Whether you are seeking a divorce, an annulment, or a legal separation, Colorado’s family court system will require a property settlement for a legal Colorado divorce. This means you and your spouse must either come to an agreement between the two of you or your case will end up in court.
What is marital property?
Before you can divide your marital property, it is important to understand what that includes. Marital property is more than just your home, your cars and your checking account. It is also your pension, your investments and your household goods. Basically, any property or asset that was acquired during the marriage, with the exception of inheritances and gifts, is included in the property division documents in a Colorado divorce.
Colorado is an “equitable distribution” state, which means your marital property will be divided equitably, or fairly, between you and your spouse. The value of this property is based on the date of the dissolution of marriage or legal separation, unless the parties agree otherwise.
How can an attorney help with property division in your Colorado divorce?
An attorney will know exactly which financial data you will need to gather in preparation for property division in a Colorado divorce. He or she will also look for recent financial activity in your accounts that may indicate “dissipation of marital assets”. According to Colorado law, neither spouse may spend or withdraw any marital property after one of the parties filed for a divorce. For example, if the couple has $100,000 in a savings account, neither spouse may dip into that account and “claim” any of that money after dissolution documents have been filed. Dissipation of marital assets can also occur when one spouse improperly uses the couple’s marital property for “non-marital” purposes, such as buying extravagant gifts for a mistress.
When you work with a Colorado Springs divorce attorney, you will get the help you need in preparing for property division in your Colorado divorce.