Don’t forget these 3 things when dividing property in a divorce

On Behalf of | May 28, 2021 | Property Division |

The end of a marriage can be a tumultuous time. Making rational decisions can be challenging. Yet, if you do not focus, you could lose out.

One critical area is the division of property. If you only think about the big things, such as the house, you could leave with less than you should.

You may have more assets to divide in divorce than you realize

If you want to become a minimalist, divorce is an excellent time to start. Only when you list each item do you realize how much you have. Here are three types of property you need to think about:

  1. Your debts: As with assets, you need to separate debts into marital ones and separate ones. Most tend to fall into the category of marital debts; thus, you need to split them when you divorce. Check your spouse has not racked up new or unnecessary debt since you decided to divorce. If they have, ask a judge to exclude it from the equation.
  2. Your pets: Colorado does not have specific rules regarding pets in divorce. In the eyes of the law, they are another piece of property. Be prepared to argue or share if you both want to keep the pet. Remember to keep in mind your pet’s feelings too. You might consider it a fair deal to each take one dog, yet if the two animals have grown up together, they may suffer if separated.
  3. Your collections: If you think a painting, classic vehicle or piece of furniture may have value, check the internet or bring in an expert to value it. Sometimes there is money hidden in things you do not suspect.

Dividing the marital property can be challenging when you divorce. Yet, it is also an opportunity to consider what really matters. Working with an experienced advocate can help you find clarity in your goals and develop a divorce strategy that works.