How does Colorado define and handle marital property division during divorce?
In Colorado, marital property division during divorce follows the principle of "equitable distribution." Here's an overview of how Colorado defines and handles marital property division:
Marital property: Marital property generally includes assets and debts acquired by either spouse during the marriage, regardless of how the property is titled. This can include real estate, vehicles, bank accounts, retirement accounts, investments, business interests, household items, and other possessions.
Separate property: Separate property typically includes assets and debts acquired by a spouse before the marriage or after the divorce filing. It can also include inheritances or gifts received by one spouse individually during the marriage, provided they were kept separate from marital assets.
Equitable distribution: Colorado follows the principle of equitable distribution, which means that marital property is divided in a manner that is fair and equitable, but not necessarily equal. The court considers various factors to determine a fair division, including:
The contribution of each spouse to the acquisition of the marital property.
The value of the property assigned to each spouse.
The economic circumstances of each spouse at the time of divorce.
Any dissipation or waste of marital assets by either spouse.
The desirability of awarding the family home or the right to live in it to the spouse who will have primary custody of the children.
Any other relevant factors that the court finds just and equitable.
Marital agreements: If the spouses have a valid prenuptial agreement or postnuptial agreement that addresses property division, the court will generally uphold the terms of the agreement unless it is found to be unfair or unconscionable.
Mediation and settlement: Colorado encourages divorcing couples to resolve property division issues through mediation or settlement negotiations outside of court. This allows the spouses to have more control over the outcome and reach an agreement that works for both parties.
It's important to consult with a family law attorney in Colorado to understand how the specific facts of your case may impact the division of marital property and to receive personalized legal advice tailored to your situation.
