Property division in a civil union divorce refers to the separation and assignment of the parties’ assets, including bank and retirement accounts, savings, and most physical possessions. Due to its breadth, property division is a very complex issue for many couples considering divorce.
Determining where the asset originated is frequently a decisive issue in deciding how the assets will be divided. Union assets are commonly divided while non-union assets often remain with their original owner. Additionally, a court may consider the length of the civil union, each party’s contributions to the civil union, the dissipation of union assets (the use of union assets for non-union purposes), and the needs of any children.
Closely held corporations present unique problems for divorcing couples.
The importance of an equitable property distribution cannot be overstated. In many instances, each party will need the divided assets to pay for a new home and to replace the shared items kept by their former partner. Accordingly, the final property distribution in the parties’ civil union settlement agreement deserves the close attention of well-trained attorneys.