Unfortunately, divorce is a common occurrence in the world we live in today. Those who understand the basics of property division laws will better understand the risks associated with both marriage and divorce. Colorado and all other jurisdictions have their own set of guidelines regarding the allocation of marital property.
The majority of states, including Colorado, are considered equitable distribution states. In these states, the court follows equitable distribution rules in an attempt to divide the divorcing couple’s assets fairly. These guidelines are not finite and are left up to interpretation by the judge. Judges typically consider a number of different factors when they divide a couple’s assets. The duration of the marriage, along with the age, health and the ability of each spouse to support him or herself after the divorce are among these factors.
There are some states known as community property states. These states simply divide the couple’s marital assets in half thus simplifying the process. There are nine community property states, while the other 41 follow their own unique equitable distribution rules.
When handled properly, a divorce can allow an individual to move forward towards a new beginning and a better life. The outcome of each case will play a critical role in determining the financial future of each individual involved. Property division settlements can have a range of consequences that will have an immediate and long term financial impact. Spouses from Colorado should exercise as much due diligence as possible when planning for a divorce and their life going forward.
Source: Huffington Post, Why Where You Divorce Matters: Equitable Distribution vs. Community Property, David Centeno, Aug. 30, 2013