When it comes to the division of marital property in Colorado, the courts look at different factors when dividing when property. The definition of marital property differs from that of separate property. Marital property can include property that has been purchased or accumulated during the course of the marriage. This can include debt and increased value on property or items that were titled separate. It’s a complex field of divorce, the titling of “marital” and “separate” properties.
The first thing to be done is to determine what is martial property and what isn’t. The if the court deems the property marital in Colorado, the property will be divided between the two parties. It’s important to note that while the courts will divide equitably, this does not mean equally, as Colorado is an “equitable division” state. As previously stated, the courts look at different factors, actually 4, when dividing marital property. These four factors are:
- How much each partner contributed.
- The value of the property.
- The economic circumstances of each party.
- Any increase or decrease in value of any separate property or depletion of such during the marriage.
The purpose of separating marital property is to allocate what property equitably belongs to each spouse. This would include debts. Debts that were incurred by either party during the marriage may also be divided. Things such as student loans and credit cards that either party applied for may get divided but one should know that debts are usually associated with an asset. Thus being said, the court often assigns the debt to the party that retains that asset. For instance, if a student loan was incurred for one to obtain a degree, whomever holds the degree will hold the debt.
Each Colorado divorce case is different, and the division of marital property also is different. This is due to the complexity of the assets obtained during the course of the marriage, as well as, the economic circumstance of each party. You may want to consider obtaining some legal advice, pertaining to your individual situation.
Marital property would include such items as bank accounts, pensions, stock purchases, club memberships, automobiles, and retirement funds. Talking with a divorce attorney in Colorado usually can be done free of charge, for the initial consultation. In order to save guard your assets this may be your best option.