Whether you have been married a few years or a few decades, you may feel that now is the right time to get a divorce. However, the divorce process can understandably be challenging both financially and emotionally.
One of the biggest areas of contention when it comes to a marital breakup is property division. Here is a look at how Colorado addresses the distribution of marital assets in divorce.
Colorado property division
Colorado is considered an equitable distribution state. Therefore, if you decide to get divorced, the judge will divide your assets in a fair, or equitable, manner. The outcome might be a division of assets that is not actually equal. For example, perhaps you earned more in the marriage than your spouse did; in this situation, you may end up with a larger percentage of your shared assets.
The divorce court will look at multiple factors when deciding how to divide your marital property as follows:
- If either of you helped each other with his or her personal career or education
- Both parties’ economic circumstances
- Your marriage’s length
- If either of your experienced an interruption in your personal career or educational opportunity
- How you contributed to your marriage (which includes the provision of homemaking services and caring for the children)
You can also expect a judge to look at how both of you contributed to amassing as well as enhancing both non-marital and marital assets, along with any debt incurred during the course of your marriage.
Your rights when it comes to the distribution of property in Colorado
If you and the other party can find common ground when it comes to property division, you could avoid going to divorce trial. Instead, you could strive to create a mutually satisfactory settlement agreement. The benefit of doing this — through divorce mediation or informal negotiations, for example — is that it typically leads to less of the conflict and animosity associated with traditional divorce litigation.
Of course, both of you may not necessarily be able to agree on the property manner of dividing your property. In this situation, you have no choice but to proceed to trial, where a judge will make this determination for you. However, whether you tackle your property division issues inside or outside of the courtroom, it is within your rights to pursue an outcome that is personally favorable given the facts of your family law case in Colorado.