Martial property is subject to division during a Colorado divorce. While the separate property that individuals maintain will remain their individual assets once their marriages are over, martial property must be split amongst the spouses with each spouse taking their share of it into their new independent life. Many marital assets are easy to identify, such as homes that were purchased during the course of a marriage. Other assets may be more easily forgotten over time and left out of marital property assessments.
Martial property can include real property, such as marital homes and land, but it can also include vacation homes, commercial buildings, tracts of land, and investment properties. Martial property can include financial tools and assets like retirement accounts and cash, too. This is because many types of financial devices can be owned by both of the parties to a marriage.
Personal property is deemed martial in nature if it is owned by both parties to a marriage. For example, artwork, firearms, antiques, vehicles, and other items of wealth may be considered jointly owned and thus subject to division during a Colorado divorce. Certain items of personal property may be assigned a designation of separate and therefore not be subject to division.
As readers can tell, marital property can come in many forms and can include a variety of different types of assets and property. Martial property should be identified and inventoried by individuals going through divorces. This can assist them and their attorneys prepare successful negotiations that help them emerge from their divorces with the financial and property-based assets they need to move their lives forward.