When a marriage is ending in Wheat Ridge and a couple is preparing for a divorce, splitting up assets can be a difficult process. The first step is to determine if the Jefferson County property in question is actually marital property or not. In considering the home the family lived in, if it was purchased during the marriage, then it is marital property. Marital property must be divided between the parties, per Colorado law.
Jefferson County Pre-Marital Assets: I Purchased My Arvada Home Before My Marriage
If, the home was purchased before the couple was married, then it would be a separate asset. As long as the home was a pre-marital asset and the other party was not later added to the deed, then it is not something that needs to be divided as part of the marital estate. However, if the house has appreciated during the marriage, the amount of appreciation is usually considered marital property. For instance, let’s say a man purchases a home for $200,000 in 2014. In 2015, he gets married and his wife moves into the home. The couple get divorced in 2017 and the home is worth $500,000 at the time of the divorce. The ex-wife may be entitled to half of the $300,000 appreciation in the home value.
Dividing Marital Property in Westminster: How to Divide the Marital Home
If the parties agree that the Westminster marital home (purchased during the marriage) should be sold, then dividing the proceeds from the sale is the next step. This is usually done through attorney negotiations or mediation. It may not be as simple as splitting everything in half, as other assets are in play. The idea is to be equitable, not equal – which can be a negotiation point when it comes to spousal maintenance payments. If the parties agree to allow one party to stay in the martial home, then the deed will need to be transferred to the party staying in the home and that person will need to refinance. Something will need to be worked out where the other party (the one leaving the home) somehow gets other assets or a financial gain to make up for their portion of the value of the home.
If you are getting divorced, contact the best family law attorneys from the Pearman Law Firm at 720-259-9528 or to make sure your assets are protected and that your divorce is equitable.
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