Usually, the longer a couple is married, the more assets they will acquire. Some of these assets, such as the family home and retirement accounts, can be quite valuable. However, even less costly items can still hold a great deal of sentimental value. Therefore, when a couple in Colorado decides to divorce, they will have to determine how to divide their assets.
If they cannot reach an agreement out-of-court regarding the division of assets, they will have to turn to a judge to make property division decisions. Our state is an “equitable distribution” state. This means that a couple’s marital property will be divided by the court in a way that is just, even if this does not mean an even 50/50 split. When a state court is tasked with making property division decisions, there are a number of factors the court will consider.
Under the Colorado Revised Statutes §14-10-113, the court will take into account the contribution each party made in acquiring the marital assets. This includes contributions made by a spouse that stayed out of the workforce to care for the home.
The court will also take into account what the property set apart to each party is worth. Another factor that will be considered is each party’s financial situation post-divorce. This includes whether to award the family home to the party who has primary custody of the couple’s children.
The court will also take into account any upticks or downturns in the value of any separate assets the spouse had while married. Another factor that will be considered is if separate assets were depleted for marital purposes. One factor that will not be considered, however, is marital misconduct.
There may be other relevant factors a court in Colorado will consider when it comes to property division in a divorce. It can be hard to part with a piece of property during what is already an emotional time. However, Colorado couples going through a divorce may want to at least try to negotiate their property division issues out-of-court. Doing so will allow both parties to have more of a say in the final outcome. However, some relationships are just so toxic that out-of-court negotiations are not a possibility. When this happens, the court will determine who will get what in as fair a manner as is possible.