For almost any divorce in Longmont, a major issue between the two parties will be the division of the property. Sometimes, the two parties will be able to agree how the real property, personal property and accounts should be split up. It’s commonly the case, however, that the two people will disagree over the question of who gets what. In this case, a neutral decision-maker such as a judge may have to handle the nitty-gritty aspects of the property division.
Divorce courts in Colorado follow the legal principle of equitable distribution when deciding who gets what. This means that the judge’s decision-making process will be more complex than simply splitting everything 50-50. Rather, certain assets acquired during the marriage will be divided between the parties based on what the judge believes is fair. This may result in one spouse getting two-thirds of the property divided, while the other spouse gets the remaining one-third. How exactly the judge chooses to divide the property depends on the specifics of the case.
Many couples own the house in which they lived during their marriage. Who gets the house after a divorce? One general rule of thumb is that the parent who will do most of the child-rearing will keep the house. This means that if one parent gets physical custody and the other gets visitation, the first will usually get to keep the house. Again, the specific circumstances will inform the answer to the question of who gets the house.
Property division can be one of the most contentious issues in any divorce. It can be a good idea to have an advocate at your side as you wend your way through the process.
Source: FindLaw, “Divorce Property Division FAQ,” accessed on March 12, 2016