Community property refers to the jointly owned property between a husband and wife. There’s a lot of confusion regarding this subject, which is why you need a professional to help you navigate the waters. Let’s get a closer look at what you need to know about community property in Colorado.
What is Considered Community Property?
In community property states, the money and property earned by both spouses are considered jointly owned. This means that it is equally owned by both the husband and the wife. In the same respect, all debts incurred throughout the marriage are debts attributed to both parties.
Community Property in the State of Colorado
Colorado isn’t one of the seven states that participate in community property. Still, the state does subscribe to equitable distribution, which is a similar setup.
Community Property States
Right now, there are only seven states that participate in community property. They are Arizona, California, Idaho, Nevada, New Mexico, Texas, Louisiana, Wisconsin, and Washington.
Marriage in Community of Property
Being married with a community of property means all assets and debts are shared in a joint estate. This includes anything that happened before marriage as well as what is added during the union. This community property is equally owned by both spouses.
What Does Community Property with Right of Survivorship Mean?
The land or property owned by both spouses is split equally among both parties during the marriage. Each spouse is entitled to use the entire property, and the interest isn’t divided. With a right of survivorship, the owner that lives automatically absorbs the dying partner’s share of the property.
Community Property vs. Separate Property
In a community property state, all the property acquired throughout the marriage is considered jointly owned by both partners. The only time it isn’t is if the property was an inheritance or gift. At the time of divorce, the community property is split. With separate property, only one spouse owns it, which means it’s protected during a divorce.
In a divorce, the judge might award the marital property to just one spouse to distribute assets. Who actually gets the house in a divorce depends on whether the house is marital or community property and not owned by only one spouse. The court carefully weighs all factors involved to decide where the property should go.
Removing Marital Property Before Divorce
Prior to anything being filed with the courts, it’s legal to remove the marital property. The lack of court orders tends to leave a lot of uncertainty and makes things difficult. Once the divorce paperwork is filed, there are often more regulations regarding how marital property is used. This often prevents a spouse from damaging, destroying, or selling any property.
Denver Divorce Lawyer
As you attempt to navigate the divorce proceedings, you will quickly see the value of having legal representation. Whether you are dealing with community property, child custody, or alimony, it’s powerful to have the right Denver divorce lawyer represent you. Thomas Ramunda is a premier Parker divorce lawyer with over a decade of experience. Schedule a consultation today or visit our Denver or Parker locations to receive the guidance and help pertinent to your case.
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