It is a requirement for divorced couples in Colorado to divide their marital properties, though the division differs with every case. Numerous factors can potentially affect how assets are split between a couple, and courts will always consider them when determining how to make the distribution fair and just.
What do Colorado courts consider when dividing assets?
Colorado courts prioritize equitable distribution above all else when determining who gets what in a divorce. Equity does not necessarily mean that both spouses receive a perfect 50/50 split on all shared assets and properties. Under Colorado law, equitable distribution means a fair division of marital property based on the circumstances of the parties. As a result, courts examine divorces on a case-by-case basis with the following factors in mind:
- Contributions: The court takes the financial and non-financial contributions of each spouse into consideration. This includes earning and investing ability, as well as homemaking and childcare contributions.
- Children: The number of children a divorced couple has and their custody arrangements help the court identify the spouse most affected financially by them.
- Economic circumstances: The court also considers the financial situations of each spouse at the time of their divorce, as well as what needs they might require after separating.
- Property value: Colorado courts factor in the value of marital property. Courts also take note of changes in separate property values during the marriage.
- Duration of the marriage: Longer marriages often lead to a more equal division of assets, with larger shares going to the spouse who does not have an income or generally earns less than the other.
With regards to divorce, Colorado courts divide assets with fairness in mind. This helps ensure that both spouses have the opportunity to rebuild their lives after the divorce.
What happens after a divorce?
Divorces can be life-altering, especially because you no longer share your properties and assets with your spouse. Living alone after all the years you spent with someone does not only affect your finances and your properties, but your emotional state as well. It is important to give yourself time to get your bearings and plan how you can start anew with the assets divided to you by the court.