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An Important Step in the Process
When a couple in Colorado decides to get a divorce, one of the key steps in the process is to work through how to divide their property. This can be a difficult process, especially if there are disagreements about what should be split up and how it should be done. It can be helpful to know how Colorado law states how property should be divided in a divorce. Read on to learn the basics of property division in Colorado divorces.
Equitable Division
When it comes to dividing assets in a divorce, Colorado is an equitable division state. This means that the court will divide property in a way that is fair and reasonable, taking into account all relevant factors. While equitable does not mean the same as equal, in many cases, it is common to see couples receive an equal split of assets. However, there may be cases where it is not appropriate to divide assets equally; in these cases, the court will order a different distribution.
Factors Determining Equitable Division
When it comes to the division of property in a Colorado divorce, the court looks at a variety of factors to determine what is equitable. Some of these factors include:
The length of the marriage
The age and health of each spouse
The income and earning potential of each spouse
The standard of living during the marriage
Whether one spouse has primary custody of children
Contributions made by each spouse to the marital estate, such as homemaking or childcare responsibilities
Debts and liabilities incurred during the marriage
The court will also consider any other factors that are unique to your case. If you have questions about how your property will be divided, it is important to speak with an experienced Colorado family law attorney
What Property Gets Divided
In general, in Colorado divorces, marital property is divided equitably between the spouses. Marital property can be defined as any property acquired by either spouse while they were married. This can be anything from the family home to funds in a joint bank account to any personal property purchased during this time.
Separate property, on the other hand, is not divided between the spouses. Separate property includes anything that either spouse acquired before getting married or anything they acquired during the marriage through gift or inheritance. For example, if one spouse entered into the marriage owning a car, then that car is considered separate property and will not be subject to division in the divorce.
There are some exceptions to these general rules that allow for separate property to be considered marital property. For example, if money owned in a separate bank account becomes commingled with any funds acquired while married, then that money could be considered separate property and be subject to division. Additionally, any increase in value of the separate property during the marriage is also subject to division.
Coming To Your Own Agreement
It can be helpful to know, however, that you do not need to rely on the court to divide property for you. You and your spouse can work together to come to an agreement on how to divide property equitably. While this can be a difficult task depending on your relationship with your spouse, more couples are coming to terms on settlement agreements without having to resort to the court making the determinations for them.
How an Attorney Can Help
Property division can be a complex process, but an experienced attorney can help make it as smooth as possible. At Law Office of Greg Quimby, P.C., we work to protect your best interests at every step in the divorce process. We will work to defend your rights to property and help you prepare for the next chapter of your life in the best way possible.
Learn more about property division in Colorado or schedule a consultation with a member of our team by calling us at (719) 212-4227 or by visiting our website.