Asset and Debt Division Attorney
in Denver, Colorado
Douglas County Divorce Attorney Helping Divide Marital Assets and Debt
Ending your marriage through divorce will require you and your soon to be ex-spouse to address many legal, financial, and personal issues. For many couples, determining how to divide the property they own is one of the most important parts of the divorce process. However, these matters can also become very complicated, and they can lead to disputes that can be difficult to resolve. By working with an experienced attorney, you can make sure you understand your rights, and you can determine the best approach to take to make sure your assets and debts will be divided equitably.
The team at Pesch Law Office PC works closely with our clients to help them reach amicable divorce settlements whenever possible, but we are also prepared to advocate intentionally on your behalf to ensure that you are not taken advantage of or rushed throughout the process. Attorney Susan Pesch will help you understand the best strategies that will help you achieve your goals while. She can address concerns that you may have and making sure you understand your options at all times. Ideally, we will be able to help you negotiate a divorce settlement that will be satisfactory for both you and your spouse, resulting in a possible WIN-WIN situation.
Dividing Your Marital Assets and Debts
In Colorado, the assets owned and debts incurred by a married couple must be divided "equitably," but this does not necessarily mean that each spouse will receive half of the marital estate. There are a variety of factors that may affect what is considered to be equitable. Each spouse's contributions to the marriage, including the contributions a person made as a homemaker or stay-at-home-parent, may play a role in the decisions, and each party's income and economic circumstances may also be considered. Ideally, each spouse will receive a fair share of the marital estate that will closely maintain the lifestyle of the marriage and consider the time and effort put in to preserving and contributing to the marital estate. An equitable allocation will allow our clients to meet their needs going forward.
Secure Your Assets With a Skilled Division Attorney
As you proceed with the divorce process, you will want to make sure you understand exactly what is included in the marital estate. Assets and debts that you or your spouse acquired either together or separately during your marriage are considered marital property that will need to be divided between the two of you. Assets owned before getting married or after you were legally separated are considered separate property. However, if either of you owned separate property that increased in value during your marriage, this increase will be considered part of the marital estate and will be considered when determining how to divide the marital estate.
At the beginning of the divorce process, both parties will be required to submit a Sworn Financial Statement (SFS). In this statement, you will detail your income and expenses and will include all property that you and your spouse own, including individually titled assets, jointly-owned assets, property owned before the marriage, and property acquired by gift or inheritance during the marriage. Similarly, any debt together or in one spouse's individual name will be included in the SFS. This information provides a snapshot of your marital estate at or near the time the case is filed. After the assets/debts are listed, they are characterized as marital property or separate property. Then, with a complete picture, negotiations are started to reach a complete settlement. For example, the types of property that may need to be addressed will include:
Equity owned in residential or commercial real estate property
Motor vehicles, including motorcycles, ATVs, or boats
Balances in checking or savings accounts, as well as health savings accounts and cash on hand
Life insurance policies
Accrued vacation or sick pay
Investments, including stocks, bonds, mutual funds, and other types of securities
Retirement funds and pensions
Furniture, tools, and household goods
Other personal property, such as clothing, jewelry, tools, antiques, artwork, or collectibles
Other miscellaneous property, including stock options, personal loans owed to one or both spouses, frequent flyer miles, or tax refunds
Contact Our Highlands Ranch Property Division Lawyer
At Pesch Law Office PC, we will work with you to identify the assets accumulated during your marriage, and we will work to make sure you understand your rights regarding the property you own. We will discuss your likely best-case scenario and a possible worst-case scenario if the allocation of property proceeds will be made by the Court. We will help you negotiate an agreement that will provide you with the financial resources you need once your divorce is complete. Contact us today and set up an appointment by calling. We provide legal help to divorcing spouses in the Denver metro area, including Golden, Jefferson County, Arapahoe County, Denver, Boulder, Broomfield County, Columbine, Douglas County, Weld County, Highlands Ranch, Boulder County, and Littleton.