge funds and private equity funds, ensuring our clients receive the highest level of service and support.

Clients frequently turn to us for recommendations and referrals to other trusted attorneys, and we have proactively cultivated collaborative relationships with reputable legal professionals across Connecticut. This network of connections enables us to streamline the legal process, facilitating efficient communication and coordination. By leveraging these relationships, we enhance our ability to provide our clients with optimal outcomes and comprehensive solutions. With a strong network of trusted attorneys at our fingertips, we are committed to ensuring our clients receive the highest level of legal representation and support.

Much of the stress and expense associated with getting divorced can be reduced if both parties can agree to address most, if not all, of their differences through some form of alternative dispute resolution. These alternative proceedings take place outside of court and could be used to facilitate agreement in a time- and cost-effective manner. They are often less adversarial than courtroom proceedings and are effective at encouraging quick settlements. 

Schoonmaker George offers its clients alternative dispute resolution services, including mediation and collaboration. In addition, such alternative dispute resolution options can be pursued during a case whereby one party, our client, is represented by our attorneys and ADR options are included as a way to resolve their case. 

Traditional divorce mediation involves a trained neutral third party who facilitates discussion and helps divorcing couples reach agreement on a variety of issues. While mediation is not an effective tool for every divorce case, it may be helpful for those couples who are willing to enter into good faith negotiations with one another.