Property Division in Colorado
In a divorce proceeding, each spouse’s property is divided into two categories: joint or separate. Separate property is not subject to asset division during a divorce. Joint property, however, may be divided fairly between husband and wife. Joint property is any asset that you or your spouse acquired during your marriage. Because you were married, the property legally belongs to both of you.
On the other hand, if you bought, inherited, or otherwise obtained an asset before you married, it is considered separate property to the extent that it had value at the time you married. The court cannot divide separate property between you and your spouse. However, any increase or decrease in this property’s value during the marriage is considered joint property. For example, if you started a business before you married, but the business grew significantly in the duration of your marriage, some of the business may be subject to asset division.
Property valuation is the process of determining the financial value of real property. Generally, this term refers to real estate as well as any tangible physical properties. If you are in the process of divorcing your spouse or are considering filing for divorce, it is wise to have your properties valuated, so that you know how much these properties are worth.
We can help you navigate this process. Once divorce proceedings are underway, your spouse may try to undervalue or overvalue property in order to get a better deal during settlement. Valuating your property beforehand helps to minimize these disputes.
Besides determining parenting-time schedules for any children that may be affected by a divorce, division of assets and property may be the biggest issue you face during your divorce. Having a family law attorney on your side will ensure your best interests are being represented.
At Feldmann Nagel Cantafio Margulis Gonnell PLLC, we represent our clients' best interests throughout the division and allocation of property and assets. We are a top-rated family law firm that understands the complexities of divorce cases, especially in the area of property and assets. Having an attorney on your side will give you the peace of mind you need so that you can work on getting your life back in order after the divorce is completed.
Contact a Colorado divorce attorney from our firm today to learn more about property division.