Marital Property Law in Colorado Springs
The marital property division is often the most dreaded and disagreeable part of the divorce process. The division of personal property is often the most emotional process. However, we have found that once this has been accomplished, emotions settle, and the case becomes less contentious.
Even if a couple has no children, it is likely they will have shared property or assets. Marital property includes anything that a couple has acquired since their marriage began, with the exception of some gifts and inheritances. Marital property also includes the increase in the value of property brought into the marriage, as well as property once held separately, but “gifted” to the marriage, either by adding the spouse on the title, or otherwise.
The more property held by a couple, the more difficult property division can become. Who will get the house? The car? The 401K? How will stocks, pensions, bonds, and bank accounts be divided in a divorce settlement? What happens to securities in our fluctuating market? While many couples attempt to tackle these questions themselves, in most cases it is necessary to enlist the help of an experienced marital property lawyer.
A marital property lawyer/attorney will simplify even the most confusing and complicated marital estates and will ensure that nothing is left out of a property settlement. This includes business interests, home equity, dividends and real assets that have been accumulated over the course of the marriage.
Important Property Law Factors to Consider in Colorado
Since Colorado is an “equitable distribution” state, the marital property does not need to be split 50/50; it only needs to be fair and equitable. While equity can sometimes be established by dividing everything in half, it doesn’t need to be that way.
4 main factors need to be considered in a marital property case, commonly considered in family court:
Each spouse’s contribution to the property over the length of the marriage, including the contribution of a spouse who is a homemaker.
The value of the property, or assets, set apart to each spouse. This includes 401K, pensions and other investments.
Each spouse’s economic circumstances with regard to property, particularly the marital home. The court will not force either spouse to move out immediately when he/she lacks the means to do so. This includes the desirability of awarding the right to live in the family home to the spouse with whom the couple’s children will reside most of the time.
Any increases or reductions in the value of the separate property of either spouse during the course of the marriage
In addition to our extensive legal knowledge and litigation skills, Marrison Family Law employs the help of many other Colorado Springs area professionals. We work with accountants, personal property appraisers, and financial strategists to determine your property’s value. Our eye for detail enables us to conduct a thorough accounting of everything that is jointly owned. Our clients can rest assured that we will not leave anything out of the property division agreement (“separation agreement”) or that we will present all assets at the trial of the property division. Once this property division is ordered, or the separation agreement is accepted by the court, it becomes a part of the divorce decree and can stand on its own.
Work with a Reputable Colorado Springs Marital Property Law Professional
If your divorce will occur in the Colorado Springs area, call (719) 577-9292 and speak directly to the Marrison Family Law Firm today. We will answer your property division questions and help you determine your best course of action. There is absolutely no obligation and your consultation will be 100% confidential, so there's no risk.
Divorce is painful enough. While it is very important to get it right, spending several months dealing with a property division can be extremely tedious, especially if you are doing it alone. Before embarking on this endeavor, please contact us. We can outline all of your options and help you determine a plan that will work for everyone.