Protect Your Property During Your Divorce
People going through a divorce often have many questions regarding how to divide their property. Sometimes couples can come to an agreement regarding their property through a marital settlement agreement. If they cannot, however, the courts in Colorado apply an “equitable distribution” standard to property division. Either way, you need a skilled family law lawyer helping you protect your assets as you move into your new future.
The attorneys at Ammarell Deasy, LLP, have over 40 years of combined family law experience. From our office in Greenwood Village, we help couples throughout the Denver area make sense of the divorce process. We approach each client with compassion and respect. We know that this is a difficult time for you, and we are here to answer all your questions so you can make informed decisions regarding your legal options.
What Is Equitable Distribution?
As an equitable distribution state, Colorado law requires courts to divide marital property based on what it “deems just after considering all relevant factors.” That means the courts do not simply split your assets down the middle, but instead, they look at all the assets and debts along with the situation of each spouse post-divorce. The factors they consider may include:
- Each person’s contribution to the marital property, including child care and homemaking
- The proper value of each asset
- Which spouse will have the children most of the time, and whether they want to stay in the family home
- Each person’s potential for income and economic stability after the divorce
- The value and availability of nonmarital property to which each spouse has access
Marital property includes most property obtained during the marriage. Nonmarital property includes property that the person brought with them into the marriage or received as a gift or inheritance during the marriage. Note that even if one spouse already owned an asset entering the marriage, any increase in the value of that asset will be considered marital property.
Assets such as retirement accounts, real property and business interests tend to cause the most confusion. If you or your spouse owns a business, obtaining a fair division is important for your future financial security. Dividing retirement accounts often require following special rules.
Even if you and your spouse agree on most aspects of your property division, you still need the guidance of a knowledgeable attorney to handle these assets properly. We will work hard to protect your separate property and obtain a fair division of marital property.