A high asset divorce can be particularly challenging, especially for a spouse who does not have as much income as their partner. For a spouse in this situation, divorce can bring the fear of a significant drop from the lifestyle they enjoyed during the marriage.
In Colorado, all property owned by a divorcing couple is classified as either separate or marital property. Marital property is usually all property acquired by either spouse during the marriage, except that acquired through inheritance or gift. Separate property is any property a spouse owned before the marriage. The court divides the couple’s marital property on an equitable basis. This does not necessarily mean an even split. Separate property remains separate and is kept by the spouse who owns it.
For older couples splitting up after a long marriage, a high asset divorce can be particularly complex. The couple will often have acquired significant assets during the marriage. Real estate, business assets and other property interests must be classified as separate or marital property, and the marital property appraised and divided between the spouses. Retirement accounts present special concerns for older couples; in many cases this is one of their most significant assets. Splitting retirement accounts must be done properly in order to maintain the tax advantages of those accounts.
Shea L. Burchill, P.C. has been practicing divorce and family law in Boulder County for over a decade. For more information about how we can help you with your high asset divorce, please visit our web page.
