Unlike legal advice, these articles will not help you to directly apply the law to your unique situation. Contact us if you wish to schedule a consult for legal advice.
Generally, marital property is presumed to be any property acquired by either spouse during the marriage, no matter whose name is on the title. That includes both assets and debts and includes retirement assets. It further includes, as a general rule, increases and/or decreases in the value of separate property. Separate property is that property which was brought into the marriage and can be traced, or property acquired by gift or inheritance during the marriage which is kept separate. These concepts will be explained more fully as our clients proceed from the initial consultation into producing a Sworn Financial Statement and Mandatory Disclosures.
During the course of the proceedings we will continue to explain the difference between marital and separate property, and the types of distribution that will likely occur. Colorado law does not require an equal division of property, but rather an equitable division. Especially in long-term marriages, we see the court saying that the division will be a 50/50 split of marital property, with the separate property set aside to each spouse. There are exceptions to this rule and we discuss those exceptions and potential outcomes with our clients. Remember, each case is different.
Property division is not based upon fault or blame for either party and economic fault is a very difficult concept to prove before a Court in Colorado. Economic fault requires that proof be provided to the Court that waste to the marital estate occurred in contemplation of the divorce.