Krafick v. Krafick

In Krafick v. Krafick, 234 Conn. 783, 798, 663 A.2d 365 (1995), the court explained that "it is widely recognized that the primary aim of property distribution is to recognize that marriage is, among other things, a shared enterprise or joint undertaking in the nature of a partnership to which both spouses contribute--directly and indirectly, financially and nonfinancially--the fruits of which are distributable at divorce. . . . The Court stated that "pension benefits represent a form of deferred compensation for services rendered. . . . They do not constitute mere gratuities . . . as the interest in receiving such benefits is contractual in nature. Whether the plan is contributory or noncontributory, the employee receives a lesser present compensation plus the contractual right to the future benefits payable under the pension plan. . . . Vested pension benefits are contract rights of value . . . . As contractual rights, pension benefits are a type of intangible property . . . ." Krafick v. Krafick, supra, 234 Conn. at 794-95. "Pension benefits are widely recognized as among the most valuable assets that parties have when a marriage ends. . . . Pension benefits are an economic resource acquired with the fruits of the wage earner spouse's labors which would otherwise have been utilized by the parties during the marriage to purchase other deferred income assets. . . . Both the nonemployed spouse and his or her wage earning marital partner have the same retirement goals and expectancies regarding the pension benefits as they would if they provided for their later years by using wage income to purchase other investments." 234 Conn. at 795-96.