If you’re thinking about filing for divorce in Colorado, there are several things you need to know about the division of real estate. Read on to learn more about how owning property can affect the way your divorce proceeds.
Equitable Distribution
To answer a common question, “is Colorado a 50/50 divorce state,” as easily as possible, the answer is no. Dividing real estate during a divorce in this state uses equitable distribution practices. This means that while real estate splits are not necessarily 50/50, the division is designed to be calculated fairly between both parties.
Several circumstances will affect the way property division is processed, which we will discuss later.
Marital Property & Separate Property
According to Colorado marital property law, only marital property is divided among divorcing parties. Marital property refers to property that was obtained by the divorcing parties during their marriage, and usually, the property benefits both parties.
Marital property also includes any substantial value added to the marital property in question during the marriage. For example, if a married couple purchased a home when housing prices were low and added significant equity to it over the years, that value would be considered marital property, as well.
Separate property refers to property that one party owned before the marriage or property either received as a gift or obtained through inheritance.
Contributing Factors
Judges consider several factors when determining how to properly divide a divorcing pair’s assets. Factors that influence how assets are divided in a divorce in Colorado include:
- The length of the marriage
- Each party’s contributions to the other party (caring for children, education, career development, etc.)
- Each party’s economic standing
- Whether one party suspended his or her career to benefit the marriage
- Each party’s contribution toward income and debt in the marriage
- Whether the family home is needed to continue raising the couple’s children
- Whether one party eliminated marital assets before the divorce filing (through gambling, reckless investments, substance abuse, etc.)
This is by no means an exhaustive list of factors that a judge will consider during Colorado divorce proceedings, but the points mentioned above are the most common factors that arise during the case.
Divorces can become complicated very easily, so if you’re planning to divorce your spouse in Colorado and you suspect the process won’t be a smooth one, reach out to a family law attorney as soon as possible. Let the team at COLawTeam advise you on the best steps to take during such a difficult time.
