DENVER DIVORCE ATTORNEYS SPECIALISING IN PROPERTY DIVISION
Going through a divorce is a hassle for everyone involved. It’s never as easy as just going your separate ways. There are many aspects to be considered. One of the main concerns is the division of property and assets. Every state and court handles property division differently. Our team at Litvak Litvak Mehrtens and Carlton handles cases in Denver and throughout the state of Colorado. Here are a few things you need to know about property division as it applies to Colorado.
What is marital property?
Marital property refers to anything that was accumulated or earned over the duration of the marriage. This may be income, property, assets, or even debts. Unless there were prenuptial agreements that state otherwise, any of this might be up for division.
What is separate property?
It can often be difficult to determine what is marital property and what is separate. Sometimes things that you’re sure belong to you have taken on aspects of marital property throughout your marriage. The general rule is that anything you accumulated prior to your marriage is separate property. As long as it didn’t increase in value during your marriage, it should remain as separate property. In addition, any inheritance or gifts that were given directly to you are considered separate.
To be sure you’re aware of what is considered separate property and what is marital property, contact our attorneys today.
How is marital property divided?
Property division is generally handled in two different ways. Depending on the state, courts will either consider it as community property or equitable distribution. Community property states divide the property down the middle, or 50/50. One spouse takes half and the other spouse takes the rest.
Colorado is an equitable distribution state. This means that the court determines what is fair rather than splitting the property down the middle. This may mean that one spouse gets well over half the property or assets if the judge determines it fair. This holds true for businesses, as well.
Because Colorado is an equitable distribution state, what goes where depends on the surrounding circumstances. Some of what the judge will look for in each spouse includes the following:
- Contributions to the property or marriage
- Length of marriage
- Physical and mental health
- The involvement of children
Once these factors are taken into account, it’s left to the judge to determine what is considered “equitable.”
Who gets to keep the house?
Like other aspects, it depends on the circumstances for who gets to remain living in the house. The most important factor is whether or not children are involved. If this is the case, the parent who is deemed the primary caretaker is generally the one who stays in the house.
However, if children aren’t involved, it becomes more difficult to determine ownership. If the house is the separate property of one of the spouses, they have the right to ask the other to leave. That does not mean you can kick them out, though. If one spouse refuses to leave the house, it is illegal for them to kick or lock the other out.
The judge will ultimately determine who will keep ownership of the house during the divorce proceedings.
Contact Property Divison Attorneys in Denver
If you’re going through a divorce and you have questions regarding property division, contact Litvak Litvak Mehrtens and Carlton today. We can help answer any of your questions and fight for your property rights. Call us at 303-951-4506 to schedule your consultation.