People who are going through a divorce in Colorado should understand how property is divided in the state.
Not all marriages last forever. When people file for divorce in Colorado, there are several different issues they must work through. One of the most difficult things to accomplish is separating marital property that couples have amassed during their marriage. The state divides property in an equitable fashion.
Factors to consider
The equitable distribution of property model does not divide all martial property in half, but rather separates it after careful consideration several factors. According to Colorado statutes, this property includes the following:
- The value of the property awarded to each party.
- How much each spouse contributed to obtaining the property, including the efforts of the homemaker.
- Whether the value of the property has increased or decreased during the course of the marriage.
In cases where parents have split custody of the children, the judge may also consider which party was awarded primary custody of the children.
What is separate property?
There may be property that is not eligible for division in a divorce settlement. Separate property and assets are items that someone obtained prior to the marriage, or in some cases, during the marriage or after the couple has filed for legal separation. Gifts from a third-party, inheritance or personal injury compensation are all considered separate property.
In order for the property to maintain separate status, however, the owner must be cautious not to mix the items with marital property. For instance, if someone has inheritance funds, it only remains separate when it is solely in his or her name. If the money becomes deposited into a bank account with the other party’s name on it, it may be considered marital and then eligible for division. Furthermore, if the title of the property is revised to include the name of the other spouse, it may become marital as well.
In addition to the family home, vehicles and furniture, marital property encompasses almost everything that was attained during the marriage. This includes expensive art collections, intellectual property, retirement plans, life insurance plans, travel rewards points, exclusive club memberships and gifts that people gave to one another while they were married.
Exploring your legal options
It can be difficult to make crucial life decisions when going through an emotional divorce or separation. You may want an experienced attorney to stand by your side during this time, and give you advice that may assist you throughout the process. A Colorado lawyer may help you explore your legal options, answer your questions and stand by you throughout your divorce.