Martial property and equitable division in Colorado

If you are getting a divorce in Colorado, there are many things that you should know about the process, starting with how your property may be divided. Since Colorado is not a state with community property laws, you do not get to assume that the split is going to be perfectly equal, allowing both parties to take 50 percent.

Instead of that, the judge simply makes a ruling — unless you and your spouse come to an agreement — that he or she deems equitable and fair. The judge can decide what is fair by examining all aspects of the case, such as employment, assets and debts.

For instance, if you have a job and your spouse does not, your spouse may be given more of your marital wealth because you have the ability to earn more.

Another important thing to note is that, generally speaking, only marital property is going to be divided. This means anything that was acquired, purchased or earned while you were married. Items that you had before you were married may not be subjected to division.

For example, if you owned your home before you got married and you allowed your spouse to move in, you may keep the home. If you and your spouse signed the mortgage paperwork and bought the house together after your marriage, it may be divided along with the rest of your wealth and assets.

Therefore, if you have expensive assets from before your marriage, it is a good idea to get the paperwork and proofs of purchase together before the divorce proceedings, making it easier to prove exactly what is yours.

Source:

FindLaw, “The FindLaw Guide to Divorce and Property Division” Dec. 30, 2014