You have finally filed for divorce, and the moment is surreal. All you can think about is how complicated and acrimonious things may become between you and the other party as you move forward with your marital breakup.
Understandably, one of your main concerns may be how you will handle child custody and visitation. However, another major concern you might have is how to go about dividing your marital property. Here is a glimpse at how to handle property division in the state of Colorado.
Colorado is an equitable distribution state. This means that a judge will determine what is a fair way of splitting your shared property. Based on this idea, you could end up with 66% of the property if you earned more than the other person did, whereas the other party may receive the remainder of it. In addition to dividing your property equitably, a judge will take the necessary steps to divide your shared debt in a just manner as well.
The above-mentioned equitable distribution approach is different from the community property approach that a handful of other states use instead. In a community property state, judges split shared property in an even way, with both parties automatically receiving 50% of the assets.
What about the marital home?
Who ends up with the marital house ultimately depends on your circumstances. For example, if you receive custody of the children, then you will likely keep the house. However, if the other person bought the house before the marriage and you do not have children together, then he or she could keep the house and request that you vacate it.
Your rights during property division in Colorado
The best situation when it comes to asset distribution during divorce is for you and your future ex to decide for yourselves how you will split your assets. You can do this through divorce mediation or informal negotiations, thus avoiding further court intrusion.
If you and the other party cannot find common ground in this area, you must proceed to trial and have a judge make the final decision for you. However, in either scenario, an attorney can help you to pursue the best outcome for you, given your current financial situation and the circumstances surrounding your marital dissolution.