Property and asset division is an inevitable part of going through a divorce, actually, is one of the requirements for a divorce in Colorado. If you’re not careful, you could stand to lose more property than you need or want to. Taking the proper steps, including hiring an attorney, can help protect your property rights.
Divorce isn’t just about two people going their separate ways. It also involves other elements, such as the division of property. Asset division is one of the most contentious issues in divorces. Even though Colorado is an equitable division state when it comes to divorce, spouses still risk losing their fair share of marital property in the split.
However, there are steps you can take to protect your property rights in the divorce process. Knowledgeable Aurora divorce lawyers can help you take these steps, as well as work to protect your property rights and interests during the entire divorce process.
Hire Aurora Divorce Lawyers
If you do nothing else to protect your property rights, hire Aurora divorce attorneys. As advocates for your rights, they can help you understand how your property might be divided and why. They can also ensure you are taking the right steps to preserve your rights. If necessary, they can help negotiate your property or represent you in a divorce trial, where a judge will decide how to divide your property.
Identify and Value Your Property
Divorce is emotionally draining and tiring, but making an effort to accurately identify, appraise, and declare your property will make things easier when it comes to protecting your property rights. If you have property you want to keep that was gifted or inherited, try to find proof. You should also determine the status of your property; for instance, are there outstanding payments, tickets, or liens on your car? Be thorough in documenting and valuing your personal assets. If your divorce becomes contentious, you’ll be happy you did.
Protect the Money You’ve Earned
Money that is already in a joint bank account will be divided. If you are concerned that your spouse may try to empty these accounts for themselves, you have three options to protect the funds:
- Freeze the accounts. You might have to pay a fee to do this, but it prohibits unauthorized withdrawals, spending, and direct deposits.
- Withdraw half of the funds. If you and your spouse have an agreement or your Aurora divorce attorneys advise you to do so, you can withdraw half of the money in the joint account and open a new account solely in your name.
- Open a bank escrow account. With this arrangement, an officer at the bank will monitor the account. Typically the funds are frozen until they can be divided appropriately in a divorce.
Contact Knowledgeable Aurora Divorce Lawyers Today
In addition to these, you can take many other steps to protect your property rights before and during a divorce. The best thing you can do to ensure you receive the property you are entitled to is to hire Aurora divorce lawyers at the CNL Law Firm, PLLC. Your attorney can assess your individual situation to determine what you should do. Call (720) 370-2171 or use our online form to schedule your case evaluation today.
