You have a lot to think about when you’re in the middle of the divorce, but one of the biggest concerns is who gets the house. Every state has different laws, so it’s vital you learn what happens in Colorado divorces. South Denver Law is committed to helping you get everything you deserve in a divorce.
Marital Property
Colorado considers the marital property to be anything acquired by either spouse during the course of the marriage. In many instances, this includes the family home, as long as it was purchased after the wedding. Colorado courts attempt to split marital property as equally as possible.
Separate Property
Separate property in Colorado is anything that was acquired before the marriage. In a Colorado divorce, separate property remains with the owner, but an increase in value or appreciation during the marriage is considered marital property.
Can I Get the House Even If It’s Not My Separate Property?
It depends, but most likely no. One spouse will have to prove that the property in question was once separate property but because of certain circumstances, the property is now community property. When it comes to dividing the family home in Colorado, the judge takes into consideration several factors. Some of these include, but aren’t limited to:
- Each spouse’s desires
- Who currently lives in the home
- Economic situation of both partners
- Investments contributed by both parties
- Parenting time division
- Other divided marital assets
Community Property State
In a community property state, all property acquired by a spouse during a marriage is automatically owned by both people and divided equally during divorce or annulment. Colorado is not a community property state.
Equitable Distribution State
According to Legal Zoom, most states follow the equitable distribution method instead, including Colorado. During a divorce in Colorado, any property acquired during the marriage belongs to whoever earned it. The property is divided as fair and equal as possible. There aren’t set rules for who will get the home. Instead, the court must determine multiple factors to make the best decision.
How Prenup or Post-Nuptial Agreements Change Things
When a valid prenuptial or post-nuptial agreement exists, the court must uphold the terms. This might require that one party receives the home or it might require a sale and division of proceeds, whatever is specified.
Asset Options During Divorce:
Here are the options that exist during a Colorado divorce. Likely, it will be required that you do one or more of these actions.
1. Divide Assets
The most obvious option is to divide the assets. This requires assigning certain items to each person. If one of the partners ends up with more than the other, it might be required to pay an equalizing amount to cover it.
2. Sell Assets
If neither party wants the property, or terms can’t be agreed upon, you might need to sell the home. Then, the assets would be divided as per the agreement.
3. Buyout Spouse
It’s also possible for one person to stay in the house and buy out the other partner. This amount would be figured to create a fair and equitable distribution.
4. Co-Own Assets
If the divorcing spouses can get along and choose to own the property together, that is an option. It’s also possible to keep it as an investment property. Some couples do agree to these terms until children are out of school, or while waiting for the home to increase in value.
Don’t Navigate a Colorado Divorce Alone
By attempting to handle your Colorado divorce alone, you risk losing your home and other assets that are important to you. Instead, you must contact Thomas Ramunda Jr. He is an experienced Denver-Parker divorce lawyer that has worked with Colorado families for more than 25 years. He has the tools to help you too. Dividing property is tricky and you don’t want to lose out. Visit the law offices of Thomas Ramunda Jr. at South Denver Law today. You can find him at either the Parker, CO or Denver, CO location to receive the help you need.
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