When going through a divorce after many years of marriage, one of the most difficult things can be the process of dividing property. This is because it is likely that your assets have become somewhat intertwined over the years, and you may not see eye to eye on who has rightful ownership of certain property.
The inevitable conflict of separating couples and property division means that laws have been developed to determine how property should be divided. These laws vary to a certain degree from state to state; therefore, it is important to pay attention to the laws applicable to the state in which you are divorcing in.
How property division is handled
In general, all states are divided into two groups when it comes to the way that they deal with property division. Most states, Colorado included, go by the rule of equitable distribution. Others, including Arizona and Nevada, handle divorce property division through community property law.
In the state of Colorado, equitable distributionmeans that the decisions as to how property should be divided can be decided by a judge. The judge will take into account the specific circumstances of a particular divorce case, and decide based on all of the information on hand how the assets should be divided. Many consider this subjective process to be fairer to both parties and to any children involved.
If you are considering going through a divorce in the state of Colorado, it is important that you consider the likely financial implications, as well as that you understand how the law will function in relation to your situation.