A Knowledgeable Source For Counsel On Commingling of Assets
At Jolein A. Harro, P.C., we have handled many cases involving complex property division and commingled assets. Many of these cases involve separate assets placed in joint accounts. For example, an individual may receive a gift of money from a relative. The individual takes the money, which was given just to her, and places it into an account that belongs to her and her spouse. Her action commingles property that would otherwise be separate.
This is important because, in a Colorado divorce, there are two types of property: marital and separate. Marital property is divided between the parties while separate property is kept by the individual. Colorado law presumes that property is marital – not separate – if you title or deposit the asset in a joint account with your spouse. This can be true even when the property is an inheritance or gift given to only one party.
It is vital to understand that what you have done with your money during your marriage can have a profound impact on how your money is divided during your divorce.
Protect Your Interests, Protect Your Property
If you have separate property, it is important not to commingle that property in an account that has your spouse’s name. Avoiding commingling should protect you from any claim by your spouse.
If you have commingled your separate property, there is still a possibility of recovering your assets. You may be able to trace where the money came from and demonstrate its separate source to the courts. There is no guarantee that the court will set aside the equitable division of those assets, so it’s important to consult with a knowledgeable attorney with any questions.
Get A Clear Picture Of How The Law May Affect You
Your attorney can formulate a clear picture of what’s going on during a private consultation. To get started, call our lawyers at 720-541-5873 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.