When going through a divorce, each party may be considering what property or belongings they feel entitled to when the process is complete. While there are some states that allow for completely equal division of property, divorcing couples in Colorado will face equitable distribution. If you are considering a divorce, it may be in your best interest to seek legal counsel in order to better understand divorce laws in your area and reach a settlement that best suits your needs.
Colorado’s Equitable Distribution Law
In the state of Colorado, it is not automatically assumed that marital property is owned by both parties or that it will be divided equally in the event of a divorce. Instead, Colorado divorces follow the rules of equitable distribution. This means that marital property will be distributed in an equitable manner. Equitable distribution often grants the higher-earning spouse a larger portion of the assets in a divorce settlement.
There are many factors involved when a court is responsible for determining this type of property distribution. A judge will consider the economic situation of each spouse following the property division, the unique value of the property to each spouse and the contribution each spouse made to acquire the marital property. The contributions set forth by each party will also include the efforts made by a spouse as a homemaker.
Because the court uses such wide discretion in terms of marital property division, it is often recommended that divorcing couples form their own agreement on the property distribution. With the assistance of separate and knowledgeable attorneys, a satisfactory agreement can be formed.
Understanding Marital Property When Divorcing
It is common for divorcing couples to feel some confusion when determining what is considered marital property.
Typically, marital property includes all property acquired throughout the marriage. Alternatively, there are several items that may not be involved in the property distribution upon divorce including gifts, property acquired prior to the marriage, any property acquired after the couple has legally separated, inheritance, and anything excluded by a legal agreement such as a postnuptial or prenuptial agreement.
In the process of divorce, it is critical to establish and identify all marital property to avoid any accusations of hidden assets or fraud. Being as transparent as possible during a divorce can be a crucial part of reaching the most favorable settlement.
Contact Our Denver Divorce Attorneys
No matter what your circumstances may be, divorce can be a very challenging and strenuous time in someone’s life. Because so much is shared between a couple during their marriage, it can be very difficult to distribute the belongings appropriately upon divorce. Individuals going through a divorce should know that they do not need to face this challenge alone. At Pesch Law Office PC, our Douglas County divorce attorneys can guide you through any obstacle that may come your way during the divorce process. Contact our skilled team today to schedule a consultation by calling.
Source:
https://smartasset.com/financial-advisor/equitable-distribution
