Divorce can be a complex and financially straining process, especially when it comes to determining who pays the f...Read more
A house is often the most valuable asset parties who are filing for divorce possess. A court must decide whether the house is a marital or separate property interest. Under the law, Colorado is not a community property state, and this means that the court must allocate the non-marital property to each spouse and divide the marital property in an equitable manner.
If the court determines that the house is categorized as separate property, then the court will set aside the house before splitting the marital estate. Many courts grant the house to one party in a divorce and have that party purchase the other party’s equity interest. Also, a court may declare a forced sale and divide the sale proceeds between the two parties.
In some family law cases, the parties to a divorce proceeding make the decisions regarding how their assets and debts will be divided. Colorado law dictates that all assets and debts acquired by the parties during marriage become part of the marital estate. The marital estate is equitably divided between the two parties during a divorce proceeding.
If the parties cannot agree as to how the assets and debts should be divided, then the court will determine how to divide the marital estate. An Aurora divorce attorney can advise you regarding your divorce and how assets and debts may be divided. Speak with CNL Law Firm, PLLC, to learn more about family law in the state of Colorado.
Simply put, any part of a retirement account or 401(k) obtained during the marriage might be shared among the two parties. If an employee began contributing to a 401(k) or retirement plan after marriage, then the court will divide the retirement account equitably between the parties. This can be a complex process involving specialized forms.
If both parties possess retirement accounts, then each spouse will be entitled to an equal share of both retirement accounts if the marriage existed before the parties began contributing to their retirement accounts. Spouses can decide to each retain their own accounts, though this often depends on the value of the respective accounts.
Courts consider the following factors when equitably distributing marital property:
It is often preferable for spouses to agree to a property settlement out of court. They know best the nature of their property and how they might want to divide it favorably. If they cannot decide, the matter will need to go before the court.
An Aurora divorce attorney can help you with everything you need regarding family law matters. Contact CNL Law Firm, PLLC, today and schedule a consultation. We regularly assist with complex property division matters.