Marital Property Division in Colorado: What You Need To Know
In a divorce proceeding, one of the most significant issues to resolve is the division of marital property.
In Colorado, the courts follow an equitable distribution principle, which means that marital property should be divided fairly, but not necessarily equally.
Understanding the specifics of this process is essential, especially if you’re considering a divorce. This article will delve into the intricacies of marital property division in Colorado, helping you gain clarity on this complex matter.
What Is Marital Property?
In Colorado, marital property refers to all assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title or whose income was used to purchase it.
This includes but is not limited to real estate, cars, furniture, retirement accounts, businesses, stocks, and bank accounts.
However, some assets are not considered marital property. These are called “separate property” and typically include assets owned by one spouse before the marriage, gifts or inheritances received by one spouse, property acquired after legal separation, and property that the spouses agree in a valid agreement is not marital property.
The Equitable Distribution Principle
As mentioned earlier, Colorado is an equitable distribution state. This means that the court will divide marital property in a way that is just and fair, considering a variety of factors. Importantly, equitable distribution does not automatically mean a 50/50 split. It’s about fairness, not equality.
Factors that courts consider in determining equitable distribution may include:
- The contribution of each spouse to the acquisition of the marital property, including the contribution of a spouse as a homemaker
- The value of the property set aside for each spouse
- The economic circumstances of each spouse at the time the division of property is to become effective
- Any increase or decrease in the value of the separate property of the spouse during the marriage or the depletion of the separate property for marital purposes
Division of Debts
Just like assets, debts acquired during the marriage are also considered marital property and will be divided equitably upon divorce. This could include mortgages, car loans, credit card debts, and more.
Valuation of Marital Property
Before the division can occur, all marital property must be accurately valued. Typically, this involves getting professional appraisals for real property and using statements to determine the value of bank accounts, retirement accounts, and investment portfolios. For small businesses, a business valuation expert may be needed.
An Ally in Your Corner
Are you facing a challenging family law matter in Denver? Look no further than Baker Law Group, your trusted team of experienced Denver family law lawyers.
Our dedicated Colorado family law attorneys have the knowledge and expertise to guide you through the complexities of family law with compassion and professionalism.
When it comes to protecting your rights and securing the best possible outcome, you need a skilled Denver family law attorney on your side. At Baker Law Group, we understand that each case is unique and requires personalized attention.
Whether you’re dealing with a divorce, child custody dispute, property division, or any other family law matter, we are here to fight for your rights and advocate for your best interests.
