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Legal help with property division in Colorado

On Behalf of | Oct 6, 2016 | Uncategorized |

A Colorado couple moving forward with a divorce has a great number of issues that have to be considered. For many, it is not a simple matter of ending the union and moving on with their lives. It can even go beyond the family matters, if there are children, and how these matters will be settled. Some people have a business, large or small, that they have to consider during the divorce process. Property division can be a complicated situation with business assets, a complex valuation and the need to come to an agreement on an equitable division. This is why it is key to have legal help throughout the case.

Businesses are hard enough to maintain successfully without having to worry about the entire fabric being torn apart in the event that the owner or owners are ending a marriage. Understanding how various properties are split is imperative. An example is separate property. This cannot be divided. However, if there was appreciation in value of that property, then it will be part of the calculation of property division.

Retirement accounts are another matter. Setting up an IRA or 401(k) is a wise decision, but if there is a divorce, it can be in dispute as to which spouse has the right to all or part of the accounts. Debts can accumulate during the marriage. The business and personal finances might be somewhat intertwined if there is a family business at play. With that, one spouse might not believe that he or she should be responsible for this debt, but might face scrutiny with it as the divorce is in progress.

Other issues that arise are sentimental items, the family home, cars, inheritances and much more. Having legal help with marital property can avoid a lengthy dispute and contentious feelings. In some instances, it is possible to come to an amicable settlement. In others, there are battles over every aspect. Regardless, one of the most important factors is to have legal help to assist the participants as they go through it to provide guidance and protection.