The process of getting divorced can understandably be a trying experience emotionally. However, divorce can also be difficult to navigate financially. Here is a glimpse at how financial matters are generally handled during the divorce process in Colorado.
First, during a divorce proceeding, marital assets are to be divided in an equitable manner in the state of Colorado. Most of the time that means a near 50/50 division. But, if a party contributed a significant portion of the wealth, a judge may determine that it is most equitable for one spouse to receive 60% of assets and the other one to receive 40% of assets if the facts support such a division based on financial circumstances. Also, any assets that either individual brought into the marriage are not subject to division, except for the increase in value and appreciated portion.
In addition, when it comes to dealing with the family house, the two divorcing spouses have a couple of options. One option is to sell the home and split the proceeds. The second option is for one person to keep the house and pay the other party for his or her half of their home’s equity.
The best scenario during a divorce proceeding is for both parties to find common ground regarding the division of assets. For instance, if they agree on how to split money and real estate, they can create a mutually satisfactory agreement through informal negotiations, thus avoiding further court intrusion. Of course, if they cannot reach an agreement outside of court, they have no choice but to rely on a judge to divide their assets for them. Either way, an attorney in Colorado will push for an outcome that is in the best interests of his or her client.