How Is Property Divided In A Divorce In Colorado?
December 22, 2021
Handling the division of a family’s property during a divorce settlement can be difficult in any state. Deciding which spouse should get which property can be an arduous process, and there is no guarantee that things will go amicably. There are many different types of property that can factor into divorce proceedings, including real estate, retirement and pension funds, investments, businesses, and more. This article will give you a clear idea of how is property divided in a divorce in Colorado.
Because of the many different aspects at play during divorce proceedings, and the many different ways the verdict is likely to go, having legal counsel during these times should be considered a must. A Colorado Springs, CO divorce attorney will be personally experienced in divorce cases that have required complicated property division, meaning they can help smooth things out between the two parties and guarantee the best outcome for everyone.
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Is It Important to Get a Property Division Lawyer?
Given that divorces can be emotionally devastating procedures before court proceedings even come into play, having experienced legal counsel on your team can help alleviate a lot of the stress typically associated with them. You can focus on your family and your personal health while your lawyer focuses on the hard details of the case and getting you the best win possible. With a good property division lawyer on your side, you can be sure that you aren’t going to have to give up any important property that you don’t truly have to. Attorneys know all the best ways to divide up and label assets to ensure that they don’t get swept up and lost in the proceedings.
Figuring out who gets what during a divorce can be a fairly complicated puzzle. It never hurts to have a trained set of eyes there to ensure that all the pieces are falling into place exactly where they’re supposed to, with no outliers or missing pieces left out of the bigger picture. It is your divorce lawyer’s job to help minimize your losses and make sure that you have what it takes to make it back on your feet after these trying times.
What Types of Property Come Into Play During Divorce Proceedings?
Typically, property during divorce proceedings will be divided up into either “community property” or “separate property”. Community property is a property that was acquired jointly between the married parties and separate property is a property that was acquired by one member of the marriage separately from the other. Real property such as houses is typically considered “community property”, as they are most often bought with a combination of both separate and community funds.
Obviously, there is a lot of gray areas that come into play when deciding whether or not a property is truly community or separate. There are a wide number of factors that may make a piece of community property appear to the courts as a piece of separate property, and vice-versa. It all comes down to various minutiae that can only be determined on a case-by-case basis. Because of this, having experienced divorce counsel during the entire proceedings will help give you an advantage as far as defining what kind of property is going to come into play during proceedings.
What Happens with Shared Property and Debt During a Divorce?
Of course, if spouses choose to split amicably, they may be able to agree amongst themselves who takes what. This is the best-case scenario for every divorce and should be the desired goal so long as it is a possibility. Even if tensions are high, the right mediation can help ease both parties into working together for the greater good. However, the fact of the matter stands that the great majority of divorcees cannot come to a solid agreement with their partners as far as who takes what when it comes to property division. Because of this, having a good Colorado Springs family lawyer on your side during divorce proceedings could be your secret weapon.
In general, community property will get divided up between the two parties and separate property will be retained by whichever party it belongs to. However, given the margin of error present when defining what is truly community or separate property, this kind of property division can go a lot of different ways. Colorado is an “equitable distribution state”, which means that community and separate property labels do not always hold precedent over the finer details of the case.
In this way, the right presentation of your case may put you at an incredible advantage when it comes to how much property you walk away with post-divorce, regardless of whether said property is community property or separate property.
Which Spouse Typically Gets to Stay at the House During Proceedings?
If there are children involved in divorce proceedings, and whichever parents are typically their primary caregiver will remain in the marital home until proceedings are finalized. This is true even if the house is the separate property of the parent who is not considered the primary caregiver of the children. That means that, during divorce proceedings, you may be asked to vacate a house that is exclusively yours. This kind of situation can help illustrate the pertinence of divorce proceedings.
Without children, the owner of the house, should it be separate property, may legally ask the other spouse to leave. However, if the house is community property, the situation can get a whole lot trickier. A temporary order granting temporary ownership to one party over the other may be requested from the judge early into proceedings if this becomes a major issue for the two parties.
Your best bet is to stay calm and try not to agitate the other party whilst living together during divorce proceedings. As well, you may simply wish to vacate the premises of your own volition and find a safe habitat where you can have your own space during the divorce.
Contact Us Today to Schedule a Consultation!
Whether you are already caught up in divorce proceedings or simply think they may be coming up around the bend, you should waste no time in getting yourself the right legal counsel. Divorce is tricky, and it can be even trickier when your life is turned upside down and you find yourself in a state of emotional duress. Brighter Day℠ Law has over 25 years of experience handling Colorado divorces, our legal team can be out there fighting for your rights so you can focus on what really matters.