Nearly every state is different when it comes to divorce and property division. Because of this, many people are very misinformed when it comes to the laws in their particular state. With that said, we at the Law Office of Loomis & Greene want those living in Greeley and Loveland to be perfectly aware of what is true and what is false when it comes to property division in Colorado. Below you can uncover some of the most important aspects of how property division occurs when you are going through a divorce.
Colorado is not a community property state.
Plain and simple, Colorado does not abide by the concept of community property. This means it is an equitable distribution state. This is important because it means that not everything is owned equally by both spouses, meaning it may not be split equally in the case of a divorce. This brings us to our next point…
Marital property is often not divided equally.
Everything that you and your spouse acquired during your marriage (except for inheritances and gifts) is considered to be “marital property” and is subject to being divided between the two of you. While these belongings are to be divided in a fair manner, this does not necessarily mean that they will be divided equally. The fairness of the division is decided by many factors such as the age of both spouses, their individual incomes, their contribution to the marital estate and more.
Separate property may not be as separate as you think.
While you may think that the distinction between separate property and marital property would be fairly clear, this is not always the case. For instance, if property acquired before the marriage happens to increase in value throughout the marriage, an agreement will have to be reached as this asset is now considered to be separate and marital property.
Knowledge is absolutely power in the case of a divorce. Being informed is the most important thing you can do when you are separating from your spouse. If you need the help of an experienced divorce attorney, call the Law Offices of Loomis & Greene today! We can give you much more information about property division in Colorado.