Property Division in CO after a Divorce: What You Should Know

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Couple visiting a divorce lawyerJust the thought of getting a divorce can be already very trying. The process itself of filing is already painful as it is. As such, you definitely wouldn’t want to experience even more headaches (and heartaches) throughout the filing and processing of dissolving your marriage.

For this reason, it’s best that you have a qualified and experienced Boulder, CO divorce attorney to guide and help you, especially when it comes to settling property. Like anywhere else in the United States, the State of Colorado implements marital property laws similar to other states, but at the same time, also has its own rules and regulations on the matter.

The Separation Agreement

One of the first things you and your spouse have to decide on is the method of dividing property. Both of you have to agree on the division and put it into writing. This document, called a “separation agreement,” should indicate how you and your spouse would like to split the possessions. If disagreements arise, the courts would take over, with a judge having to make the decision.

The Complex Process

In cases of property division disagreements, the local court will first take into account each of the spouse’s “separate/individual property” and exclude it from the final division. These properties include those acquired before the legal marriage and/or after legally separating; those acquired through inheritance or as gifts; and those included in a valid agreement between the divorcing parties.

From here, the court will then factor in the “marital property,” which refers to any other property acquired during the marriage, pre-separation. Of course, the court will preside over the matter in a just manner, taking into account the individual contribution of each spouse to the property’s acquisition; the property’s value allotted for each spouse; and the post-divorce financial standing of each spouse.

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Getting Your Fair Share of the Property

You want to ensure that you get equitable rights to your property. However, because disagreements can arise and there is a possibility that your spouse can content property rights, it’s best you protect yourself and have a legal expert on your side.