If you are considering a divorce in Colorado, you may have questions about how you and your spouse will divide the property you have accumulated during your marriage. Television, movies, and pop culture tend to suggest that you will need to divide everything equally in half, but the reality is much more nuanced. In fact, the law in Colorado requires a divorcing couple's marital property to be divided fairly—not necessarily equally—under a principle known as "equitable distribution."
Identifying and Evaluating Marital Property
To understand how equitable distribution works in Colorado, it is necessary to understand what property is subject to division in the first place. In general, any property that was acquired during the marriage—with a few important exceptions—is considered "marital property" and is therefore subject to equitable distribution. This includes not only obvious things like houses and cars, but also things like retirement accounts and debt.
The next step is to determine the value of each marital asset. This can be a complicated process, particularly if the asset in question is something like a business that does not have a readily apparent market value. Establishing an acceptable value for an asset is an important part of dividing marital property, and experts may be required to help you do so. For example, you may wish to consult with a financial advisor to establish the current and long-term value of your retirement accounts.
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