Under Colorado law, if the parties are unable to agree on the division of their property and debt, the Court will decide how it is divided. When deciding how property and debt division will be divided, the Court must look at the factors set forth in Colorado Revised Statutes §14-10-113
What is Marital Property in Colorado?
Generally, all property acquired during the marriage, other than by gift or inheritance, is considered marital property in Colorado. Also included in martial property is appreciation on separate property (such as an increase in value of a home owned prior to the marriage or the increase in value of a stock account) and property owned prior to the marriage but transferred into the names of both spouses (e.g putting a premarital home into joint tenancy). How property is titled (e.g. whose name it is in) has no bearing on whether something is marital property. The Court may divide marital property, regardless of how it is title.
Under Colorado law, debt is also considered marital “property” which must be divided. If a debt was incurred, or increased, during the marriage, the Court must divide it between the parties. Again, the Court may divide marital debt regardless of how it is titled.
How does the Court divide Marital Property in Colorado?
Under the statute, the Court is to divide marital property ‘equitably’. It is important to note that the term equitable does not necessarily mean ‘equal’. A Court may make an unequal property division if it determines it to be fair under the circumstances in the cases. Some of the factors the Court can consider are: the contribution of the parties to acquiring the property, including the contribution as a homemaker or stay-at-home parent and the amount of separate (pre-marital) property set aside to each parent.
Special Issues in Property Division
There are many special and unique issues people face when dividing martial property. Things such as stock options, retirement accounts and trusts require special analysis and consideration.
If you have a question about property and debt division in a divorce, The 303 Law Center, PC offers low-cost no-obligation phone consultations. Call today to discuss your marital property questions.