Colorado Divorce - Division of Marital Property

Marital Property in Colorado Divorce

It's well known that in Colorado divorce cases, the property is divided between two parties. However, not many know that there are different types of property and not all of them are subject to this division. In fact, only a specific type of property known as martial property is liable to be split between the two people involved. The definition of what constitutes marital property is quite clear according to the intent of the Colorado revised statutes, which even lays down the rules for items such as life insurance and retirement benefits.

What constitutes marital property in Colorado?

Simply put, marital property is all property that is acquired by either spouse after the marriage has taken place. There are some exceptions to this such as property which has been acquired by descent or through a will and property acquired in exchange for "pre-marriage" property. The intent of the law is quite clear and the exceptions are illustrative of the kind of property that is not considered marital property.

One point to be noted is that the type of holding doesn't matter - it can be joint tenancy, tenancy in common and even community property. And finally, gifts from one spouse to another are also considered marital property - except where the gifts are the exclusive personal property of one of the spouses.

However any asset which isn't explicitly held, but is rather a form of "interest" in a third party instrument such as life insurance or potential retirement benefits are treated as personal property. Similarly, if one is expecting to be the beneficiary of a will it isn't liable to be divided.

Considerations of Division

Colorado law clearly mentions the various principles by which marital property must be divided. For example, due consideration is given to the role of one of the spouses as "homemaker" even though he or she might not have explicitly contributed to the acquisition of anything. Also, when children are involved, the family home often goes to the parent with whom they stay with for a majority of the time. And finally, the court also considers the economic status of each person when the division takes place and allocates the property accordingly.

Engaging a Colorado Divorce Attorney

It's crucially important to hire an attorney who can present the case accurately before the court. Our Clawson & Clawson attorneys are aware of which facts the courts are looking for and which facts of a case effect the judgment. In addition, we will help you take stock of your situation and figure out an equitable and just settlement for you. Contact us now for a free consultation.