Property distribution is one of the main concerns of couples who decide to file for divorce. Anything you acquired during your marriage is marital property, and the court will divide it between you and your ex. However, there are some exceptions to this rule, and you may keep certain things that you acquired while married.
The civil court will distribute the marital property between each party differently depending on the circumstances of the parties. Marital property includes:
- Real estate
- Vehicles and boats
- Artwork and valuable objects
- Retirement accounts
- Bank accounts
- Securities and stocks
Colorado is an equitable distribution state, which means that the spouse with the higher income might receive a bigger portion of the assets.
Your ex does not have the right to get a portion of everything that you acquired during the marriage. There are some exceptions to the classification of marital property. The following are not considered marital property, even if you acquired them during the marriage:
- Property you bought before the marriage but that you exchanged for something else afterward
Keep in mind that gifts that came from your ex are considered marital property. You can only keep gifts that you received from someone else.
Protecting your assets
You might have worked for some of that property for years, so it is only fair that you keep what is yours. Sitting down with your ex might be the last thing you want to do, but reaching an agreement with them is the best solution to keep property that the law considers to be marital. Also, if you had a prenup agreement, you might be able to keep all your property separate.