In every divorce case, decisions must be made about how to divide property and assets. If you are like most individuals, you likely have numerous questions and concerns about how these decisions are made as well as how to ensure for a favorable outcome.
Colorado is an equitable distribution state. This means that, in cases where spouses aren’t able to agree about how to divide assets and property, a judge will make decisions based upon what he or she believes to be fair-although that does not necessarily mean equal.
Five factors that a judge will consider when making decisions related to the division and distribution of assets and property include:
1. Each spouse’s contributions during a marriage
2. Each spouse’s current economic circumstances
3. Child custody decisions
4. Value of property retained separately by each spouse
5. Each spouse’s income potential
If you are like most people who are contemplating filing for divorce, fears about finances are likely top of mind. Divorce is a time of great change which poses many uncertainties, including those related to your personal finances. Will you be able to afford to stay in your home? Will you be forced to drastically cut back your spending? What about your plans to travel the world during your retirement years?
If you are thinking about filing or recently learned that a spouse filed for divorce, it’s important to speak with an attorney who can answer your questions and work to address your concerns. An attorney will review your case, help you define your post-divorce financial goals and recommend a strategy to help you achieve those goals.