If you are going through a divorce, you will need to be able to identify your separate property, which remains your sole property, and your marital property, which is subject to division. Working with an experienced divorce attorney from Stahly Miner LLC can help you understand the difference and focus on your long-term financial objectives.
What Is Marital Property?
Colorado Revised Statutes § 14-10-113 explains that marital property is any property that is acquired by either spouse during the marriage that is not separate property. According to this broad definition, various types of property could be marital property, such as:
- Financial accounts, including checking accounts, saving accounts, and money market accounts
- Stocks and bonds
- Intellectual property, such as websites, copyrights, and patents
- Business interests, including goodwill
- Digital assets, including cryptocurrency, loyalty accounts, and electronic financial accounts
- Personal property, such as furnishings, jewelry, and clothing
- Real property, including the marital home, investment property, and land
- Retirement accounts, including 401(k) plans and IRAs
Marital property is subject to division during a divorce, regardless of how it is titled.
What Is Separate Property?
Separate property is specifically defined by Colorado law as any property acquired during the marriage that is:
- Acquired by gift, bequest, devise, or descent
- Acquired in exchange for separate property
- Acquired after a decree of legal separation
- Excluded by a valid agreement between the parties
Transmutation of Separate Property
In some situations, it is possible for separate property to become marital property.. For example, if a spouse had money in a bank account and marital money was deposited into the account or added to the account, the entirety of the account could have become marital property.
Marital property could also be converted to separate property, such as by creating a deed to this effect, gift, or contract.
Dividing Property in Colorado
The spouses are encouraged to reach an agreement regarding how to divide their marital property. Unless the agreement is significantly unfair, Colorado family courts will usually honor these agreements and convert them to enforceable court orders.
Colorado is an equitable distribution state, so If the couple is unable to reach an amicable decision, the court considers how to fairly – but not necessarily equally – divide the property. Colorado courts consider the following factors when making these determinations:
- The contribution each spouse made to marital property, including contributions as a homemaker
- The value of each spouse’s separate property
- Each spouse’s economic circumstances at the time the division of property becomes effective
- Any increases or decreases in the value of separate property
- Any depletion of separate property for marital purposes
- The desirability of awarding the family home to the parent with whom the children will reside the majority of the time
Contact Our Experienced Boulder Divorce Lawyers for Help
If you are need assistance working out a marital property settlement agreement or protecting your financial interests during the process of divorce, contact Stahly Miner LLC. Our knowledgeable attorneys understand the complex laws and processes related to identifying, valuing, and dividing marital property and can help you navigate the legal process.