There are many factors that need to be addressed during a divorce, including property division. Colorado laws require that property division be “equitable and fair,” although this doesn’t mean that your property will be divided evenly. The Colorado property division attorneys at Drexler Law explain how property is divided during divorce in Colorado.
Who Determines Property Division During Divorce?
Couples do have the option to come up with a fair agreement to divide their property. Many couples go through mediation to negotiate and come up with an agreement. Once they agree on terms, they can present the agreement to the court for approval. However, if a couple can’t come to terms with a fair property division plan, a judge will have to divide the property for them.
A judge will consider the following factors when determining a fair distribution of property:
- The financial situation of each spouse
- Any increase or decrease in value of shared property
- Any dissolution of separate property
- If there is a parent with child custody who wants to remain in the family home
Process of Dividing Property During Divorce
There are various steps that an attorney or judge will take when determining property division in Colorado. The basic steps to dividing property include the following:
- The value of your property needs to be assessed. This includes determining your assets and debts are marital property and assigning a monetary value to each asset.
- Then spouses can divide the property themselves, or they can get a judge to divide them.
- The spouses can then liquidate assets and divide it or they can continue to co-own the property.
Call Our Colorado Springs Property Division Attorneys Today!
If you’re getting divorced and you need legal guidance during for property and debt division, our legal team is ready to help. Drexler Law has over 115 years of combined experience helping families with litigation. We know that family litigation is confusing and overwhelming. Our team takes the time to understand your concerns, answer your questions, and help you develop a strong defense. We are ready to help you obtain your desired results.
Call our Colorado Springs property division lawyers today at (719) 259-0050 to schedule a consultation!