After issues regarding children, one of the biggest reasons for an ongoing dispute in a Colorado divorce is property division. Items that both parties believe they have a right to can range from expensive purchases like a home or a vehicle and extend all the way down to items of sentimental value that might have been a gift and both sides want to keep. Understanding the law when it comes to disposition of property is one of the key factors in settling a dispute over non-marital property, marital property, and property that might fall into the gray area as to whom it belongs.
When there is a dissolution, there are certain factors that go into division of marital property. The court will examine these factors and come to its decision based on the evidence. Included will be the contribution made by each of the spouses to the property and how it was acquired – including a spouse who contributed as a homemaker. The property’s value and how it is set apart to each party will be important. Economics and the circumstances for each when the property will be divided will be factored in, including the awarding of the family home, who will live there and how that will be determined. If there was an increase or a decrease in value of a separate property belonging to one of the spouses while the couple was married or if there was a depletion of separate property for marital purposes, this will be considered.
Marital property and how it is defined can sometimes be in dispute. Marital property will be defined as property that was acquired after the couple was married except: property that was acquired as a gift, an inheritance, by descent or devise; property acquired in a trade for property that the spouse had gotten before the marriage or is exchanged as a gift, inheritance, descent or devise; property that the spouse acquired after there was a legal separation; and property that has been excluded by a valid agreement the parties made.
When ending a marriage, many couples will have an extended disagreement over property. This can take a significant amount of time, cost money and lead to emotional upheaval. Having legal assistance is critical with property division and a lawyer should be consulted every step of the way.
Source: lpdirect.net, “14-10-113. Disposition of property – definitions.,” accessed on March 20, 2018