When your marriage ends in Colorado, decisions must be made on what happens to your shared property. You can negotiate on this issue yourself or, if compromise cannot be found, the court can make a choice for you on how assets and debts must be divided.
A Boulder property division lawyer at Hogan Omidi, PC can work with you throughout this process to help ensure you end up with the property you both need and deserve after your marriage ends.
Partner Kathleen Hogan wrote the Colorado Family Law Practice Series that serves as a guide for other legal professionals, so our firm’s expertise is unmatched. Our experienced Boulder family law attorneys will put our decades of collective experience to work to help you build a secure post-divorce future so give us a call today at (303) 691-9600 to find out how we can help you.
Colorado Laws on Property Division
Colorado Code section 14-10-113 sets the rules for how property is divided in a divorce.
Each party is allowed to keep separate property when a marriage ends. With certain limitations, separate property is assets brought into the marriage and not mixed with marital property. It also includes some assets acquired during a marriage like an inheritance left to only one spouse.
Marital property, on the other hand, must be divided between the spouses. CO Code § 14-10-113 explains how this must be done, stating that the court should “set apart to each spouse his or her property and shall divide the marital property, without regard to marital misconduct, in such proportions as the court deems just after considering all relevant factors.”
This rule is called an equitable distribution rule and it means the focus is on fairness, which doesn’t always mean property will be divided 50/50.
Factors That Determine Colorado Property Division
CO Code § 14-10-113 also provides details on the factors courts can and should consider when making a decision on how to divide marital property. These factors include:
- The contributions made by each spouse which led to the marital property being acquired. This includes nonfinancial contributions made by a spouse who was a homemaker.
- The value of the property that is to be given to each spouse.
- The economic circumstances of each spouse at the time the property division takes effect
- Whether it is desirable to allow a spouse who has custody of shared children the majority of the time to live in the family home
- Whether separate property each spouse owns has increased or decreased in value.
The court will take these factors under consideration when determining how to divide marital property, which is defined by CO Code § 14-10-113 to include all property acquired during the marriage except:
- Property either spouse receives as a gift, bequest, devise, or descent
- Property either spouse acquires by exchanging their separate property for it
- Property either spouse acquires after a legal separation decree
- Property the couple agrees to exclude by way of a valid marital agreement.
However, if the separate property increases in value during the marriage that increased value is marital. By contrast if the separate property has declined in value, there is no right to reimbursement.
Getting Help With Property Division in Boulder, CO
A Boulder property division lawyer at Hogan Omidi, PC can help you to understand the rules for property division. Our skilled divorce attorney in Boulder will work with you to try to come to an agreement outside of court with your spouse or fight for you in court to show why your preferred property division is the most equitable outcome. Contact us today at (303) 691-9600 to learn more about how we can help you.