Equitable Distribution Attorney in Denver, Colorado
Divorce is a complex and emotionally-challenging process. A significant part of this process is the division of assets and property, governed by the principle of equitable distribution. When you're filing for divorce, it's fair to be concerned about what assets you'll get to keep (and which ones you may be asked to part ways with).
But what exactly does 'equitable' mean? Who's going to get what in your divorce? And how can an attorney help you secure what's rightfully yours?
We'll answer these questions and discuss more below, but if you're in need of legal representation for any family law matter in Colorado, contact our attorney at Pesch Law Office PC. Our Denver law firm serves clients throughout Golden, Weld County, Broomfield County, Boulder, Jefferson County, Highlands Ranch, Douglas County, Littleton, Arapahoe County, Columbine, and Boulder County. Call or message us today to set up a meeting.
What Is Equitable Distribution?
Equitable distribution is the legal process by which marital or community property is divided between spouses during a divorce. Colorado is an equitable distribution state, which means that all assets acquired during the marriage are considered marital property and subject to division. This includes real estate, retirement accounts, investments, businesses, and even debts.
Contrary to popular belief, 'equitable' does not necessarily mean 'equal.' Instead, it means a fair division of assets and property based on various factors considered by the court. These factors may include:
the length of the marriage,
the financial contributions of each spouse,
the future earning potential, and
the needs of each party.
Essentially, equitable distribution is about balancing the scales rather than simply splitting everything down the middle. It aims to achieve a just outcome that takes into account the unique circumstances of each party in every divorce case.
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Marital Property vs. Separate Property in Colorado
In Colorado, understanding the difference between marital and separate property is crucial when filing for divorce.
Marital property includes all assets and debts accrued during the marriage, regardless of whose name they're under. This could range from homes and cars to retirement accounts and business interests.
Separate property, on the other hand, is what one spouse owned before the marriage or acquired through gift or inheritance during the marriage. It can also include items purchased with or exchanged for separate property. Any increase in the value of separate property during the marriage is typically considered marital property, while the original piece remains separate.
However, when separate and marital properties get mixed—known as commingling—it can complicate things. For instance, if a spouse's separate funds are used to renovate a marital home, it may be necessary for a judge to decide whether the commingled property was a gift to the marriage or if reimbursement is warranted.
Have questions about how your property may get divided? Our attorney has answers. Contact our Denver law firm today to learn how we can help.
The Equitable Distribution Legal Process
The process of equitable distribution begins with a thorough inventory of all marital assets and property. Each item is then assigned a value, often requiring professional appraisals. Once the total value of the marital estate is established, the court will divide it equitably.
The court considers several factors when distributing property. These can include:
the financial circumstances of each spouse,
the duration of the marriage,
the contribution of each spouse to the acquisition of marital property, and
the value of the separate property owned by each spouse.
The court's decision-making process involves more than just dry numbers. It takes into account the non-financial contributions of each spouse as well, such as caring for children or maintaining the household. Thus, the court's perspective is comprehensive, focusing not only on the monetary aspects but also on the roles and responsibilities each spouse assumed during the marriage.
When there are children involved, the court's priority is to ensure and protect their well-being. In these cases, factors such as who will retain the primary physical custody and the children's established standard of living will also play a role in property division.
Remember, each divorce case is unique, and the final distribution of property can significantly vary from case to case. However, the core principle remains the same: achieving an equitable and fair distribution that ensures both parties can move forward into their post-divorce life with financial security.
When you're going through a divorce, it's understandable to feel anxious about the future. But rest assured, our experienced attorney at Pesch Law Office PC is committed to advocating for your rights and interests.
Why Choose Our Family Law Attorney?
As you navigate through the complexities of property division in divorce, it's crucial to have a dependable family law attorney by your side. At Pesch Law Office PC, our attorney offers years of experience in handling complex equitable distribution cases. We’ll be here to educate you on everything you need to know so that you feel empowered to make informed decisions throughout every chapter of your divorce. We understand that every situation is unique, and we're committed to helping you secure personalized legal solutions tailored to your goals and needs.
Equitable Distribution Attorney in Denver, Colorado
While divorce is known to be a challenging and difficult process, it doesn't have to be that way for you. Understanding the concept of equitable distribution and having a skilled family law attorney by your side can make the journey less daunting. Call us at Pesch Law Office PC today to learn about your legal options and pursue a fair division of assets and property.