As previously discussed on this divorce and family law blog, Colorado recognizes the common law and equitably divides property between divorcing parties. While a party generally will keep the separate property that they acquire before and during their marriage, they will see their marital property divided in a manner that the courts deem fair and equitable.
During a high asset divorce though, it can be difficult for individuals to keep track of the extensive property holdings they own jointly and separately with their soon-to-be ex-spouses. The remainder of this post will touch on some of the items of property high income couples may own and that may be subject to division during their divorces. Readers are cautioned that this post does not provide a comprehensive list of property and items couples may have to divide, and as such, readers are asked to discuss their divorce-related property questions with their lawyers.
Real property can make up a large portion of a couple’s investments and wealth. It may include homes and land, vacation and rental properties, as well as any real property space owned for businesses. Couples may also hold personal property in the form of art, jewelry, collections of coins, stamps and crystal, vehicles, firearms and clothing.
Intangible assets can be important during a property division process and courts will look at how they are structured and owned to determine if they are marital or separate and how they should be divided. Intangible assets can include, but are not limited to, pensions, annuities, IRAs, stocks, bonds, checking and savings accounts and retirement accounts.
These and other items of tangible and intangible property may be subject to the scrutiny of the courts when a high asset divorce occurs within its chambers. To understand how their assets and property may be affected readers are asked to discuss their concerns with their family law legal representatives.