While all aspects of divorce can be trying, asset division is an exceedingly complex concern. Couples in Colorado often have questions about the way assets are divided, which can involve many different factors. Here at Kaplan Law L.L.C., we’ve seen the challenges spouses face when they attempt to divvy up marital property. That’s why we stress the importance of understanding the asset division process to ensure parties receive their fair share.
According to Forbes, dividing property and other assets is even more difficult when the financial stakes are high. The first step is to gain an understanding of what is considered shared property (or marital property) and what is considered separate. In general, any items procured during the marriage are considered jointly owned. Even when a particular asset is in the name of only one spouse, it may still be considered marital property if it was acquired within the confines of the marriage.
In addition to assets acquired before the marriage took place, separate property also includes inheritances, gifts from a third party and damages awarded as a part of a personal injury lawsuit. Property that was previously separately owned but altered during the marriage (such as adding the name of a spouse to a property title) is no longer considered separate.
When dividing assets, one must also consider the long-term financial aspects as well as the current valuation. To get a grasp on how much a given asset may be valued in years to come, having a complete understanding of the asset is crucial. This can be difficult, especially when it comes to the sale of high-value financial accounts. Please visit us online for more information on asset division during divorce.