Property Distribution in a Colorado Divorce
When a divorce is imminent, there are many factors to consider. Often, one of the most important and highly contested ones for Colorado couples is the division of property. Each state has its own laws that determine how property is divided amongst couples who are getting divorced. In some cases, couples are able to come to a mutually agreeable division about who gets what, but more often than not, there are disagreements that must be worked out before a divorce can move forward. When working out such a disagreement, it is best to work with a Denver property distribution lawyer to ensure that you are receiving what is fair.
Colorado’s Requirement of Equitable Division of Property
In Colorado, couples are entitled to equitable property division; it is not a community property state. It is essential to note that this does not mean split evenly or equally. It means that the division of property must be fair.
Colorado Revised Statutes §14-10-113 addresses the disposition of property in a divorce or legal separation. If a couple cannot come to an agreement on their own, they will need an experienced property distribution lawyer in Denver and will need to go before an arbitrator or a judge who will determine the outcome.
If a judge decides how to divide the property, they will consider the following factors in their decision:
- The financial conditions of each spouse
- The parent who has physical custody of the children the majority of the time as they are usually granted the family home or the right to live in the family home for a certain time period after the divorce
- Changes in the value of a spouse’s separate property during the marriage
- Changes in value to the spouse’s separate property for marital purposes
- The value of the property assigned to each spouse