No one enters into a marriage expecting it to end in divorce, but unfortunately, it does happen far too often. When going through a divorce, one of the most important things to consider is how you will divide the marital assets.
You could receive far less than you deserve if you are not careful. How can you ensure that you receive what’s fair in your Colorado divorce? Understanding more about the law can help.
The difference between marital and separate assets
When a couple gets divorced in Colorado, the process of dividing up their assets can be complex. The first step is to determine which assets are marital property and which are separate property.
Marital property includes all assets that were acquired during the marriage. In contrast, separate property includes assets that either of you obtained before the marriage or after you separated. Separate assets can also refer to anything that one spouse receives as a gift or through an inheritance.
Once the assets have been classified, they can be divided between spouses fairly and equitably. In some cases, this may mean splitting the assets more or less evenly. In others, it may mean giving one spouse a more significant share of the assets.
There are several factors that the court will consider when making this determination, including the length of the marriage, each spouse’s earning capacity and their individual contributions to the marriage and the marital pot.
If you are considering a divorce, it is important to understand how Colorado’s marital property laws will affect you. You will want to work with someone who will protect your interests and ensure you receive a fair share of marital assets.