Divorce can be full of issues, any one of which can erupt into an unpleasant conflict between the parties. Child support, child custody, spousal maintenance and others can all be thorny issues for Longmont residents. Not least of these issues is property division.
In a divorce, much attention is often paid to the matter of who gets the big-ticket items, like the house and car. Remember, however, that all marital property is subject to property division in Colorado. This can include items of low monetary, but high sentimental value.
So, what kinds of marital property could be subject to property division? Any kind, really. As for items of real property, not only could the marital home be subject to property division, but also vacation homes, rental property, business property and undeveloped land all could be divided, if they are considered marital property.
Personal property can also be subject to property division. Personal property can include clothing, jewelry, rugs, furniture, coin and stamp collections, sports memorabilia, artwork, firearms, furs, recreational vehicles, boats, china, crystal and any other item of personal property that qualifies as marital property. Further, financial assets, like bank accounts, brokerage accounts and retirement accounts, could be divided. Even businesses, such as sole proprietorships and partnerships, could be divided in a divorce.
Getting through the property division can require patience, good legal advice and a willingness to compromise. The issues and situations that might come up can be remarkably complex. People who have a realistic and well-informed understanding of the process may be at an advantage.