What You Need to Know About Marital Property Division in Colorado

Parents fighting in front of their childMany married couples don’t think that their love will end and that they may have to get a divorce. However, the sad truth is that many marriages – as many as one in three first marriages – end in dissolution. There are many different reasons, from huge differences to external factors to simply being unhappy. But while a divorce isn’t easy, there are certain situations wherein it’s the best option for both parties and their children.

There’s also the concern about the marital properties after a divorce. As such, it’s important to choose the right family law attorney who will help you ensure that you get what you deserve. The Law Office of Gordon N. Shayne shares more information about this legal matter.

Defining marital property

Marital property typically pertains to the things that you bought, acquired, or received throughout the duration of your marriage. However, this doesn’t cover items, properties, or assets that you or your spouse individually own. Known as “separate properties”, these may include those that a legal agreement excludes, as well as property acquired after legally separating.

Marital property laws in Colorado

The Centennial State implements the marital property law called “common law” or “equitable distribution”. This means couples can’t automatically assume that all marital property falls under the equal ownership of both parties; therefore, they will receive equal division after a divorce.

Instead, when a couple dissolves their marriage, the state will divide the marital property in an “equitable” manner. In most cases, the spouse that had a higher income during the marriage will receive a larger portion.

The divorce itself is already a difficult and taxing legal procedure. Add to that the division process for the marital property, and the complexity further increases. As such, you need all the help you can. A highly reputable and experienced family lawyer will make the burden lighter and ensure that you receive a fair portion of such property.