August 24, 2023
Property division in Colorado divorces is governed by the principles of equitable distribution, as set forth in Colorado Revised Statutes §14-10-113. Unlike community property states, Colorado does not automatically divide marital assets equally. Instead, the court aims to divide the property in a manner that is fair and just (“equitably”), considering the circumstances of each case.
Marital property includes assets acquired during the marriage, regardless of whose name is on the title. Separate property, which typically consists of assets owned prior to the marriage or received as a gift or inheritance during the marriage, usually remains with the original owner.
Factors considered in the division of property may include the contribution of each spouse to the acquisition of the marital property, the value of the property set apart to each spouse, the economic circumstances of each spouse, and any increase or decrease in the value of separate property during the marriage. The court may also consider the desire to award the family home to the spouse with whom the children reside most of the time.
Debts are also divided in a manner deemed equitable, taking into consideration factors like the purpose of the debt and which party benefited from the incurred debt.
Since property division in a divorce can be complex, involving various legal subtleties and potential tax implications, it is advisable to consult with a family law attorney experienced in Colorado law to understand the specific considerations relevant to an individual’s situation.