September 5, 2014
How marital property is divided during a divorce is often a bitterly disputed issue for divorcing spouses, particularly when a divorce may involve substantial assets, a questionable prenuptial agreement, etc. When it comes to the division of marital property in Colorado divorce, however, how this property will be split between each spouse will first depend on what qualifies as marital property versus what is personal property.
In this blog series, we will discuss some important facts about how marital property is defined by Colorado law so that divorcing couples can have a better idea of what to expect during an impending divorce. While the info discussed in this blog series is general, you can receive more precise answers regarding your divorce and the division of marital property by contacting a Littleton divorce lawyer at Bahr and Kreidle. We have the skills, resources and legal knowledge crucial to effectively assert your interests and to help your divorce proceed as smoothly as possible.
Important Info about What “Marital Property” Is
Fact 1 – Any property accumulated during a marriage will be considered to be marital property.
According to the most straightforward definition of marital property, as set forth by Colorado law, marital property is any tangible or intangible property acquired through the course of a marriage. Specifically, this can include:
- Real estate, homes and home furnishings
- Motor vehicles and boats
- Bank accounts, insurance policies and retirement funds
- Jewelry and/or works of art.
Once an inventory of all of the marital property has been taken, then the property will typically be appraised so the courts can then “equitably” divide the property between the spouses. It’s important to point out that equitable does not necessarily mean equal; instead, it means fair. In other words, the property won’t necessarily be divided 50:50; rather, it will be divided fairly, according to how the courts apply the law.
Fact 2 – Gifts given to one spouse will likely not be deemed to be marital property.
Regardless of whether a person was single, married or separated when he was specifically given certain gifts, these gifts will typically NOT be considered to be part of the marital property and will, instead, remain part of someone’s individual property. Examples of these types of gifts include any items specifically given to someone as part of an inheritance.
Additionally if any of the inherited gifts or assets are sold and the proceeds are used to buy other items or property, these items will also be considered to be part of a person’s personal property and not part of the marital property (as long as, of course, this property is not comingled with the marital assets).
We will continue our discussion of marital property in Colorado divorce in two additional installments of this blog series that will be posted soon – be sure to check them out!
You Can Trust a Littleton Divorce Lawyer at Bahr and Kreidle
When you are ready to file divorce, we will be ready to guide you through the process and provide you with superior representation and the highest quality legal services. Since 1983, the Littleton divorce attorney team at Bahr and Kreidle has been dedicated to advocating our clients’ rights and interests in divorce cases, and we are skilled at helping our clients resolve these cases as beneficially as possible.
To get more information about your potential case, meet with us for a free, no obligations initial consultation. Set up this meeting by calling (303) 794-7422 or by emailing us using the form on this page.