In a Colorado divorce, marital property will be equitably divided between the two spouses. An equitable division is not necessarily equal. Rather, equitable division means that the division of property will be fair.
A primary concern in all types of divorce is the classification of property and its division. This process can be more complex in high-asset divorces as well as marriages that began later in life, but asset division is a common factor in most divorce agreements. Jefferson County courts are required to craft an equitable division of assets, excluding non-marital property, when divorcing parties cannot reach an acceptable agreement.
When a Colorado couple gets divorced, they split up their property in one of two ways. The first way is for the couple to decide on their own how property is divided. However, this scenario may not be possible if the couple that is getting divorced is not on good terms. When an agreement cannot be reached, community property might be split in a way that is equitable to a judge while property acquired before the marriage remains in the hands of its owner.
When Denver couples go through divorces, the equitable division of marital property is often a significant issue in the proceedings. Further compounding the difficulties of asset allotment is the fact that, in some cases, parties are unwilling to make their support payments to ex-spouses. For those who believe they may face this problem if they pursue a divorce, it may be wise to proactively protect against such a situation.
Many Denver couples may feel that the only option they have following a divorce is to sell the martial home. It is important to understand that every divorcing couple is unique, as is the method they take during asset division. Therefore, what they choose to do with their home depends on a number of factors.
Many people divorcing in Denver may feel that dividing assets following a divorce is mostly about the marital home, retirement plans and the money in the bank. However, those who realize that property division encompasses much more than that may walk away from the union financially stronger.
When family law courts in Jefferson County and elsewhere are determining asset distribution and property division in divorces, it is their job to fairly distribute those assets between the parties. While courts understand it is not possible to make those involved whole again in divorce settlements, they do their best to ensure the equitable division of marital property, bank accounts and other assets. Unfortunately, this does not always happen.
Celebrities and other high-profile couples not only have to deal with media attention during divorce proceedings, they are often also involved in multiple, drawn out hearings in order to divide assets and reach settlements. Marital property, non-marital property, business assets and retirement accounts are among the numerous types of assets that often must be valued and distributed in divorce settlements.