When going through a divorce, years of financial intertwining will need to be organized and separated between divorcing spouses. This can have the potential to create considerable disputes between a separating couple, and arguments about what is and what is not fair are very common.
If you want to make sure that you get a fair share of marital property after a divorce, you must pay attention to the state laws that apply to you. In Colorado, community property is not recognized. This means that instead of marital assets being automatically split equally between spouses, the courts will decide on a distribution outcome that they believe is the fairest based on the specific circumstances surrounding your case.
Understanding marital property and separate property
Only assets that are deemed to be marital property are subject to division in divorce. In general, marital property counts as all property that is acquired after the marriage takes place. However, there are exceptions to this rule. For example, gifts and inheritances made to one spouse are not counted as marital assets.
It's important to note that distinguishing between marital and separate property can get complicated. For example, if one spouse bought a house before the marriage, and sold the house while they were married and decided to use the profits to invest in stocks and bonds, these stocks and bonds would count as separate property, and would not be subject to division during divorce.
Understanding the factors in equitable distribution
The courts will consider many factors when deciding how to distribute assets. They will consider how long the marriage lasted, and both the financial as well as non-financial contributions that each spouse made to the marriage. They will also consider each spouse's future earning potential, taking into account restraints such as custodial rights and responsibilities, which may hinder one spouse's ability to earn an income. They will try to reach a solution that is fair to both parties and that prevents a severe decline in quality of life as a result of divorce.
If you are concerned about being able to maintain your lifestyle after you go through a divorce, it is important to take swift action to ensure you get the divorce settlement that you deserve.