When a Longmont resident takes a tally of the many items of property they own, the list may look something like this: a family home; one or more automobiles, furniture, artwork and other decorative household items, clothing and jewelry, musical instruments, books and hobby supplies and miscellaneous items that do not fit into other categories. Some of those items may have been acquired by them prior to marrying, while others may have only been purchased after the individual wed themselves to their spouse.
How and when property is acquired can play a role in whether a person will walk away with it should they divorce their spouse; in Colorado and other equitable division states, the value of the property can also greatly influence who will receive it. If property is considered marital and owned by both partners, its value will be assessed and considered with all of the other property, which the court parcel it out to the parties in a fair manner.
Equality of division is not a priority in equitable division states. Equitable divisions are fair divisions, and if a court finds that one partner made greater contributions to the wealth of the marriage then that partner may leave the marriage with more property than their soon-to-be ex-spouse. Since many pieces of property cannot be given exact values without some digging, all property to be divided must be carefully evaluated so that a court can divide it based on acceptable financial sums.
Property division negotiations can be difficult and in Colorado divorcing parties may have questions about how valuation and equitable division will impact their property rights. Discussions with family law attorneys can be useful for those readers who have specific questions about this complex area of the law.