Marital property is anything that you or your spouse acquired or purchased during your marriage. If you have been married for a long time, it may not be easy, but you need to take inventory on your assets noting which were acquired before the marriage and which had been received or purchased after. Common marital property includes:
- Financial accounts (savings, checking, bonds, and stocks)
- Real estate (home, vacation home, property)
- Home furnishings (appliances, furniture, electronics)
- Life insurance benefits
- Retirement Accounts (pension, IRAs)
- Equipment (sporting)
- Business assets
For example, if you had a home in Arvada before getting married and your spouse moved in and lived in that home, it would not be considered marital property. However, the appreciation in the value of the home during the marriage may be marital property. But, if the two of you purchased a house in Lakewood after you took your wedding vows, then it would be considered martial property and can be part of the divorce negotiations. The only other exceptions would be an inheritance or present given specifically to one spouse, anything acquired after the marriage ended, or anything that is specifically excluded in a prenuptial agreement.
How is Marital Property Divided in Wheat Ridge, Colorado?
Colorado is considered an equitable division state (C.R.S. 14-10-113), which means instead of totaling all the marital property and dividing it evenly in two, the Jefferson County Court judge will divide the property in an equitable way, based on each party’s contributions and liability. The judge considers the following when dividing marital property:
- Value of property
- Contribution of each spouse in acquiring the property (note: this includes the contributions of homemakers in supporting their partner)
- Debts and liabilities of each spouse
- Custody agreements for the children involved
- Financial/ economic situations of each spouse at the time of the property division
- Standard of living the couple became accustomed to during the marriage
Because there is no specific formula for property division in Westminster divorce cases, it is vital that you have a Jefferson County divorce attorney who can protect you and your assets in divorce proceedings.
If you are in the process of or preparing for a divorce, contact the best Wheat Ridge family law attorneys from the Pearman Law Firm for a free initial phone consultation at 720-259-9528 or toll free at today.
Image Source: Pixabay-Meditations