Divorce is commonly one of life’s most stressful experiences. It involves the disentanglement of two lives that have been intimately intertwined in physical, emotional, and financial ways. This separation can be difficult and complex for both parties. When significant property and assets are involved, it can become even more complicated and give rise to greater conflict. As a person facing one of life’s biggest transitions, you can feel even more threatened when your financial future is at stake.
For these reasons and more, it is important to have the representation of a divorce attorney who is highly experienced in complex marital property division under Colorado law.
How Is Property Divided in a Divorce in Colorado?
The equitable distribution of marital property and debt does not necessarily mean that the property will be divided on a 50-50 basis. This rule generally calls for a “fair” division of assets based on the facts and circumstances of the case. If you and your spouse can come to a property settlement on your own, you can have it written into a legal document and presented to the court for approval.
However, if you are unable to agree, you may seek a settlement arrangement through mediation or, as a final resort, through litigation in a Colorado court.
Complex Marital Property in Such Cases Can Include:
- Multiple real estate properties
- Family-owned businesses or business interests
- Professional practices
- Retirement accounts
- Pensions including military pensions
- Bank accounts
- Stock options
- High-value art or collectibles
Contact our property division attorney in Denver, CO today to set up a consulation.
Turn to a Proven Professional in Property Division
If you and your spouse are unable to agree to a division of assets on your own, the court will review many factors in determining what it considers to be “fair.” Our Denver complex property division attorney understands these factors and how courts view them in their rulings. We can fully prepare your case not only to put you in the best possible position through negotiation but in court as well.
Our priority is to protect your property rights and help you navigate this challenging issue towards a favorable outcome that will secure your financial future.
Skilled in Marital Property Division in Denver
At Stephan E. Uslan, Attorney & Counselor at Law, a large portion of our practice has been devoted to this aspect of divorce for individuals with substantial and complicated financial holdings. Our Colorado firm is here to protect your best interests.
We have a successful track record spanning four decades of locating, identifying, valuing, and dividing assets through the equitable distribution rule that is part of Colorado divorce law. Our Denver property division attorney has represented cases involving up to multimillion-dollar assets for clients throughout our metropolitan area.
Is Colorado A Community Property State?
No, Colorado is not considered a community property state, where assets gained during the marriage are split evenly. Rather, Colorado is an equitable distribution state.
What Is Marital Property in Colorado?
Marital property are any assets, property, income, investments, or the like, that are obtained over the course of a marriage.
What Is Considered Separate Property in Colorado?
An understanding of what is at stake starts with determining what is marital property and what is “separate” property. Separate property is any asset that was acquired prior to the marriage or acquired at any time as a gift or inheritance to one spouse only. Separate property is not subject to division in a divorce. However, if the separate property was commingled with marital property, it can then become part of the “marital estate” and thus subject to division.
Tracing separate property to discover if it became part of the marital property is often needed in complex cases. Furthermore, out-of-state and international assets may need to be found, identified, and valued. Valuing assets typically involves the use of professional appraisers, business evaluators, and accountants. The entire process may have complicated tax consequences that must be considered as well.
How Are Retirement Accounts Divided in Divorce in Colorado?
During a divorce, any marital property is subject to division. This does include retirement accounts if they were acquired during the marriage. This may include a 401k, pension fund, or IRA.
Depending on the type of retirement account you have, the process for the division may vary. For example, a QDRO (Qualified Domestic Relations Order) may be necessary. It’s best to consult with an experienced family lawyer who is skilled in complex property division to ensure your rights are upheld.
How Is Debt Divided in Divorce?
Similar to assets and shared property, in Colorado, debt that was gained during a marriage is subject to an equitable division between the spouses at the time of their divorce.
This May Include Debt From:
- Credit cards
- Car loans
- Medical bills
- Student loans
Any debt acquired prior to the marriage or after the time of separation is considered separate.
To schedule a consultation, contact our Denver property division attorney today.
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