For couples who have made the decision to divorce, there are a plethora of considerations that they may have to take into accounts, such as child support, alimony, and other divorce legal issues. However, property division can be particularly tough, especially for people who are not prepared or do not understand the property division laws in their state. As a result, it is necessary for people in Denver and throughout Colorado to familiarize themselves with divorce-related issues, such as the difference between marital property and separate property.
According to the Colorado Judicial Branch, there are a number of examples of separate property, including property that was obtained as a gift, owned before a couple was married, or excluded according to valid agreements. It is helpful to understand that when a couple of divorces, separate property is not subject to division. On the other hand, marital property is subject to division and can be divided between parties by courts. Marital property consists of property obtained by either party during the course of a marriage (excluding certain types of property that constitute non-marital property). If you are concerned about property division, you could benefit from taking a closer look at property division guidelines.
If you are thinking about divorcing your spouse, you may have various questions and concerns. By approaching the process of divorce in a practical manner, you may be able to save time and money while avoiding complications that can lead to strong emotions.
Please understand that this post was written to shed light on property division laws and is not a substitute for legal counsel.