How Do Colorado Courts Determine How Marital Property Will Be Divided?
As mentioned above, courts in Colorado are required to divide property equitably. This means that as a no-fault divorce state, fault or marital misconduct do not play a role in the division or property. While the most common division of assets is an equal division, the courts are permitted to take other factors into consideration when determining what is an equitable division. Under Colorado Revised Statutes 14-10-113, when making a decision about the division of property, a judge will consider the following factors:
- The amount that the individuals involved contributed to obtaining the assets that make up the marital estate, including contributions made by a homemaker
- The value of the property allocated to each party
- The financial circumstances of each party at the time that the property division is occurring, including awarding the family home to the spouse that the children will live with the majority of the time
- Any appreciation or depreciation to marital property during the marriage or the depletion of separate property for marital purposes
Tax Implications:
- Tax Considerations: When dividing marital property, it's crucial to be aware of the potential tax implications that can affect both parties. Here are some key areas to consider:
- Capital Gains Taxes: If the division involves selling real estate or other assets that have appreciated in value, capital gains taxes may apply. The amount of tax owed depends on the asset’s sale price versus its original purchase price. Proper planning can help minimize these taxes.
- Retirement Accounts: The division of retirement accounts, such as 401(k)s or IRAs, requires special consideration. The court may issue a Qualified Domestic Relations Order (QDRO) to divide these accounts without incurring early withdrawal penalties. However, the recipient may still owe taxes on withdrawals, so understanding the tax impact is important.
- Transfer of Property: When transferring property as part of a divorce settlement, consider the potential tax impact. For example, transferring property between spouses typically does not trigger immediate tax consequences, but the basis in the property (used to calculate future capital gains) must be carefully addressed.
- Income Tax Implications: The division of assets can affect your future income tax returns. For instance, if assets like rental properties are divided, income generated from these properties will need to be reported by the respective owners, impacting their taxable income.
How a Lawyer Can Help You Protect Your Share of the Marital Property
The way a judge perceives each party’s economic condition can have a significant impact on the way that the marital property is ultimately divided. For this reason, if you are involved in a divorce in which property division is contested, it is in your best interest to retain an attorney familiar with Colorado law as soon as possible. An attorney will thoroughly evaluate the circumstances of your situation and present your case to the judge in way to which he or she will be receptive.
As many divorcing couples are unable to communicate with each other in a constructive way, getting an attorney involved significantly increases the chances that you will be able to come to an agreement with your spouse about the way that the property will be divided.
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Denver, Colorado Property Division Attorneys
Helping Individuals Protect their Assets in a Divorce
There are many issues that need to be resolved before a divorce can be final, including the way that the couple’s property is divided between them. Colorado is an equitable distribution state, which means that marital property is divided in a way that is fair – which may or may not result in an equal division of the marital estate. Generally speaking, marital property is any property that either party obtained during the marriage, with the notable exceptions of gifts or inheritances.
Under Colorado law, judges have a significant amount of discretion when it comes to making decisions about the division of property in a divorce, so it is important to do everything possible to protect your rights. An attorney can ensure that your case is presented as strongly as possible and may even be able to help you to come to an agreement with your spouse about how to divide your assets.
To start your discussion with a Colorado Springs property division lawyer, contact The Gasper Law Group today.
Call the Gasper Law Group Today to Speak with a Colorado Springs Property Division Lawyer
If you are going through a divorce or suspect that one may be in your immediate future, you should retain legal counsel as soon as you can. The representation and counsel of an experienced attorney will ensure that the division of property and other issues related to your divorce will be resolved as favorably as possible.
To schedule a free consultation with one of our Colorado Springs divorce attorneys, contact us today at (719) 212-2448.
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