Property Division

Property Division Lawyer in Douglas County

Legal Assistance for Equitable Distribution

At Moreno Family Law, LLC, we understand the complexities involved in ensuring the equitable distribution of marital assets during divorce. That’s why we are dedicated to providing the legal assistance necessary to achieve a fair outcome.

Our experienced property division attorney in Douglas County is experienced in family law matters and is well-versed in the nuances of asset division. We can help you ensure that all aspects of your financial situation are thoroughly examined and considered during this process while working diligently to protect your rights and interests. Along the way, we can offer personalized legal advice and support to help you understand the process and what your options are.

What Does Equitable Distribution Mean?

Equitable distribution means that both parties receive a fair share of the marital assets, which includes property, income, and other financial resources accumulated during the marriage. This approach helps prevent financial disparity and ensures that both parties can maintain a similar standard of living, reducing potential conflicts and fostering a sense of mutual respect.

It’s important to note that a “fair share” doesn’t necessarily mean assets are divided equally. In many divorces, one spouse is expected to be financially disadvantaged by the divorce. In such situations, the court may order a greater portion of marital assets to that disadvantaged spouse under the presumption that the other spouse doesn’t have as great of a need for financial resources.

Debt Is Also Divided During Divorce

While you may be focused on retaining marital assets during divorce, you might forget about the debt you share with your spouse. Marital debt is also divided equitably during divorce, which means one spouse could be responsible for a greater portion of the shared debt.

Marital Assets vs. Separate Assets

In Colorado, distinguishing between marital assets and separate assets is a crucial aspect of the property distribution process during a divorce. Understanding the difference between these two types of assets helps determine what will be subject to equitable distribution.

Call (303) 590-3690 today to request a free initial consultation with Moreno Family Law, LLC.

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What Is Considered a Marital Asset?

Marital assets include all property and debts acquired by either spouse during the marriage, regardless of whose name is on the title or who applied for a credit card. These assets are subject to equitable distribution during a divorce.

Examples of marital assets can include the following:

Income: Earnings from employment or business ventures during the marriage.
Real estate: Property purchased during the marriage, including the family home and any investment properties.
Financial accounts: Joint bank accounts, retirement accounts, and investment portfolios accumulated during the marriage.
Personal property: Items acquired during the marriage, such as cars, furniture, and household goods.
Debts: Liabilities incurred during the marriage, such as mortgages, car loans, and credit card debts.

Identifying marital assets is crucial to the property division process. Consult with our experienced property division lawyer in Douglas County to learn more.

What Is Separate Property?

Separate assets are those owned by either spouse before the marriage or acquired individually by gift or inheritance during the marriage. These assets are typically not subject to division in a divorce, unless they have been commingled with marital property or have appreciated in value due to the contributions of both spouses.

When separate assets are mixed with marital assets, they can become commingled. For example, if one spouse uses inheritance money (a separate asset) to pay off a mortgage on a marital home, the inheritance may be considered commingled and thus subject to division.

Separate assets can also be transformed into marital assets through transmutation. This occurs when the actions of the spouses indicate an intent to convert separate property into marital property. An example would be retitling a premarital home in both spouses' names.

Contact Us for Legal Assistance

Moreno Family Law, LLC can provide crucial legal support during your divorce. Our property division lawyer in Douglas County understands the importance of ensuring a fair distribution of marital assets, and we can offer the representation you need to move forward with confidence during this challenging time.

Get in touch with us today to request a free initial consultation.

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