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Equitable Distribution in Colorado It doesnt have to be 50/50

Wednesday, 01 July 2009

Like many other states, Colorado is an “equitable distribution” state for the purposes of dividing the assets of divorcing couples.   When a marriage dissolves, divorcing couples often consider “equitable” distribution as a 50-50 split of any assets or property obtained during the marriage, but they often overlook a few key points.

Colorado Springs marital property lawyer

A Colorado Springs marital property lawyer can help you better understand the law concerning property division, but here are a few facts to consider.

Look at the financial situation of you and your spouse at the time of your separation and ask  yourself these questions. 

• Does one spouse have substantially more earning power than the other?
• What is the value of your “separate property”, if any?  This would be property acquired prior to the marriage that has not become a joint asset.
• Has one of you done all the work to acquire the property?
• What is the value of a homemaker’s contribution to the family’s assets?
• Can it be proven that one spouse wasted, or dissipated, a substantial portion of marital property?
• How long have you been married?
• What is the age and relative health of each spouse?
• Which one of you will bear the responsibility of providing care for minor children?
• Has either spouse been accused of spousal abuse or marital infidelity?

While the answers to these questions may have little impact on the outcome of your property settlement, the various factors in a divorce settlement can be subjectively weighed during a mediation or court proceeding.  Remember, “equitable” doesn’t necessarily mean “equal”.  The idea behind equitable distribution is fairness.

Ideally, you and your spouse will reach a Marital Settlement Agreement without the involvement of the courts.  It is only when a couple cannot reach agreement that the court becomes involved.  Before getting started, a better solution would be to enlist the help of a Colorado Springs Marital Property attorney who can direct you on the most expedient course of action and prevent you from agreeing to an unfair property settlement.

http://www.marrisonlaw.com

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