How does Division of Marital Property in Colorado work?
Parties can decide how to divide their property and memorialize their agreements in a written document called a “separation agreement.” If parties can’t agree, they’ll end up in court, and a judge will decide how to divide their property.
First, a court will set aside both spouses’ “separate property” which includes:
- property acquired before the marriage or after legal separation
- property acquired by gift or inheritance, and
- property excluded from the marital estate by a valid agreement between spouses (e.g. an agreement that states the employee spouse will keep all stocks received through his or her employment).
Next, a court will deal with “marital property” which includes all other property acquired by either souse during their marriage. A court will divide the marital property between spouses in a way the court believes is fair and equitable, taking into account the following factors:
- each spouse’s contribution to the acquisition of marital property, including the contribution of a spouse as homemaker
- the value of the property set aside to each spouse
- the economic circumstances each spouse will face after the divorce, and
- any increase or decreases of the value of either spouse’s separate property during the marriage, or the use of any separate for marital purposes
This area of divorce can vary greatly. Aside from the statutory considerations, we will guide you through the ins, outs, and grey areas of property division.
Contact our office today to set up a consultation with one of our family attorneys.
Information provided on this post is NOT formal legal advice. It is generic legal information. Under no circumstances should the information on this site be relied upon when deciding the proper course of a legal action.