When married, it isn’t unusual for couples to amass property throughout the relationship. Whether it be vehicles, properties, or furniture items, this property is important to both individuals in the relationship. However, sometimes spouses also enter a marriage with their own property and assets. If a couple goes through the divorce process, a division of property will occur, delegating ownership of assets.
Denver Family Lawyers understands how important it is to have the items that mean something to you. That’s why we are here to help explain the types of property in Colorado divorce and how they go through division.
Marital Property
Marital property refers to anything that either spouse acquires during the marriage. When dividing marital property during divorce, the courts consider various factors. Specifically, they assess the financial contributions from each spouse and their economic well-being post-divorce. However, marital property can also be divided and negotiated during mediation sessions, where each spouse has more control over the process.
Common examples of marital property include, but are not limited to:
The family home or other real estate
Shared vehicles
Gifts given jointly to both spouses
Furniture or other household items
Financial accounts
Separate Property
The chances are high that each spouse entered the marriage with property and assets of their own. When divorcing, this is considered separate property or items and assets that already belonged to the individual spouse. This type of property is not subject to the division of property process. However, sometimes, the spouse will have to provide proof that it is theirs.
Examples of separate property are as follows:
Inheritances or direct gifts to specific spouses
Individually owned or inherited properties
If there is a prenuptial agreement, some property may be delegated as separate
Need Help Dividing? Denver Family Lawyers is Here
Property division is an essential step in the divorce process and can present a lot of stress to couples navigating it alone. That’s why it is beneficial to have an experienced attorney in your corner, so they can ensure that division is fair and equitable. Denver Family Lawyers can help you take inventory of your important assets, finding resolutions that work for all.
To schedule a consultation, call us at (303) 225-3343 or visit us online.