At Carlson & Carlson Attorneys-at-Law, P.C. and Vail Valley Lawyers we review all the evidence as to all the possible assets including:
- Closely-held business interests
- Securities and investments
- Life insurance policies
- Intellectual property interests
- Retirement funds
- Inheritances or trust funds
- Offshore accounts
- Cash accounts
- Retitled holdings ( Gifts to Friends and Family)
- Investment accounts in other states or countries
Colorado is a “no fault” state, which means, infidelity, domestic violence, abuse and other grounds for divorce are not required and have no effect on the division of property (though these issues may have an impact on parenting time determinations). Colorado is a Uniform Dissolution of Marriage Act state. Colorado is an “equitable division” state. Colorado is not a “community property state”. This can be roughly translated as meaning that the property of the marriage is presumed to be subject to being divided equally subject to review under certain factors, which may adjust the division of the property.
Colorado, like all Uniform Dissolution of Marriage states begins by dividing things into “Separate Property” and “Marital Property.” Separate property is property acquired by gift or inheritance and maintained in the form of separate property. Separate Property cannot be “commingled” or else it will become marital. This frequently comes up where a separate property house is sold to acquire a marital residence. The amount derived from the sale of the separate property cannot be deducted from the marital value.
Marital property is property acquired during marriage, as well as the increase in value through appreciation on separate property. Thus, if a house is purchased as separate property and is worth $200,000 on the date of marriage, and worth $300,000 on the date of the divorce property separation, the non-owner spouse would be likely to receive $50,000 of the value. Property includes the debts so the Marital Debt is all debt acquired during the marriage and separate debt is prior.
The definition of property is very broad. Property includes pensions and the value of a business. Military pensions and Public Employee Pensions are subject to special rules but they are nonetheless counted as property in the divorce.