At Littman Family Law, we will address your concerns about a fair division of your marital property. Our clients going through a divorce or legal separation are often concerned with what they will receive at the end of the legal process. We will help you understand and achieve a fair division of such assets as real estate, bank accounts, cars, retirement accounts and all of the other assets acquired during your marriage.
Property Division In Colorado
In Colorado, the first step to dividing property is to categorize property into separate property versus marital property. In general, all property acquired during the course of the marriage is marital property regardless of whose name is on the asset. However, one exception to that rule is that gifts and inheritances received by one spouse during the marriage remain that spouse's separate property. Furthermore, any property that one spouse owned before the marriage generally remains that spouse's separate property, with the exception that any increase in the value of the property during the marriage is marital property.
It is important to distinguish between separate and marital property because in Colorado, only marital property is subject to division in a divorce or legal separation. When courts decide how property should be divided, the goal is to reach a fair or equitable distribution between the two spouses. While a 50/50 division of property is often fair, the court is not required to divide property equally if fairness dictates otherwise.
Factors Considered By Colorado Courts
There are several factors that a court takes into consideration when determining what a fair division of property is, including:
- Each spouse's contribution to the acquisition of property, including a homemaker's contributions to the household
- The value of the property awarded to each spouse
- The economic circumstances of each spouse after the divorce or legal separation, and
- Any increase or decrease in value of one spouse's separate property during the marriage
One common misconception is that marital fault is a factor in the division of property. In Colorado, marital fault is rarely a factor that the court considers when dividing property. At Littman Family Law, we understand that our clients are often concerned about what property they will keep after a divorce or legal separation. Please contact us online or call us at 303-647-5850 so we can assist you in navigating this complex area of law.