Property Division Lawyers in Denver
Knowledgeable Assistance to Get Your Fair Share
When you and your spouse are going through a divorce, you may be concerned about how property division will be handled. Although the process can be straightforward, you may have questions or misconceptions about what property is subject to division and what is exempted. At Denver Family Lawyers, we can ensure you are fully aware of your rights and the most effective steps you can take to protect your property.
What Property Is Subject to Division?
Marital property, also known as community property, are items which you and your spouse shared and was acquired during the course of your marriage. Non-marital property are those items or assets which were brought into the marriage or were acquired as a gift or inheritance by one spouse. Characterizing and valuing property can be complex, but our Denver divorce attorney can help identify separate and marital property before the division process begins.
Whether the property is marital or was brought into the marriage is also important if you go to litigation over your divorce. The starting point is typically an equal division of marital assets, before other considerations are taken into account.
When decisions are made about property division, a few considerations should be kept in mind, including:
- The length of the marriage
- Each spouse's contributions to the marriage
- Each spouse's earning capacity, health, and age
- Each spouse's income and current job, as well as future job prospects
Can Retirements Accounts be Divided?
Yes, retirement accounts can be divided during a divorce in Colorado. Like in many other U.S. states, Colorado follows the principle of equitable distribution when it comes to dividing marital assets, including retirement accounts, during a divorce.
Here are some key points to consider:
- Marital Property: In Colorado, only marital property is subject to division during a divorce. Marital property generally includes assets and debts acquired during the marriage. Any property or assets acquired before the marriage or through inheritance or gift to one spouse are typically considered separate property and may not be subject to division.
- Equitable Distribution: Colorado courts strive for equitable distribution rather than strict 50/50 division of marital assets. Equitable distribution means that the court will aim to divide marital property fairly based on various factors, including the financial and non-financial contributions of each spouse to the marriage.
- QDRO (Qualified Domestic Relations Order): When it comes to retirement accounts, such as 401(k)s or pensions, a common method for dividing them is through a Qualified Domestic Relations Order (QDRO). A QDRO is a legal document that allows the court to direct the plan administrator to divide the retirement account between the spouses as part of the divorce settlement. It specifies how much each spouse will receive.
- Types of Retirement Accounts: Different retirement accounts may have specific rules and procedures for division. For example, dividing a 401(k) may be different from dividing a pension or an IRA. It's important to work with an attorney who is familiar with the specific rules governing the type of retirement account you're dealing with.
Every divorce case is unique, so it's important to consult with an attorney who can provide guidance tailored to your specific situation and the types of assets involved.
Helping to Ensure a Fair Distribution during Divorce
At Denver Family Lawyers, we are familiar with the way property is evaluated and distributed and use this knowledge and experience to ensure that issues of property division are handled as efficiently as possible. We will work with you one-on-one to customize a strategy to move forward. In addition, if needed, we will aggressively advocate for you during trial.
To schedule your complimentary case evaluation, call Denver Family Lawyers at (303) 225-3343.