In a Colorado divorce, there are two types of property: marital and separate. Marital property is divided fairly between the parties while separate property is kept by the individual. Under Colorado law, gifts and inheritances are considered separate property. If you have received an inheritance - or if a relative has given you a gift - the law says that it is yours to keep.
However, things are rarely that straightforward.
In many marriages, inheritances and gifts are given to one spouse, but are used towards the family home or invested by the couple. The real estate market changes. Investments increase in value. The law says that the increase in the value of separate property during the marriage may be subject to division, as if it were marital property. There are ways to avoid dividing an inheritance or gift, but it is critical to know how not to commingle your assets.
An Inheritance Or Gift Can Affect More Than Just Property Division
Depending on the size of the inheritance or gift to you, the money can affect more than just the division of property in your divorce. It may alter an award of spousal maintenance. To give you the best possible legal counsel, your attorney should have detailed information about your assets and where they originated. That is why it is important to have an in-depth consultation with a lawyer - not just a free 15-minute consultation. You and your attorney need time to sit down together, review all the facts and discuss your options so you can make an informed decision on how to proceed.
At Jolein A. Harro, P.C., we provide comprehensive, in-depth consultations for potential clients and discuss the matter at hand. Our lawyers take the time to understand your situation and give you real information that you can use. There is no obligation to hire us. If you do retain our firm, however, we will use more than 60 years of combined experience to protect your interests throughout the divorce process.
Get A Thorough, In-Depth Consultation: Talk With Our Legal Team
To talk with a lawyer about inheritances and gifts in divorce, call us at 303-463-6302 or simply complete our online contact form. We have an office in Littleton, serving the Denver metro and Jefferson County, as well as a satellite office in Steamboat Springs.