Marital Property

 

“About Colorado Marital Property Laws…”

 

MARITAL PROPERTY v. SEPARATE PROPERTY IN COLORADO

Colorado Revised Statute 14-10-113 regulates the division of marital property in a divorce. Marital property is defined as any property which either spouse acquires during their marriage, except for property acquired by gift, inheritance or property excluded by a prenuptial agreement.  The manner in which the property is titled is not conclusive.

There are seven key factors to keep in mind, when dividing up the marital property, including:

  • how long were the parties married;
  • the cumulative assets of both parties;
  • prenuptial agreements, if any;
  • separation agreements, if any;
  • the tax consequences of the marital property division;
  • both parties’ financial circumstances and needs;
  • both parties’ contributions – including those of a homemaker

(if one of the spouses is primarily a homemaker).

 

This equitable division will take into account all assets and debts and the marital estate will be divided equitably.  An “equitable division,” taking into account assets and debts, typically becomes a “marital property equalization” the longer the parties were married.

 

Many parties believe they can get through the divorce process simply by taking all the debts and then later filing for bankruptcy.  This is not true.  This issue is discussed at length in our BANKRUPTCY section.

 

Call Now To Speak With Colorado Family Lawyers: (303) 990-5308