Commonly Overlooked Assets to Consider Before Getting Divorced
In Colorado, equitable division of the assets occurs when two parties have decided to divorce. It is often one of the most contestable parts of the process as there are specific laws that entitle spouses to property that the other party feels is their own.
Gordon N. Shayne is an experienced divorce attorney who can help you determine if your property is subject to Colorado’s equitable division of property law.
What Is Marital Property in Colorado?
CRS 14-10-113 defines marital property as any property acquired during the marriage with the exception of inheritance or any asset excluded by a prenuptial agreement. Common examples of marital property include:
- Shared investments (stocks, bonds, etc.)
- Homes purchased during the term of the marriage
- Cars purchased while married
- 401K benefits and any other compensation plans
Because marriage is a legal unification of two individuals, any property that grows in value over the course of the marriage can also be considered shared value, even if it is in only one party’s name or interest. This means that property that you acquired before your marriage may be subject to property division.
When Your Property Can Become Your Spouse’s Property
Let’s say you had stock and bond investments before you married your spouse. If you still hold those same stocks and bonds and they have increased in value over time, they are considered marital property under Colorado law. Items that are also considered invaluable or irreplaceable, such as family photo albums or pets, may also be subject to property division.
Commonly overlooked assets that may be divided during divorce include:
- Collections (coins, art, etc.)
- Frequent Flyer Miles
- Digital Media Purchases (music you’ve purchased online, etc.)
- Time Shares
- Club memberships
- Gifts given during the marriage
Another important financial element to remember is debt. Just as property is divided equally, so is debt under Colorado law. While debt may be the primary motivator in a divorce, a skillful attorney can protect your best interests and make a smooth transition to financial independence. An attorney for over 34 years, Gordon N. Shayne is committed to pursuing your property goals during your divorce and works tirelessly to help you find a satisfying resolution.
Call an Attorney When a Property Dispute Becomes Heated
All assets deemed marital property under Colorado law will be subject to equitable division by a judge if an agreement cannot be reached between divorcing parties. Depending on the severity of the disagreement between the parties, temporary orders may be required to ensure that assets are protected. In this case, it is essential to have an experienced attorney by your side to communicate your needs. Gordon N. Shayne has spent countless hours in the courtroom communicating his client’s needs and protecting their best interests in order to reach a property division agreement for his clients. To protect your best interests, contact Gordon N. Shayne today.
Disclaimer: The blogs posted on ShayneLaw.com are offered for informational purposes only. These blogs are not a solicitation for legal business and should not be construed as providing any legal advice or legal opinions as to any specific fact or circumstance. Specific legal issues, concerns and conditions always require the advice of an appropriate legal professional. To obtain legal advice or opinions about Colorado family law, personally consult with a licensed Colorado attorney.