High Asset Divorces: Colorado’s Marital Property Laws and Implications
September 12, 2023READ THE POST
If you are preparing to file for divorce in Colorado, then it’s certainly a time of high emotions. No one goes into a marriage expecting it to end. When it does, that can bring a lot of feelings to the surface.
Aside from the emotional aspect, there are also a lot of things you must prepare for legally once you initiate the divorce process. After all, there are a lot of things you and your soon-to-be spouse will need to come to an agreement on to move forward.
To make the process as painless as possible for all parties, and to avoid delays or disputes, there are certain things you should do to prepare for your Colorado divorce.
At the end of the day, a marriage is a legal agreement. When it dissolves, there will be issues regarding property and financial assets. To put yourself in the best position, you should take a few steps in preparation.
First, create an inventory of all of your property. You should attempt to note things that were purchased during the marriage and the things that were brought into the marriage by each party, including:
To the best of your ability, you should attempt to secure the current value of these things. You will need to disclose your finances during the divorce process, but any information you bring to the table regarding shared property or finances will be valuable.
Under Colorado law, marital property is to be divided equally in a divorce, which is why it’s so important to be able to define what the marital property is and what assets you brought into the relationship.
Never hide or conceal any of this information from your attorney, or it could delay and cause problems in the divorce process.
You may think that there’s only one type of divorce in Colorado, but the truth is that there are options depending on a few factors. While the state may follow no-fault divorce rules, requiring only that you state that the marriage cannot be repaired, you will need to reach a settlement for the divorce to proceed.
Divorces in the state can be contested or uncontested. If it’s uncontested, you and your spouse agree not only to the divorce but also the terms of it, such as child support, division of property, and the like.
In a contested divorce, you will need to seek out one of these options:
This means that separate lawyers are used by each party with the goal of coming to an acceptable agreement for both parties.
In mediation, an independent professional mediator is hired to settle the terms of your divorce. What they prepare is submitted to the court. This is a voluntary process.
In this scenario, each party hires an independent arbitrator and agrees to abide by the decision they reach. It is not a voluntary process since the arbitrator is the one making the decisions, and you are simply bound to follow them.
If you can’t reach an agreement with your spouse utilizing other channels, then you will be represented by an attorney in court, and the judge will decide the outcome.
About the Author:
Andrew Bryant is a well-respected Colorado Springs criminal attorney who has been practicing in the area for years. A Colorado native, he returned to the home he loves after graduating from the University of Kentucky College of Law. Now, he uses the knowledge he gained as an El Paso County District Attorney to fight tirelessly for his clients’ rights. He is AV-Preeminent rated, has been recognized for his work by The National Trial Lawyers, and has been named to Best of the Springs lists by The Gazette for years.
Contact The Law Office of Andrew Bryant today for a free consultation concerning your criminal or family law case. You are just a click away from a top-rated and respected team with the experience and tenacity to ensure you get the best legal services offered in Colorado Springs – call or email now.