Is Property Division in Divorce a 50-50 Split in Colorado?
In Colorado, marital property is divided on an equitable, rather than an even basis.
In high asset, complex divorce proceedings, division of marital property and assets is often one of the most hotly contested issues. In addition to uncovering the various real estate and financial accounts the couple has accumulated during their marriage, there is the issue of how to divide the property in a manner that is reasonable and fair to both. As opposed to community property states in which all assets are divided 50/50, the Colorado courts look at a variety of factors in determining a split that is equitable each party under the circumstances in the case.
Marital Property in Colorado
Section 14-10-113 of the Colorado Revised Statutes dictate the procedures for dividing property during divorce proceedings. This applies only to marital property, which includes anything acquired during the marriage, as opposed to premarital property each party possessed previously as a single person. Marital property includes any of the following:
- Real estate, including rights to land, homes, vacation properties, and the rights to time shares;
- Personal property, including furniture, home furnishings, appliances, and other miscellaneous items;
- Cars, trucks, motorcycles, boats, and other recreational vehicles;
- Hobby equipment and collectibles, including artwork, antiques, and sports gear;
- Jewelry, furs, and other items of high value;
- Financial accounts, including stocks and investments;
- Pension benefits and retirement accounts;
- Share in businesses and partnerships.
For couples in high assets cases, Forbes advises that it is also important to include trademarks, copyrights, product branding, websites, and other types of intellectual property. Being thorough in making this list of any items owned, earned, accumulated, or otherwise acquired during the marriage is key to getting your fair share in property division.
Factors in Equitable Property Division
There are numerous factors Colorado judges are likely to consider in determining a marital property division settlement that is fair and equitable to both of the spouses involved. These include:
- The length of the marriage and the age and health of the parties;
- Each spouse’s income and earning potential;
- Any existing pre or post marital documents waiving rights to property;
- The individual assets and property each spouse possesses;
- Each one’s contributions to the marriage;
- Whether one of the spouses sacrificed their career or educational goals for the sake of the other or the marriage;
- Whether one of the spouses contributed unpaid work towards a business;
- Any actions taken by either spouse to either increase or decrease the overall value of the property involved.
Reach Out to Us Today for Assistance
Having a comprehensive list of marital property and assets along with a complete picture as to each spouse’s contributions to the marriage is imperative to getting your fair share is property distribution proceedings. At Nicholas Family Law, you can trust us to work diligently on your case, helping to ensure the most successful results possible in your situation. Call or contact our Denver divorce attorney online to request a consultation today.