Most states observe marital property as a common law property state, just like Colorado. Other states follow community property laws. At this time, only nine states participate in this practice: Louisiana, Arizona, Texas, Washington, California, Idaho, Nevada, Wisconsin and New Mexico. Let’s take a closer look at what happens to marital property in Colorado during a divorce.
Marital Property States
Currently only nine states participate in marital property: Louisiana, Arizona, Texas, Washington, California, Idaho, Nevada, Wisconsin, and New Mexico. Let’s take a closer look at what happens to marital property in Colorado during a divorce. It doesn’t matter what state you live in; marital property must be dealt with during a divorce. It’s simply the way that it’s handled that’s different based on where you live.
Marital Property in the State of Colorado
Colorado law specifies that marital property is equitably distributable. This is a different concept than with community property.
What Is Considered Marital Property?
Marital property refers to any property or assets gained during the marriage. This is any property that is owned equally by both spouses. In the same regard, any debts incurred during the course of a marriage are considered both partners.
What is the Difference Between Marital Property and Community Property?
In most states, like Colorado, equitable distribution laws are in effect. In a Colorado divorce, any property acquired during a marriage belongs to whoever earned it. Most times, the property gets divided between the spouses in some manner, but not always equally. When living in a community property state, all marital property gets split evenly.
What Does Marital Property with Right of Survivorship Mean?
When two people who are married own property together, both of the spouses have equal ownership interests. Each spouse receives rights to use the property and those interests can’t be split. If the property is held as a joint tenancy, this includes the right of survivorship.
There’s no determining how a judge will split the house and other marital property during a divorce. Who actually gets the house depends on several factors, including, but not limited to:
- Income of both parties
- Child custody
- Each person’s contribution to the property
- Other assets owned by partners
The court might decide to divide the property equally or give the majority to one person. It just depends on what seems equitable and fair.
Removing Marital Property before Divorce
Before there is a court order, it’s completely legal to remove a marital property. Without this court order, many things are uncertain and everything is left to your judgment. Once the paperwork is filed, you’ll find more regulations over what can and can’t be done. During this time, spouses are prevented from destroying, selling or damaging marital property in Colorado.
Denver Divorce Lawyer
Anytime marital property needs to be dealt with, the situation becomes confusing. Without the right representation, you could easily lose some of your marital property in Colorado. That’s why you need someone who understands the law by your side. Thomas Ramunda Jr. at South Denver Law has the experience you want to represent your best interests. He is a Denver divorce lawyer that puts you first. You can visit at either the Parker, CO or Denver, CO office for a consultation and see what this Parker divorce lawyer can do for you.
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