When people in Colorado are married, they start a life together. As part of that life together, they often times acquire various property and assets, earn money, start bank, retirement and investment accounts and acquire other assets as well. They also may purchase a home or multiple homes throughout the marriage, especially if the marriage lasts for many years. The couple generally shares in the enjoyment of the property and assets during the marriage, but if the couple divorces the couple will need to determine who receives which property and assets.
The process of property division in a divorce starts with accounting for all the assets and property that the couple owns. Next people need to determine the value of the property and finally they need to determine what is marital property and what is non-marital property.
Any property, assets or money earned during a marriage is presumed to be marital property. This is true regardless of whose name an account is in or who is on the title of the property. If it was acquired by either spouse during the marriage it is presumed to be marital. However, there are a couple exceptions to this rule.
One is that property that was given to one spouse as a gift or inheritance is considered to be separate property of that spouse even if it was acquired during the marriage. Also, any property that is acquired by using separate property is considered separate. Property acquired after a legal separation is also separate as well as property excluded from marital assets through a valid prenuptial agreement is separate. However, if separate property gains value during the marriage, the valued gained during the marriage could be considered marital.
Property division during a divorce in Colorado can be a complicated process. Determining values and determining what is marital property and what is non-marital property can involve gathering a lot of documentation and accounting. However, it is an important part of the process to ensure that each spouse receives a fair and equitable portion of the marital assets. Experienced attorneys understand the complications of property division and may be able to guide one through it.