Centennial Property Division Lawyer

Experienced Property Division Attorney in Centennial, CO

Divorce is about more than ending your marriage. It can also have financial implications that last for decades after your divorce is final. Divorce can impact your assets, retirement plans, investments, businesses, and debts. Hiring a knowledgeable Centennial property division lawyer can help you understand Colorado’s property division laws and protect your interests as you make decisions about your divorce.

Why Choose Fuller & Ahern, P.C.?

Attorney Susan Fuller founded Fuller & Ahern, P.C., in 1997. Since then, we have taken pride in giving personal attention to clients as we guide them through challenging family law issues in Centennial, Parker, Denver, and surrounding areas. With over 75 years of combined experience, we work hard to assist you in your family law matters.

Most property division and other family law cases in Centennial are handled by the Arapahoe County Family Court under the Arapahoe County District Court, part of the 18^th Judicial District of Colorado. This court is located at 7325 S. Potomac Street, Suite #100, in Centennial. It is near the Centennial Airport and Broncos Park.

Centennial is home to Cherry Creek State Park and the Streets at SouthGlenn and is served by highways that see plenty of commuters traveling Interstate 25 and Arapahoe Road. Our local law firm Knowing your rights under Colorado law can give you peace of mind when dealing with divorce-related legal issues and property division disputes.

Colorado Property Division Laws

Colorado’s marriage rate is 7.8 per 1,000, while its divorce rate is 2.8 per 1,000. Many of these divorces go through property division issues, requiring the help of a Centennial property division attorney.

Colorado Revised Statutes § 14-10-113 states that marital property should be divided in a manner that the court deems just and proper based on the circumstances of the parties. Equitable distribution does not always mean each person gets 50% of the marital estate. Judges weigh several factors when dividing property.

Courts may consider each spouse’s economic circumstances, the value of property awarded to each spouse, fluctuations in the values of separate property assets after the date of marriage, and commingling of separate property for marital purposes, among others. Dividing property during divorce can have substantial consequences because spouses are often financially impacted by the court’s decisions for years after their divorce.

Marital Property vs. Separate Property

One of the first issues the court must decide in most property division cases is whether an asset is marital or separate property.

Assets and debts acquired during marriage are typically considered marital property regardless of whether they are in one spouse’s name. Marital property includes wages earned by either spouse during the marriage, homes purchased together, retirement funds that were contributed during the marriage, automobiles, investment accounts, and credit card debt from either spouse.

Separate property can include assets owned prior to marriage, gifts given to only one spouse, and inheritances. Property purchased with separate assets may also remain separate.

Commingled Assets

Frequently, couples argue over whether an asset should be considered marital property or separate property. When separate assets are commingled with marital property, it can complicate who they belong to.

An example would be if one spouse opened a bank account before getting married and then added the other spouse as a joint account holder. During the marriage, the couple used the account together, depositing both of their paychecks into the account. Even though the account was created before marriage, the bank account is now a marital asset.

Tracing which property is separate and which is marital can become extremely complicated when assets are commingled. A knowledgeable Centennial property division attorney is an essential resource for working through a complex asset division case.

Dividing Debt

Along with identifying marital assets, courts divide marital debts too. Debt incurred by either spouse during the marriage may be split between the parties. Examples of marital debt can include mortgages, car loans, personal loans, credit cards, taxes, and other liabilities. Judges take into consideration each spouse’s economic circumstances when dividing debt. Regardless of what the court may declare, spouses are still responsible for contractual obligations with creditors.

Hire a Property Division Lawyer With Knowledge of Colorado Property Division Laws

Even when spouses agree on many aspects of a divorce, dividing property can involve legal and financial issues that are not always obvious. When you hire a property division lawyer, they can evaluate how Colorado law applies to specific assets and debts, review proposed settlement terms, identify potential legal concerns before an agreement is finalized, and represent a client’s interests if property disputes must ultimately be resolved by the court.

FAQs

What Happens if One Spouse Hides Assets in a Divorce?

If you can prove that your spouse purposefully hid assets or refused to disclose financial information, the court may penalize him or her or order a redistribution of property. Bank statements, financial records, and tax returns are common pieces of evidence used to uncover hidden assets. Disclosure of financial information is required throughout the entire divorce proceeding.

Is an Engagement Ring Considered Marital Property in Colorado?

Generally speaking, an engagement ring is treated as a gift given in contemplation of marriage and therefore the engaged party’s separate property. There are exceptions, of course, when disputes arise over possession or when the individuals involved agree on a different classification. The characterization of property as marital or separate depends on the unique facts of the case.

Can a Business Owned by One Spouse Be Divided in a Divorce?

Yes, if only one spouse was involved with the business, it is possible that part or all of the value of the business could be considered marital property if it appreciated during the marriage or was started during the marriage. Calculating marital interest can require a professional business valuation and forensic review of financial records.

Can Spouses Decide Their Own Property Division Without a Judge?

Yes, spouses can decide their own property division without a judge. Many divorcing couples work out their own property settlement and bring it to court for approval. Judges approve negotiated agreements as long as they meet the requirements of Colorado law and don’t appear to be blatantly unfair to one spouse. You have more flexibility when you work out your own agreement instead of leaving it up to a judge.

Connect With an Experienced, Local Centennial Division Lawyer

If you are going through a divorce, chances are that you may have concerns regarding property division. Fuller & Ahern, P.C., are prepared to help you. Contact us to learn more about your options.