Couples may spend many years during their marriage accumulating assets that they believe to be “ours.” However, if a couple’s marriage fails and divorce is on the horizon, they will have to start looking at how to divide their marital assets into “mine” and “yours.” If a couple is unable to reach a settlement on their property division issues on their own, they will have to turn to the court for a decision.
When it comes to property division in a divorce, Colorado is follows the laws of “equitable distribution.” This means that the couple’s assets will be divided in a manner is fair, even if that doesn’t result in an exact 50/50 split. In Colorado, the court will consider a number of factors when dividing marital assets.
The court will consider what each spouse contributed when acquiring the assets. This includes what a homemaking spouse contributed. The value of the property will also be considered. Each party’s economic circumstances are a factor as is whether it is desirable to award the family home to the parent with the greater amount of child custody time. Any increases or decreases in the worth of the non-marital assets a party has while married will be considered, as will whether a party depleted his or her separate assets for marital purposes.
In the end, whether a couple can reach a property division settlement out-of-court or whether they turn to a judge to make such decisions, it is important that the final outcome is fair to all involved. Therefore, before starting the property division process it is important for spouses to understand Colorado’s property division laws. For these reasons, each party may want to seek legal guidance, so they can better understand the issues they face and how best to resolve them.