Since Colorado abides by equitable distribution laws in the division of marital assets, everything that is considered a “marital asset” must be distributed equitably. But this doesn’t necessarily mean a 50/50 split. A decision about the division of property can be made between the parties, through mediation, or in a court of law, but no matter which way you choose to make this determination, you should be represented by a Colorado Springs divorce attorney. Without legal representation, it is possible to make some very costly mistakes in the division of assets.
What is considered marital property?
The most talked-about area of a divorce settlement is the marital home. While this is one of the more obvious marital assets a couple can own, there are several less noticeable assets. Other property that is subject to division in a divorce would include any asset acquired with marital assets that were purchased during the marriage. It also includes pension plans, stocks, mutual funds, IRAs and 401K plans. However, marital property does not include any property that you brought into the marriage, nor does it include gifts or inheritances received by either party while married. One caveat here, which many people don’t realize is that the owner needs to keep this property in his or her own name and keep it out of comingled accounts. Any increase in value that is realized on marital property, such as interest or appreciation, would also be divided equitably.
As you can see, the division of marital property can become fairly complicated. The manner in which it is divided can also affect the way the court views spousal support, especially if the assets divided in a property settlement produce income for the recipient. A Colorado Springs divorce attorney can be a great help in determining the best way to divide marital assets in a divorce. Contact the Marrison Family Law LLC, one of the region’s leading family law firms, for a free consultation with a Colorado Springs divorce attorney.