Whether it was a marriage that lasted decades or just a few short years, spouses bring a lot to a marriage. And for each year of marriage, spouses bring more and more into the relationship. Because of this, property division can be a very contentious issue. No one wants to walk away from a marriage feeling like they do not maintain ownership of what is rightfully theirs. Thus, divorcing spouses in Colorado and elsewhere should take the time to explore their rights during this process.
The emotional and personal factors that are part of a Colorado divorce are frequently the most talked about issues, but property division is something that can be a bigger problem over the long term. As part of property division, the separation of assets can be complex and worrisome. Retirement accounts are a notable concern, as the chance of not having enough to retire on increases after a divorce. Understanding how finances are affected and, in certain categories, not affected is key when ending a marriage.
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.
The question of who is going to get the house after a marriage ends is commonly one of the biggest ones to resolve. Sometimes, it makes sense to fight as hard as possible to keep the house in a divorce, but this is highly dependent on a couple's circumstances and other assets. It is important to understand what other options are available during property division and what advantages and disadvantages they offer.
We will continue our discussion of common-law marriage this week on our Boulder County divorce law blog. With an understanding of the background of common-law marriage and how it generally works, let's look at what happens when challenges arise in a common-law marriage.
Last month, on our Boulder County divorce law blog, we spent some time on a story about unexpected complications following a common-law marriage. One former partner did not anticipate having to deal with property division issues because she and her former live-in boyfriend were never formally married. The story may have raised some more general questions for our readers about common-law marriage. Likely, the two most common questions were, "What exactly is common-law marriage, and how does it work?"
Many couples in Boulder County are taking longer to tie the knot than previous generations. Some spend time living together, perhaps commingling their finances or even raising children together before marrying. However, even without a traditional marriage, these partners may have to deal with property division and other divorce legal issues after they break up.
Divorce can be a draining process for the unprepared. From the events leading to the divorce to the years following, the effects of divorce could ripple into every aspect of a person's life. Unfortunately, even confident couples that are intent on handling the process peacefully can turn hostile over one common area: the division of marital property. The division of marital property can be a chaotic sea to navigate through, and the most difficult part of the journey is how to handle the family home.
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.
Property settlement agreements and negotiations can be difficult to work out as Colorado couples end their marriages through divorce. They may disagree about how to divide or dispose of major assets and pieces of property.