Just to be clear, property division laws vary in every state, so it’s important to read up on the Colorado statutes as they pertain to your divorce. Since the division of property is usually the first order of business in a divorce, it’s easy to move too quickly through this process but remember, it can happen concurrently with child support, parenting plans, and other aspects of the divorce agreement.
Here are a few of the most commonly asked questions about Colorado property division:
What is equitable distribution?
Some people mistake equitable distribution of property as being a 50/50 split, but this is not necessarily the case. The court will usually divide property based on what is considered fair and equitable, but the same rules can be applied during mediation.
What is considered marital property for the sake of property division?
One of the more complex parts of dividing property is deciding which assets or belongings are considered to be marital property. A Colorado Springs divorce lawyer can be instrumental in making sure you apply the right decision rules, particularly in situations where a couple owns a business or multiple assets.
How does a court determine who gets what?
Determining who gets which property is about more than just identifying the name of the account; it will also be the first test of how amicable you can be with your “ex” in a tense situation. The court will consider when an asset or debt was acquired and will determine which are considered “separate property” and which are considered “marital property.” Only the marital property will be divided in a property division.
What is the ultimate goal of property division?
Most attorneys will say that they make decisions based on keeping both parties as “whole” as possible, financially. Rather than pushing for a larger share of the property out of spite or anger, an attorney can use this as an opportunity to make a divorced couple more amicable.
A Colorado Springs divorce attorney can help the parties in a divorce find a property division settlement on which they can agree. Getting a property settlement right will prevent numerous problems and expense down the road.