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Property Division in a Divorce
Learn How Assets Are Divided in a Divorce and How You Can Benefit.
While it might seem easy to identify what assets a couple has that are subject to a division via divorce court, there’s nothing easy about it. Sometimes, property that you bring into a marriage is separate, but it can become marital. For example, if you own a house before the marriage but you pay the mortgage together, is this a joint asset?
Discover which assets you have to divide. Call Modern Family Law at (303) 394-3030.
Some types of assets are excluded from division during a Colorado divorce, such as inheritance, which is generally treated as the parties’ separate property. However, inheritance can become marital property if it’s co-mingled and untraceable. Many factors can go into determining whether an asset is separate or joint property. With the help of our Denver property division lawyers, you can have confidence that your property and other assets are protected during the divorce process.
Property division can affect a number of items, such as:
- Bank accounts
- Real estate
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Marital Assets vs. Separate Assets
Generally speaking, marital assets are assets that are acquired during the term of the marriage. These assets are subject to equitable division by a judge in court. Separate property is any property that was obtained by exchanging a gift owned before the marriage, or was inherited. However, there are other types of separate property.
Separate property can become joint property if the separate nature of that property is changed during the term of the marriage. You can change the nature of separate property by co-mingling it, hiding it, or paying expenses related to the separate property using marital funds. You may be shocked to discover that property you thought was yours is actually subject to division, pursuant to Colorado law.
In these cases, the reality check can be very painful. Particularly painful for our clients is the realization that a business they built during the marriage isn’t considered to be entirely theirs. Business owners often have difficulty understanding that the business they worked so hard to build all those years belongs, in part, to their spouse.
Know Your Options Before You Go to Court
Many times, family law judges have a very difficult time dividing assets fairly in a divorce. In determining division, the judge considers multiple factors, such as the contributions of a spouse, the value of any separate property, the spouses’ economic circumstances, as well as any increase in value of separate property.
Preparing this information for the divorce court is an important function of a law firm. Our office has extensive experience convincing courts of a quotable division in these complex asset cases. Even if you decide not to select our firm, be sure your attorney has a qualified team of professionals to support your case.
Call us today to schedule your free, confidential case evaluation with a Denver divorce attorney from our firm. You can reach us at (303) 394-3030.