A Colorado divorce has many steps a couple must go through. The division of property is one of them. In Colorado there are two classifications of property: marital and separate. The definition of marital property in Colorado is property that’s owned by both parties and is subject to division. Separate property in Colorado is owned by only one of the parties in the divorce and is not subject to division.
Division of Marital Property – Colorado Statute
The Colorado Statute, (14-10-113), that regulates the division of marital property has been revised. This revision states that marital property in Colorado means any property that either party acquired during their marriage with the exception of property that was given as a gift, an inheritance, or property that was excluded by a prenuptial agreement. It may be surprising to know that property in a divorce does not conclusively title the property.
This means for any property that was gotten during the marriage, where on party is sole owner, the property may still be classified as marital and divided as such. Some of these items can include:
- Bank Accounts
- Frequent Flyer Miles
- Retirement accounts
- Club Memberships
- Past Service Stock Options
This also means that any property that was owned by a single party prior to the marriage but has increased in value is also considered marital property and is subject to division. A prime example of this would be a home. If a home was purchased by one of the parties and then they married, the increased value then becomes part of marital property.
Division of Debt
Another type of martial property that’s subject to division is debt. Debts that arose while married are subject to the division. These can include student loans and credit cards. More times than not most of the debts are affiliated with an asset, thus the judge usually assigns the debt to the one who keeps the asset.
Equitable Division of Marital Property
The court is required to divide the marital property equitably, not equally. Each case is different and the complexity of the property considered as marital property is dependent on the circumstances of how it was obtained. The sole purpose of separating the marital property is to give to each party what equitably belongs to her or him. If you have any questions you may want to consult a divorce attorney.