Divorce can be complex and there are numerous different factors to settle. Unless children are involved, the biggest issue most couples have to handle is how to divide their marital property.
A significant part of the financial negotiations in a divorce will involve property separation. In Colorado, the system that the courts apply is equitable distribution. In essence, this means that the judge will try to divide items in a way that is fair to all parties. Over the years, you may have acquired a lot of property, and with all that is going on, it can be easy to leave items out.
It is important to try and remember all of the property that you have a claim to so that you can obtain a fair settlement. Outlined below are some items that you should try not to forget about during your divorce
Your house, vehicle, jewelry and other physical items are all fairly easy to identify. Also, it is generally not too much of a problem to place an accurate value on these things. Intellectual property, on the other hand, can be trickier to identify. If you and your spouse have obtained patents, trademarks or copyrights over the years, then you need to remember them during divorce negotiations. Intellectual property may already be high in value, and if not, there is always a potential for it to grow in the future.
The income of both parties will be assessed during the process of equitable distribution. However, not everyone earns a flat rate. Some job positions are structured around commissions and bonus payments. If a spouse has received bonus payments (or is set to in the future), then this information needs to be passed on to the judge.
Honesty and open access to financial records are essential in the court distributing property equitably. As you navigate your divorce, make sure you remember the legal rights that are open to you.