In Colorado, marital assets are distributed equitably based on the separation of marital property and separate property.
In Colorado, marital property refers to property that has been acquired by the spouses in the marriage. The property could have been acquired by both the spouses together, or by each spouse individually.
Certain types of assets are not included in marital property. This includes assets that have been gifted to one of the spouses, or inherited by him or her. Besides, the property that you acquire after a decree of legal separation in your case, is also not up for division, and will not be regarded as marital property.
Marital property will include all of the assets that you acquired during the marriage, including residential and commercial properties, investments, mutual funds, pension plans, and retirement funds. All of these are eligible for distribution at the time of the divorce.
Before you decide to distribute marital assets in the marriage, it is important to make an inventory of all liabilities and assets. Once the classification of the liabilities and assets is made, the court will assign a financial value to the assets and debt. After this, the distribution of the assets and liabilities is done in an equitable fashion.
There are different ways that you can choose to divide different types of marital assets. For instance, when it comes to the marital home, most couples prefer to sell the house and divide the proceedings. Another common approach is for one spouse to buy out the house, or buy the other spouse’s interest in the house. In Colorado, spouses may also continue to retain a share in the ex-spouse’s retirement plans even after the divorce.
Speak to a Colorado divorce lawyer about how you can ensure fair and equitable distribution of your marital assets.