Are Spouses Entitled to Equal Asset Division in Colorado?

Question from heartbroken, Are Spouses Entitled to Equal Asset Division in Colorado?

Answer from AI:

In Colorado, the division of assets during a divorce is governed by the principle of equitable distribution. This means that the court aims to divide marital property fairly, though not always equally, between the spouses. Understanding how this applies to long-term marriages, such as those lasting over 40 years, and considering the financial support for a spouse who has become disabled, requires a closer look at Colorado’s family law.

Division of Marital Assets in Colorado

Equitable Distribution: Colorado follows the equitable distribution model, which considers several factors to ensure a fair division of assets. It’s important to note that “equitable” does not necessarily mean “equal.” The court will look at:

• The contribution of each spouse to the acquisition of marital property, including the contribution of a spouse as a homemaker.
• The value of the property set apart to each spouse.
• The economic circumstances of each spouse at the time the division of property becomes effective.
• Any increases or decreases in the value of the separate property of the spouse during the marriage or the depletion of the separate property for marital purposes.

Consideration for Long-Term Marriages

In long-term marriages, like those lasting over 40 years, courts often lean towards a more equal division of assets, recognizing the joint efforts in building the marital estate. However, the specifics can vary widely based on the circumstances of each case.

Disability and Financial Support

If one spouse has become disabled and was financially dependent on the other, this will be a significant factor in determining both the division of assets and the awarding of alimony (spousal support). Colorado courts consider the financial resources of the spouse seeking maintenance, including the extent to which their ability to meet their needs independently is affected by their disability.

Spousal Maintenance (Alimony) in Colorado

Colorado law provides guidelines for determining spousal maintenance. The court will consider:

• The financial resources of the spouse seeking maintenance, including marital property apportioned to them and their ability to meet their needs independently.
• The time necessary to acquire sufficient education or training to enable the spouse seeking maintenance to find appropriate employment.
• The standard of living established during the marriage.
• The duration of the marriage.
• The age and the physical and emotional condition of the spouse seeking maintenance.

It’s crucial to understand that each divorce case is unique, and the court has broad discretion to consider any factors it deems relevant. For those in long-term marriages where one spouse has become disabled, the court will likely take a careful look at the need for financial support and the ability of the other spouse to provide it.

Seeking Legal Advice

Given the complexities involved in dividing assets and determining spousal support, especially in long-term marriages with considerations like disability, consulting with a legal professional is highly recommended. A family law attorney can provide personalized advice based on the specifics of your situation.

For more information on divorce and asset division in Colorado, you can visit the Colorado Judicial Branch’s website.

Remember, while general guidelines can offer a starting point, only a legal professional can provide advice tailored to your specific circumstances.