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A deep recession can have a very dramatic impact on a marriage.  In some cases, couples who have been equally penalized by the economy are likely to put off a divorce, since neither can afford the expense of living separately. 

Another scenario, which seems to be a growing trend, is when she wants a property settlement done now - based on his prior higher earning history - but his lawyer advises him to wait until his W-2 forms reflect a lower income.  For couples who were considering a divorce anyway, one spouse may be trying to speed it up and cut their losses during a property settlement, while the other spouse is advised to wait until next year when the value of marital assets improves. 

Colorado is an “equitable distribution” state, which means that marital assets are supposed to be divided “equitably”.  This does not necessarily dictate a 50/50 split.  Depending on when a divorce action is started, changes in asset valuation can make all the difference in the world.  A Colorado Springs property division attorney can assess a clients’ financial situation to determine how depreciation of assets will affect the equitable division of property.

When entering into a divorce, remember that any separate property acquired before the marriage, as well as any inheritances or gifts received during the marriage, are not considered marital property.  However, you must keep these assets separate during the marriage, and they should not be comingled with marital assets.  In addition, if separate property appreciates during the marriage, the increase is considered marital property.

A Colorado Springs Property Division attorney can help you better understand how the timing of asset valuation will impact your final settlement.  By considering all relevant assets, the earning capacity of each spouse, and the unique circumstances of a divorce, an attorney can help simplify the process of valuation.  A property settlement will include the equitable division of all real property, such as homes, business property, and timeshares.  You will also need to divide your marital banking assets, businesses, pensions and other retirement funds, as well as stock options, vehicles, and collectibles. 

In complex cases, where it is difficult to divide the real property equitably, some judges will award a higher amount of spousal support to make up for the difference.  Or they may choose to give one spouse a larger share of assets in order to avoid the need for spousal support.  Navigating this whole process can be tricky, especially with all the bitterness and anger surrounding a divorce.  It make sense to consult with a Colorado Property Division lawyer to be sure it is done fairly.