Getting Divorced in Colorado Springs? Protect Your Property
It is the worst nightmare of anyone going through a divorce or thinking about getting one: you spend years working hard to accumulate wealth and assets, only to have everything taken away by a contentious separation from your former partner.
At The Law Office of Andrew Bryant, we have successfully guided numerous clients through divorce proceedings, working hard to protect their interests. Fears over property and other assets being taken away are some of the most common, particularly for those involved in high-asset divorces.
This makes sense. Property division is a pivotal aspect of divorce proceedings, particularly in Colorado Springs, where equitable distribution principles govern the allocation of marital assets and liabilities. The goal is to aim for a fair but not necessarily equal division of marital property.
Of course, what you consider fair and what the State of Colorado deems fair may differ. That is why working with experienced legal professionals like The Law Office of Andrew Bryant is essential. If you choose to partner with us, we will ensure that your rights and interests are protected while keeping you updated on all relevant laws, considerations, and strategies we recommend to help you navigate this intricate process.
Protecting Your Property Starts with Understanding Colorado Property Division Laws
In Colorado, property division upon divorce is governed by statute and established legal precedents. The guiding principle is equitable distribution, which entails a fair allocation of marital assets and liabilities based on various factors.
It is essential to differentiate between marital property – property acquired during the marriage – and separate property – property owned individually before the marriage or acquired by gift or inheritance during the marriage. Marital property is subject to division, while separate property generally remains with the respective owner.
Andrew Bryant Knows What Factors Colorado Springs Courts Consider in Property Division
When dividing marital property in a Colorado Springs divorce, courts consider several factors to ensure fairness and equity:
Spousal Contribution to the Marital Property Acquisition. Courts evaluate each spouse’s contribution to the acquisition of marital property, including financial contributions, homemaking, childcare, and other forms of support. This includes direct financial contributions, such as income earned during the marriage, and indirect contributions, such as spousal support or sacrifice of career opportunities. In other words, even if one spouse did most of the earnings when it came time to do taxes, that doesn’t mean they will receive the lion’s share of the marital property.
Duration of the Marriage. The length of the marriage often influences property division, with longer marriages typically resulting in more significant joint assets and liabilities. Courts may prioritize equitable distribution in longer-term marriages to ensure both spouses can maintain a reasonable standard of living post-divorce.
Individual Economic Circumstances. Each spouse’s financial circumstances, including income, earning potential, assets, and liabilities, play a crucial role in property division. Courts aim to achieve a balanced distribution that considers each spouse’s financial needs and obligations during and after the divorce.
Custodial Arrangements. If children are involved, custody arrangements may impact property division. The court may allocate more assets to the custodial parent to ensure stability and support for the children’s well-being.
Fault or Misconduct. You may have heard that Colorado is a no-fault divorce state. Essentially, the state does not require or place blame on one party over the other in divorce proceedings. Generally speaking, this is true. However, one spouse’s egregious misconduct or dissipation of marital assets may influence property division. However, such considerations are relatively rare and typically require substantial evidence to substantiate.
What Kind of Property Does Colorado Consider “Marital” Property?
Marital property in Colorado Springs divorces encompasses various assets and liabilities acquired during the marriage, including but not limited to:
Real Property. This includes the marital home, vacation properties, rental properties, and land owned jointly by the spouses.
Personal Property. Tangible assets such as vehicles, furniture, jewelry, artwork, and other personal belongings acquired during the marriage are considered marital property.
Financial Assets. Bank accounts, retirement accounts, stocks, bonds, mutual funds, and other investment assets acquired or accumulated during the marriage are subject to division.
Business Interests. Ownership interests in businesses, professional practices, partnerships, or closely held corporations acquired during the marriage are considered marital property and subject to valuation and division.
In other words, pretty much any property that you obtained while married that was not explicitly given to either you or your spouse individually can be considered marital property.
Strategies Andrew Bryant Employs to Protect Clients’ Property in Colorado Springs Divorce Proceedings
Navigating property division in a Colorado Springs divorce requires strategic planning and negotiation.
Here are some effective strategies:
Full Disclosure. Failing to disclose assets or attempting to conceal property can lead to legal consequences and undermine trust. Do not attempt to do this. There are other ways to protect your property while still facilitating transparent and equitable division.
Have Valuations Done. Obtain professional valuations for complex assets such as real estate, businesses, or investment portfolios to ensure accurate assessment and equitable distribution.
Engage in Negotiation and Mediation. The more contentious your separation is, the harder it will be to protect your interests. Explore negotiation and mediation as alternative dispute resolution methods to reach mutually acceptable property division agreements outside court. These approaches can offer more flexibility and control over the outcome while minimizing conflict and litigation costs.
Consider Tax Implications. Evaluate the tax consequences of property division decisions, particularly regarding retirement accounts, real estate, and investment assets. Consult with financial and tax advisors to optimize asset allocation and minimize tax liabilities.
Prioritize Long-Term Financial Security. Focus on securing assets that provide long-term financial stability and independence post-divorce, considering factors such as income potential, liquidity, and growth prospects.
Property Division During Divorce Is Tough – Contact Andrew Bryant Now to Protect Your Rights
For most people, divorce is an emotional time. You might feel sad, lost, angry, scared, relieved, or even joyful. You need to be able to feel those things in order to move forward.
But when it comes to separating your intermingled lives and dividing up everything that you have shared, emotions need to go out the window. Otherwise, you could miss things or make mistakes you will regret later.
Avoid this by working with the clear-headed professionalism we pride ourselves on at The Law Office of Andrew Bryant. We have helped countless divorcing clients to navigate property division more effectively and achieve fair outcomes, and we can do the same for you.
Get started today by reaching out for a free consultation.
