Denver residents need to make major decisions during a divorce. They need to divide their parental responsibilities through custody and parenting time, if they have minor children. They will also need to make financial decisions regarding child support and alimony. Finally, they will have to divide their marital property between the two of them.
Couples may acquire various property during a marriage and have money in different types of financial accounts. Some of the property and the accounts will be in both spouse’s names, but other property may be marked in only one spouse’s name. Still, if either spouse earned the money during the marriage, it is marital property and needs to be divided during the divorce.
Factors used to determine equitable division of property
The couple needs to divide their property equitably, which does not necessarily mean equally. To determine a just division of the marital property, judges will analyze a number of factors which include, but are not limited to:
- Each spouse’s contribution to acquiring the property, which can include their contributions at home if they stayed home to care for the children or other reasons
- The value of the property each spouse will receive in the divorce
- The financial resources of each spouse considering what they will receive at the end of the divorce
- The amount of separate property increased in value during the marriage and also whether one or both spouses depleted their separate property during the marriage for marital purposes
Property division during divorces can be a complicated process in Colorado. Determining the value of the couple’s property may require the use of different appraisals. There may also be separate property that both spouse’s may own, which will need to be traced through various accounts or property.
After the couple values all the property, they will need to analyze the factors above to determine an equitable division of the property. Consulting with experienced attorneys who can guide people through the process could be beneficial.