Dividing your property during a divorce varies depending on the state. In Colorado, the law says all divisions should be equitable, or fair, yet not necessarily equal.
Division of Finances & Property in Divorce
In many cases, couples can come to an agreement on dividing property and finances without the help of a lawyer. But in some cases, when there is not agreement, an attorney can intervene as a mediator to assist in dividing the property evenly. Couples who cannot resolve issues with the property and financial divisions outside of court will result in going to court to receive a decision from a judge or arbitrator.
When beginning the division of assets, the spouses should first decide if the property is marital or separate.
Many factors are considered when dividing property and finances including:
- Each spouse’ economic circumstances
- Each party’s desirability of home, right to live in the home, or parent who has custody of the children
- Any increase or decrease in the value of the property
- Depletion of separate property for marital purposes
- The value of property for each spouse.
To get more information about how to properly split your assets, please consult Thomas A. Ramunda Jr at South Denver Law. Contact us for a consultation, or call us today.