One of the aspects of a divorce is the division of property. Not only is this a financially risky time for each of the spouses, but it is also an emotionally traumatic time because of the sentiments attached to many of the pieces of property that may be up for division, like the family home.
In Colorado, property division during a divorce does not have to be equal, but it has to be equitable. That means that the spouse must receive a share that is in tune with his contribution to the accumulation of the asset. The division will be fair, but not necessarily equal. It does not mean that each of the spouses will receive perfectly divided assets. In other words, spouses will not receive 50% of the assets’ value.
During property division, a Colorado court will conduct discovery to identify all the property that is considered marital property. This is the only type of property that will be up for division in the divorce. The marital property will be valued, and a dollar value will be assigned to the marital property. Then, the court will go ahead and divide the marital property between the two spouses, based on a number of factors.
Property will be divided depending on the contribution of each person to the acquisition of the property- this also includes the contribution of the homemaker in the relationship -, the financial condition of each spouse at the time of the division of the property, any increases or decreases in the value of the spouses’ separate property over the course of the marriage. The court will also consider the wisdom of awarding the family home or the marital home to the custodial parent.
Apart from the properties that are identified as marital property and have been acquired by either spouse during the course of the marriage, the value of certain types of separate property can also be considered marital property. For instance, any spike in the value of a separate property over the course of the marriage, will be considered as marital property, although the actual property will remain separate.
For answers to your questions about property division during a Colorado divorce, speak to a divorce lawyer.