How are assets divided in a divorce in Colorado?

How are assets divided in a divorce in Colorado?

Colorado is an equitable division state. Some states follow community property laws instead. In Colorado, there is no assumption that property is divided equally. The result is that Colorado divides marital assets and debts in a way that is fair but not necessarily equal.

What is an asset in divorce?

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When a couple is divorcing or separating, they generally have a variety of assets that will need to be divided between them. Assets might include a home or other real property, a business, bank accounts, or retirement accounts. Below is a list of the most common assets divided in a divorce.

What are considered marital funds?

It will include marriage assets that are in either party’s name, in both party’s names and all assets that are under either party’s control. Usually, it will only be the assets that existed at the time the parties separated, unless those assets were used by one party to create a new asset after the separation.

Is jewelry a marital asset?

As long as you received your engagement ring prior to the date of marriage, it is earned and belongs to you as your separate pre-marital property the day you get married.

Are clothes considered marital property?

It does not matter whether you purchased an item for yourself – if it was purchased with marital funds, it will be considered marital property. While you each might agree to keep your own clothing and accessories, dividing other items – especially valuable ones – can be challenging.

Can my husband take my house if we divorce?

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A judge can award the marital home to one spouse as part of property distribution in your divorce. This assumes that the house qualifies as “marital” or “community” property and not one spouse’s separate property. A court will look at several factors to decide who gets the house.

How is property settlement calculated in a divorce?

How to calculate a fair settlementMake a list of assets and liabilities.Assess the initial contributions of each party.Consider the length of the relationship.Determine whether or not any assets or liabilities should go together or in separate pools.Deduct the liabilities from the assets to get the total property pool.

Can you sell marital property during a divorce?

But you can sell or transfer the family home at any point.” But divorce doesn’t automatically trigger a sale and often people will wait to sell the house until they have a binding financial agreement.

Is it better to sell a house before or after a divorce?

Since it’s clear that resentment, anger, and bitterness can sabotage a home sale, it may be better to wait to sell the house until after the divorce is finalized. So, you get more money out of the home sale if you wait to sell until after the divorce.