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Property Division

Figuring out who gets what after a divorce can be one of the most contentious and difficult parts of ending a relationship. Many people have strong attachments to their belongings, and the thought of losing a valued possession can add even more stress to an already difficult situation. It is important to hire a property division attorney to help mediate the situation if an agreement cannot be reached. Contact us today and see how we can help!

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Property division in a divorce

Marital Property Basic Guideline - C.R.S. § 14-10-113

Understanding Property Division in Divorce: Colorado

Colorado divorce laws division of property

Property division is a crucial aspect of divorce proceedings, as it involves the fair distribution of assets and debts between spouses. In Colorado, the division of property follows equitable distribution principles, which aim to divide marital assets and debts in a manner that is fair and just. This article provides a detailed overview of property division in Colorado, including the key factors considered by the court, the types of property subject to division, and important considerations for individuals going through a divorce.

  1. Equitable Distribution Principle: Colorado follows the principle of equitable distribution when dividing property in divorce cases. This means that marital property, which includes assets acquired during the marriage, and marital debts are divided in a manner that is deemed fair and equitable by the court. It is essential to note that equitable distribution does not necessarily mean an equal 50-50 split, but rather a division that is fair considering various factors.

  2. Marital vs. Separate Property: To determine what is subject to division, it is crucial to understand the distinction between marital and separate property such as premarital assets. Marital property generally includes assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title or who earned the income. On the other hand, separate property typically includes assets and debts acquired before the marriage, inheritances or gifts received by one spouse during the marriage, and certain assets protected by prenuptial or postnuptial agreements.

  3. Factors Considered by the Court: Colorado courts consider several factors when determining the division of property. These factors may include the duration of the marriage, each spouse's financial contributions and earning capacity, the value of each spouse's separate property, the economic circumstances of each spouse, and the contribution of each spouse as a homemaker. The court may also consider any agreements reached between the spouses regarding property division.

  4. Division of Assets and Debts: Colorado courts strive for a fair and equitable division of assets and debts. This involves identifying and valuing the marital property, which may include real estate, bank accounts, investments, retirement accounts, business interests, vehicles, and personal belongings. Marital debts, such as mortgages, loans, credit card debts, and other liabilities, are also considered for division. The court may allocate assets and debts between the spouses based on the specific circumstances of the case.

  5. Special Considerations: Certain factors may influence property division in unique situations. For example, the court may consider the custody arrangement and the needs of the children when determining the division of property. In cases where one spouse has significantly contributed to the education or career advancement of the other spouse, the court may award additional assets or spousal support to compensate for that contribution.

Conclusion

Property division is a significant aspect of divorce proceedings in Colorado. Understanding the principles and factors involved in property division can help individuals navigate the process and achieve a fair and just outcome. It is important to consult with an experienced family law attorney who can provide guidance, advocate for your rights, and help ensure that your property division is conducted in accordance with Colorado law. Remember, a well-informed approach can lead to a smoother transition into the next chapter of your life.

Are you facing a complex asset division process during your divorce? Creager Legal understands the importance of safeguarding your financial future and has experience helping clients obtain the best results possible. Our experienced asset division attorney is here to guide you through the intricate process of asset division, ensuring that your rights and interests are protected.

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Hidden Assets in Divorce: Uncovering and Ensuring Fair Property Division

Shed light on the common issue of spouses concealing assets during divorce proceedings and offers valuable insights on how to uncover and address this misconduct. This article discusses the importance of thorough financial investigations, the role of forensic accountants, and the legal remedies available to ensure a fair and equitable division of marital property during the divorce process.

calculating debt division

Effectively navigate the complex issue of dividing marital debt during divorce proceedings. This article explores strategies for identifying, categorizing, and valuing different types of debt, as well as options for allocating debt between spouses. By understanding the legal principles and considerations involved in dividing marital debt, individuals going through a divorce can make informed decisions and work towards a fair resolution that minimizes financial burden and promotes a fresh start.

Business Ownership and Divorce: Navigating Property Division for Entrepreneurs

This article offers insights and strategies for entrepreneurs going through divorce to protect their business interests during property division. Explore key considerations, such as valuing the business, determining separate versus marital property, and negotiating fair settlements. By understanding the unique challenges and legal principles involved in dividing business assets, entrepreneurs can safeguard their businesses and secure their financial future during the divorce process.

  • What is the difference between legal custody and physical custody?
    Legal custody refers to decision-making authority, while physical custody relates to where the child resides. In Colorado, "custody" is referred to as the "allocation of parental responsibilities" (APR). APR refers to (1) parenting time, and (2) decision-making responsibility.
  • How to change jurisdiction for child custody?
    To change jurisdiction for child custody, you typically need to file a petition in the current jurisdiction, providing valid reasons for the requested change, and seek approval from the court.
  • Can parenting time be modified or adjusted?
    Parenting time can be modified or adjusted if there is a significant change in circumstances or if it is determined that the modification is in the best interests of the child. The court will consider factors such as the child's needs and the parents' ability to co-parent effectively when making a decision.
  • Can you lose custody for not paying child support?
    Yes, you can potentially lose custody for not paying child support, as failure to fulfill financial responsibilities may be seen as neglecting the child's well-being and can be grounds for a change in custody arrangements.
  • Do I need a lawyer for child custody?
    While it is not mandatory to have a lawyer for child custody cases, consulting with a family law attorney is highly recommended to understand your rights, navigate the legal process effectively, and ensure the best possible outcome for your case.
  • Why do I pay child support with 50/50 custody?
    Even with 50/50 custody, you may still be required to pay child support if there is a significant disparity in the incomes of the parents or other factors considered by the court to ensure the child's financial well-being.
  • How does relocation or moving to another state impact existing custody arrangements?
    Relocation can significantly impact custody arrangements, often requiring court approval or modification of the existing order.
  • Should co-parents spend time together?
    Co-parents should spend time together if they can maintain a respectful and cooperative relationship for the benefit of their children's well-being, but it's essential to prioritize the children's needs and avoid it if unresolved conflicts or emotional distress are involved.
  • Who pays attorney fees in child custody cases?
    In child custody cases, the party responsible for paying attorney fees is typically determined by the court and may vary depending on the specific circumstances and laws of the jurisdiction.
  • Can you lose custody for child endangerment?
    Yes, child endangerment can be a significant factor in child custody cases, and engaging in behavior that puts the child's safety at risk may lead to the loss of custody rights.
  • Can you get custody of a child that's not yours?
    Obtaining custody of a child who is not biologically yours may be possible through legal means, such as adoption or obtaining guardianship, depending on the specific circumstances and the laws in your jurisdiction.
  • How to fight false allegations in child custody?
    To fight false allegations in child custody, gather evidence, maintain clear and open communication with legal representation, and work with your attorney to present a strong defense in court.
  • Can I fight for custody from another state?
    Yes, you can fight for custody from another state, but it can be legally complex, and it's essential to understand the relevant laws and seek legal counsel.
  • How long does a custody hearing take?
    The duration of a custody hearing can vary widely depending on the complexity of the case, the number of witnesses and evidence presented, and the court's schedule, but it typically lasts anywhere from a few hours to several days.
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