When you go through a divorce, one of the things you will need to do is to determine how to divide your marital property. The first step of that is to identify which of your assets are marital property and which are separate. The more you can prove certain items are separate property, the more you’re going to walk away with following your divorce.
In Colorado, your assets are subject to equitable distribution rules. This means that they will be divided fairly, not necessarily equally. What that means for you is that you need to be able to show why you think you deserve more than 50% of your assets or why you shouldn’t receive less than that amount.
How are assets divided in equitable distribution states?
In equitable distribution states, there are a few factors that impact how your assets will be divided, such as:
- Each person’s contribution to the home, such as through income or child care
- Each person’s potential earning capabilities
- Each individual’s economic stability following the divorce
- Which spouse will have their children most often
- The value of the marital assets and each party’s private assets
Marital property is defined as property that you collect or obtain during your marriage. However, some nonmarital property may become marital property if you share it with your spouse. For example, an inheritance is normally not marital property. If you put an inheritance into a shared bank account, however, that money may become marital property for the purposes of your divorce.
Your attorney can help you go through your assets and determine which will need to be divided during your divorce. Then, you can make a plan to seek the assets you need.