Property Division in a Colorado Divorce – Ask a Colorado Springs Divorce Lawyer

For couples who have chosen to dissolve their Colorado marriage, it seems like the first thing that they want to resolve is a property division.  Of course a Colorado divorce involves several other complicated subjects, but most people cannot get onto the same page until they’ve worked through the finances.  Unfortunately, if these matters aren’t resolved quickly and amicably, other matters immediately go sour.  In any Colorado divorce, property division and other financial matters can be particularly contentious, even more so than custody issues.  With the economy so threatened and incomes stretched, the stress is even greater on divorcing couples.

When you work with a skilled and competent Colorado divorce lawyer, he or she will ensure that your rights are honored throughout the process, and that your marital assets are divided fairly and accurately.  But before you can get a divorce, or even write an agreement about property division, a Colorado divorce, you will need to understand the nature of marital property.

What is considered “marital property”?

Colorado divorce attorneys will tell you that marital property is a lot more than just the family home and the joint checking account.  There is also furniture, collections, retirement assets, household goods, cars, artwork and more. If the property was acquired during the marriage and purchased with marital assets, it is considered marital property in the eyes of the law.  The only exception to this is money received as an inheritance or gift to one party.  As long as the money from that asset was not comingled with marital assets, it will remain the property of the designated beneficiary.

Property division should be your Colorado divorce lawyer’s best asset

As an equitable distribution state, it is important to note that Colorado won’t recognize the fault of one party in the division of marital assets.  However, that doesn’t mean that one spouse can withdraw their portion of the savings account at the time of separation.  A court may penalize the spouse who attempts to squander marital assets before a hearing takes place.  This is known as “dissipation of marital assets”.  To find out more about how an attorney can help, read “The Legal Issues Surrounding Property Division in a Colorado Divorce”, an article from Marrison Law in Colorado Springs.