Dividing the assets and debts that you and your spouse have acquired during your marriage in a way that is fair to both parties is a large part of most divorces and legal separations. In Colorado, separate property - such as property one of the parties owned before marriage, or property acquired by him or her during the marriage through gift and inheritance – can remain separate property and would therefore not be equitably divided between the ex-spouses. Only marital property is equitably distributed in a dissolution of marriage. Marital property includes assets earned or purchased with earnings during the marriage - regardless of which spouse earned the asset. Marital property includes both assets and debts.
When a court divides property, it first identifies and characterizes the assets, values the property, and finally allocates the assets. The court considers several factors when engaging in an equitable determination of the assets including age; education; earning capacity of both parties; duration of the marriage; standard of living during the marriage; present income of both parties; health of the parties; and needs of each of the parties.
By reviewing any pre-nuptial or post-nuptial agreements you may have entered into before or during your marriage, and by reviewing your financial situation and Colorado law to identify potential issues specific to your case, we can advise you on your obligations, start negotiations and mediations on your behalf, or even prepare litigation to protect your rights and property. Our attorneys will work with you to identify and value all of your marital estate and formulate a division that is equitable to both parties. |
