Broomfield Property Division
A divorce may raise complicated questions about how property will be divided between the spouses. At Plog & Stein, P.C., our Broomfield property division lawyers have the skill and experience to handle the property aspects of your divorce matter. We can explore the nuances of your case and fight to preserve your interest in the assets accumulated during the course of your marriage.Navigating the Complexities of Property Division Matters
Under Colorado law, property may be classified in one of two ways at the time of a divorce: marital property or separate property. Marital property includes most assets or debts acquired over the course of the marriage, subject to some exceptions like inheritances or gifts. If a house or car is acquired during the marriage, the question of whether it is jointly or separately titled generally has no impact on whether it is found to be separate or marital. This is because property, such as a 401K or pension, will often will be solely in one spouse’s name, but is nonetheless marital in nature.
Anything that is not marital property is considered separate property. This is anything acquired by gift or inheritance, as well as anything that either spouse acquired before the marriage. Separate property is not subject to division at the time of the divorce in that the court cannot order sale or allocate it to the other party. However, increases in value to separate property during the course of the marriage are subject to division. Any property that one spouse obtains after a court issues a legal decree of dissolution will be classified as separate property and not subject to the court’s jurisdiction.
Colorado is an equitable division state, which means that a judge will divide property in a way that he or she deems fair and is charged with the discretion to do so. It does not necessarily mean that the property will be divided 50/50 in every case, although equal division is generally the norm. When it comes to making a property division determination, a court is free to consider all of the relevant factors. Some of these factors include the contribution of each spouse to the acquisition of marital property (including the contribution of a homemaker spouse), the value of the property, the earning potential of each spouse as relates to the ability to acquire new assets, and the primary home of the family, including any children.
With years of family law experience in the Broomfield area, our property division attorneys recognize that property comes in many forms and with a wide array of complexities. Dividing a 401K or pension comes with tax consequences necessitating specially tailored dividing orders. Before an ongoing business concern or interest can be divided, it must be properly valued, usually with the assistance of an expert. Division of stock accounts differs from dividing stock options. At Plog & Stein, we are abreast of the intricacies that come with appropriately valuing and dividing marital property of all kinds.
In some situations, property division issues may come up after a divorce has been finalized. This may happen in cases in which one party conceals property when making his or her financial disclosures. It is important to note that a court typically only has jurisdiction for five years from when a divorce decree is finalized to deal with undisclosed assets. When this happens, the property division process may quickly become complicated, and having an experienced divorce attorney on your side may help you uncover the truth of the situation in an efficient manner.Discuss a Property Division Dispute with a Broomfield Lawyer
The city and county of Broomfield offer many attractions to people who live there, including outdoor activities like hiking and bicycling as well as museums and monuments like the Veterans Memorial Museum, the Broomfield Bay Aquatic Park, or the 9/11 Memorial. The local newspaper is known as the Broomfield Enterprise. Much of the area’s population consists of married couples and families, many of whom accumulate substantial assets and not all of whom stay together permanently. Property division may be one of the most contentious aspects of a divorce. At Plog & Stein, P.C., our experienced Broomfield property division attorneys understand how important it is to protect the assets that you worked hard to earn. You can rest assured that we will try to make the process as smooth as possible for you. Our firm serves people who need a divorce attorney throughout Colorado. Call us at 303-781-0322 or contact us online to set up your appointment.