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Help with property & asset valuation in divorce

Monday, 11 April 2011

blog-logoProperty division in a divorce is often very complex, especially if you are involved in a family business or have several jointly held investments.  Many Colorado couples attempt to do this on their own, but soon learn that asset valuation is no simple matter.  This is one area where a Colorado Springs divorce attorney can help.  Divorce attorneys have extensive knowledge of asset valuation and the tax issues that surround it. They can also help with the complex financial calculations involved in determining the present value of a family business.  

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.

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MPatMarrisonFor over a quarter century, we have helped people during what is often the darkest time in their lives. Divorce is not easy even under the best of circumstances. For most people, family is central. Having something go wrong in the family can have a ripple effect that extends beyond the home and into other areas.

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