Colorado’s common law stance on property division, assuming no other agreement has been formerly established, pursues an even fifty-fifty split for both parties.
That might be as easy as dividing the dollar amount of marital assets sold. Colorado state law makes specific mention of many examples:
- The contribution of each spouse in acquiring marital property
- The value of marital property set apart to each spouse
- Any increases or decreases in property value during the marriage
But sometimes it’s not that straightforward. Divorce is often a time for splitting things up but no one cuts a house in half.
When it comes to dividing assets without liquidating them, coming away with the restored Ferrari may mean parting with other property to maintain the even divide. According to FindLaw regarding common law states and their reckoning of property division, it is up to the courts to decide who gets what and to ensure that equal split is maintained.
Colorado courts, for example, regard both parties’ economic circumstances as well as child custody details to help determine to whom the family home is awarded. If one party receives the house, then it is the courts’ job to ensure that the other party receives assets and property equal to half the value of the house instead.
The concept of the 50/50 split in divorce can feel like a no-brainer. But so can the decision to commit to investments, purchases, and property with a spouse while married. And that’s when these simple ideas get more complex. Some of the complexity of property division can be alleviated by investing time in a prenuptial agreement from the outset.