Going through a divorce can be an emotionally wrenching time. Unfortunately, it is also a time when spouses need to make some important financial decisions that may affect them for years to come. Some of the most important financial decisions arise in the property division process.
In a Colorado divorce involving a couple with significant property, accurate valuation of assets is critical for a just distribution. If your spouse offers to let you keep the house as long as they get to keep the art collection, you'll need to know what both are worth before you can respond to the offer.
In Colorado, when a couple divorces their marital property is split according to principles of equitable division. Marital property is all property obtained during the marriage by either spouse, with the exception of property acquired by one spouse as a gift or testamentary bequest.
When couples divorce in Colorado, one of the big questions is who will get the marital home. The answer is not always an easy one, and will depend on each individual couple's circumstances.
Ending a marriage in Colorado can require tying up many loose ends. Support plans must be finalized for children and former spouses. Paperwork must be filed to effectuate the divorce. Additionally, the many articles of personal and real property that individuals own must be divided and assigned when single households split.
For Colorado spouses going through a divorce, property division can be a complex and stressful process. But the equitable division of property is not just about dividing assets; it's also about dividing debts. When joint accounts are involved the process can be challenging. But it can be done, and done fairly, if some sensible steps are followed.
In Colorado, property obtained during the marriage by either spouse is considered marital property, and is divided equitably between the parties. Property either spouse brought to the marriage is separate property. Separate property is not divided in a divorce; it remains the separate property of its owner. Just how important this distinction can be was illustrated recently in the divorce case of oil billionaire Howard Hamm.
Many Colorado dog owners view their pets as part of the family. But in the event of a divorce, those owners might be surprised to learn that most courts don't see things that way. In most cases, a family court judge will view the family pet as personal property, its fate to be decided along with the family car, the house and the furniture.
In Colorado, as throughout the United States, the increase in the divorce rate over the last century or so is generally viewed as an unfortunate development. But as a recent article pointed out, in the developing world the increased availability of divorce is associated with positive trends in society. In Africa, Latin America and Asia, liberalization of divorce laws goes hand in hand with improvements in the equality and economic status of women.