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Experienced Denver Property Division Attorneys
The division of property involves complex details and provisions that can seem overwhelming, especially when decisions must be made in conjunction with the emotional toll of a divorce or legal separation. At Jones Law Firm, PC, each Denver family attorney on our team is dedicated to providing you with the personalized attention necessary to ensure that your concerns are properly addressed at every step of the process.
Our firm has more than 85 years of combined experience working closely with clients on property division issues. We are dedicated to helping our clients make informed decisions by ensuring that we properly explain and clarify every aspect of this complex process. Call Jones Law Firm, PC today to learn more.
If you are contemplating divorce, you probably have many questions about how your property will be divided. Some of the most common questions we get asked are:
Is divorce 50/50 in Colorado?
No, property distribution is not automatically 50/50. The state of Colorado is considered an “equitable distribution” state. Property is distributed according to what a court deem is fair, depending on the circumstances.
What does “equitable distribution” mean in Colorado?
In Colorado, couples are allowed to work out a divorce agreement suitable for them. If they are not able to, the court can intervene and distribute property in an equitable manner, which is one the court considers just, but not necessarily equal.
Once the value of all property is determined, the court will take many factors into consideration when determining how to distribute property. It is important to note that equitable distribution states do not automatically consider assets obtained during the marriage to be marital property.
How will my property be divided in a divorce in Colorado?
During a divorce or legal separation, there are different types of properties that may be included in the division process. For the assets that are subject to property division, your attorney can develop a strategy to facilitate the process taking into consideration your goals and needs.
Some of the more common types of properties to be divided include:
- Real estate
- Cars, boats, and other recreational vehicles
- Personal property
- Business interests
- Retirement accounts
- Shares of stock
Not all properties, however, are subject to property division. Timing and means of acquisition are two factors that influence whether a property is separate and thus immune to property division, or marital, in which case it will be included in the property division process.
What is the difference between marital and separate property?
Briefly, the differences between marital and separate property are explained below:
- Marital Property – Regardless of whose name the property is under, most property acquired during the marriage and before the divorce or legal separation decree is considered marital property by the court. Marital property will be divided between the spouses either according to their own agreement or according to the court’s decision. There are, however, some exceptions to this general rule that would be appropriately discussed with an attorney.
- Separate property – If the property was acquired before the marriage or gained by one spouse as a gift or inheritance, it is usually considered separate property. However, separate property may be subject to division if there was a growth in value during the marriage or if that property was commingled with marital assets. In this situation, the burden of proof lies with the party claiming that the property should be treated as separate.
Ensuring the Fair Division Your Property in Denver
At the close of divorce proceedings, the goal is for both parties to reach a mutually beneficial consensus regarding the final division of property. An experienced property division attorney could recommend asset and debt allocation that is fair and at the same time, furthers client goals.
The different types of property and the time of acquisition make the process of division inherently complex. Our family attorneys in Denver are well versed in the intricacies of property allocation and know how to negotiate for well-being of our clients, including children. To find out more about the right property division strategy for your situation, contact Jones Law Firm, PC to schedule your first consultation.
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