Denver Colorado Marital Asset Division Attorney
Working to ensure favorable asset division in complex divorces.
One of the focal points of any divorce proceeding is how the marital assets will be divided. Marital assets, or marital property, will generally include the assets and debts spouses have acquired during marriage. Property separate from the marital property can include assets gained prior to marriage or gifts and inheritances acquired before or during the marriage. Determining what property will be considered marital and what will be considered separate can be a complicated process. Once it is completed, the court will proceed in dividing the marital property between the two parties.
At Nicholas Family Law, we work to help ensure marital asset division in your Colorado divorce proceeding is in your best interests. With extensive experience handling complex divorces, Nicholas Family Law knows what it takes to protect you at every stage in your divorce.
How Will a Colorado Court Divide Marital Property in a Divorce?
As an “equitable distribution” state, Colorado law mandates that marital assets be divided in a way that is fair, or “equitable.” This does not mean that the assets will be equally divided. The court will weigh a number of factors to determine what property division will be fair to both parties. These factors include:
- Each spouse’s contribution to acquiring the marital property;
- The financial situation of each spouse;
- The value of the property to be divided;
- The value of the separate property for each spouse; and
- The decrease or increase in value of each spouse’s separate property during the marriage.
What Types of Assets Will Be Subject to Division?
After the court determines what property is marital and should, therefore, be subject to division, a monetary value will be assigned to each asset. Experts may need to be hired in order to ascertain a proper value. The types of assets to be divided in a divorce include:
- Retirement accounts: This includes Pensions, 401k’s and IRA’s. Valuation of these accounts may require the help of a financial professional such as a CPA or actuary.
- Employee stock ownership plan (ESOP): As part of a compensation package, a company may offer stock options. Most stock options are non-transferable, but they may still be considered a marital asset subject to division in divorce proceedings.
- Business interests: Business interests and when a small business splits due to divorce often require appraisers and professional business valuators to properly evaluate the value of the business at the time of the divorce. How business interests will be equitably divided often depends on when the business was started, any outstanding business liabilities, and how much each spouse has contributed to business development.
- Real estate and commercial property: The value of investment property and real estate such as the marital home will be determined by its market value minus any outstanding liabilities against the property such as mortgages.
Other property subject to division during divorce includes:
- Brokerage accounts
- Wills/Family trusts
- Bank accounts
- Unique/Specialized assets such as art work, sculptures, etc.
A divorce will have serious and lasting financial consequences for you and your family. You can trust Nicholas Family Law to protect your financial interests in all divorce proceedings.
All of your assets have the potential to be considered part of the marital estate. At Nicholas Family Law, we will work to protect your financial interests and work towards a favorable division of all marital property. Contact us online or call us at (303) 322-0038.