When a couple makes the decision to divorce, they likely know that any joint property and assets will need to be divided between them. Arrangements for child custody and alimony may even need to be decided. What some Colorado families may not realize is that property division can include jewelry, even if they were received as gifts.
For readers in Colorado who are already embroiled in the divorce process or considering divorce, property division is likely one of the primary concerns. Property division can be an emotionally driven and complex process, especially when a couple is at odds over a settlement. When focusing on the immediate concerns of a divorce, it may be easy to overlook other long-term factors of a divorce, such as paying off marital debt.
The quickly changing landscape of marriage across the United States may leave some people with questions. Those Colorado same-sex couples who choose to get married may be thinking of how they can now enjoy the many financial benefits of a legal union. What they may be less focused on is that they also have the same rights as their heterosexual counterparts if the marriage ends in divorce.
When a divorce is entered into amicably in Colorado, parties may be better able to assess their future. Property division could be part of this assessment, and parties may be able to discuss this process more openly and determine how they will be affected financially after decisions have been made. Depending on how state laws also affect the division process, individuals may be able to find out more about how taxes on that property will also come into play.