When dealing with property division in a divorce case in Colorado, the first thing to determine is the divorcing couple’s marital and separate property. Mainly because there are plenty of misconceptions regarding what must be divided, how it must be divided, and what’s really unfair and fair.
Basic Colorado Statutes on Division of Property
Some states are known as community property states, meaning that the couple jointly owns certain property that they’ve accumulated while married. Others are separate property states, which means that each party usually retains exclusive ownership of property and assets they’ve acquired during their marriage.
Colorado, on the other hand, is an equitable division state. This basically means that unlike other states, wherein there’s an automatic 50/50 property division, the judges in Colorado have discretion over the “equitable” division of the couple’s property. Law Office of Gordon N. Shayne explains that it’s expected that judges will more or less allocate property equally, or as they deem equal according to the specific circumstances of each spouse.
But, perhaps the most asked question regarding property division in a divorce is “what’s considered as marital property?” According to a top divorce and family lawyer in Colorado Springs, marital property is essentially property that the couple has accumulated during the entire course of their marriage. But the law makes specific provisions for value increases with regards to separate property. The determination of separate property is likewise often contested in divorces since pursuant to the law, in the event that the couple “co-mingled” their separate property, it will become marital property and as such might be divided.
Other Vital Things to Note
While everybody believes and hopes that their marriage will stand the test of time, not all marriages do. That said, when going through a divorce, you must know the abovementioned basics regarding the division of property to evaluate what is and what’s not worth fighting for.