At the time of asset division in a Colorado divorce, the parties in question must first identify and define marital property and differentiate it from separate property.
Marital property is that property that is acquired by the spouses after they got married. The property could have been acquired by both the spouses jointly, or could have been acquired by either spouse on his or her own. In either case, the property is considered marital property. Separate property, on the other hand, is property that is owned by the person before the marriage. Once an asset is identified as the marital property, the court will decide how this property must be divided. Separate property can’t be divided. It continues to belong to the spouse who acquired it.
It’s important to define what constitutes marital property, because these assets are up for division. To understand which of your assets qualify as marital property, discuss your case with a divorce lawyer in Colorado.
Once the marital property has been identified, the courts will go ahead with the division of the assets based on a number of factors. For instance, the court will consider the contribution of each individual spouse to the purchase or acquisition of the marital property. Apart from this, the court will also consider the value of the separate property that is owned by the individual spouses, any differences in the assets owned by the spouse, as well as the economic condition of each spouse, including earning capacity.
Any property that is acquired by the spouse after the marriage is considered marital property, except those that were a gift, or inheritance. For instance, a piece of land, or house that was gifted to a person by a family member, is not included as marital property. Additionally, if you have assets that are protected under a prenuptial agreement, those assets may not be up for grabs either. However, that depends on how watertight your prenuptial agreement is.
Marital property is typically not divided equally, but equitably. That means that the spouses will receive their share as belongs to him or her, and it’s not necessary that the spouses will get the exact same 50% share of the marital property.