Colorado follows the “equitable distribution” principle regarding property division in divorce cases. Equitable distribution means that marital property is divided fairly, although not equally.
Here are some key points to know about Colorado’s property division laws:
How marital property is defined
Colorado considers all assets and debts acquired during the marriage as marital property, regardless of whose name is on the title or who made the purchase. This includes income, real estate, vehicles, investments, retirement accounts and business interests.
How separate property is defined
Assets and debts acquired before the marriage or through inheritance or gifts during the marriage are generally considered separate property and are not subject to division. However, if separate property is commingled with marital property or used for the benefit of the marriage, it may become subject to division.
What factors are considered when dividing marital property
In determining a fair distribution of property, the court considers several factors, including the contributions of each spouse to the marriage, the economic circumstances of each party, the value of the separate property, the length of the marriage and the custodial arrangements for any children.
How spousal maintenance can be a factor
Colorado also considers spousal maintenance, also known as alimony or spousal support, in the property division process. The court may award maintenance to one spouse to address any economic disparities resulting from the divorce.
How mediation and agreement can help
Couples can reach a property settlement agreement through mediation or negotiation outside court. If spouses agree on property division terms, the court will likely agree to it as long as it is considered reasonable and fair.
It’s important to know your rights and options according to Colorado’s property division This will ensure that you get the assets you are entitled to receive.