Englewood Property Division Lawyer
Englewood Property Division Attorney
Divorcing your spouse can be a long and complicated process. It is likely to impact each aspect of your life, including how your property and assets will be divided in the separation. Although some may plan for their vehicles and homes to be divided, it is common to forget that things like retirement accounts and debts will also be divided. The fear of an unequal separation can be severe, as leaving your marriage with less than you are entitled to puts you at a disadvantage while you are building your new life as a single person.
Even during an amicable divorce in Englewood, CO, it can be helpful to speak with an attorney to ensure an equitable division of all marital property. Johnson Law Group, LLC, can thoroughly examine the property, assets, and debt that you share with your spouse. We can help you understand which property is subject to being split and help you make well-informed decisions throughout the Colorado divorce process.
Colorado Property Division Standards
Colorado follows the equitable distribution system, without consideration for marital misconduct. To determine how the property should be divided, the court must first determine separate and marital property. Marital property includes all property acquired during the marriage, with the following exceptions:
- Property excluded by a valid agreement between the parties
- Property acquired by bequest, gift, descent, or device
- Property acquired in exchange for assets owned prior to the marriage or in exchange for assets acquired by bequest, gift, descent, or device
- Property acquired by either spouse before the marriage or following a decree of legal separation
If the parties cannot create their own property division agreement, the court will follow state law to equitably split the assets and debts. The considerations that the court will use to divide the assets include, but are not limited to:
- The contribution each spouse made to the acquisition of the marital property, including the spousal contribution as a homemaker or stay-at-home parent
- The economic circumstances of the spouses at the time when the property division will become effective, including the consideration of the family home being awarded to the spouse with whom the children reside a majority of the time
- Any change in the value of the separate property during the marriage or the reduction of separate property for marital purposes.
frequently asked questions Property division
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Will the Court Approve a Property Division Agreement Created by the Divorcing Parties?
In most cases, a judge will grant a property division agreement that was created by the divorcing spouses. One potential exception would be if one of the spouses was not represented by an attorney through the process, and the division of property is inequitable. The judge may make inquiries to determine if the division is just and fair.
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How Is the Value of Our Marital Property Determined?Determining the value of your assets depends on the type of asset. Assets with specific balance amounts, like bank accounts and retirement accounts, are easy to valuate. Some assets are more complex and require professional assistance to correctly determine their value. For example, an appraiser can be hired to evaluate real estate, and a business valuation expert can be contacted if the couple shares a business.
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How Can Real Estate Be Affected by a Divorce?In most cases, it is not ideal to retain joint ownership of assets following a divorce. This means that your marital real estate will need to be divided equitably in your divorce. You and your spouse can choose to sell the property and split the profit, or one spouse can retain the property and offer their spouse a similar value in other assets.
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How Are Debts Split in a Divorce in Colorado?Any debts that were created during the marriage are considered marital debts, even if they are only in one spouse’s name. Similar to other marital property, debt is distributed equitably between the parties depending on the circumstances. The higher-earning spouse may receive more of the debt, or the spouse that incurred the debt may be responsible for a larger portion.
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How Should Divorcing Spouses Divide Their Marital Property?The first step is determining separate and marital property. Once you have created a list of marital property, you can begin assigning an owner to each asset. Beginning with larger assets, divide the property in an equitable manner while also keeping track of the total value of each spouse’s estate after each designation. If you cannot reach an agreement, a judge will step in.
Our Attorneys Meet Your Legal Team
At Johnson Law Group, our team of skilled and understanding legal professionals proudly provides comprehensive and efficient legal services for all clients.
Community Property vs. Equitable Distribution
In an ideal situation, the spouses will be able to work together, resolving any property division disputes between themselves without requiring the assistance of a judge. If the couple is unable to create a mutually satisfactory plan for property division, a judge will step in and divide the property based on state law. There are two main methods of property distribution in U.S. states: community property and equitable distribution.
- Community Property
This premise generally begins with the assumption that marital property should be split as equally as possible, or close to 50/50. The individual needs and assets of each person are not usually considered, as all assets acquired during the marriage are believed to belong to each party equally. - Equitable Distribution
States that use this premise divide marital assets equitably upon divorce, though not necessarily equally. This division is meant to achieve fairness between spouses, not mathematical precision. The division of assets in each divorce is dependent on the specific circumstances and the applicable state laws.
It is important to understand the laws that will impact what gets categorized as marital property and how it will be divided. Speaking with an experienced divorce attorney can help you plan for your upcoming property division based on applicable laws.
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Individualized AttentionJust as each family is unique, so is each family legal matter. We always take the time to completely understand your situation so that we can tailor our advice and strategy accordingly.
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Highly RecommendedOur clients often take the time to write and thank us, not only for the results we have earned for them but also for the respect we’ve shown them.
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Supportive CounselWe never lose sight of the fact that divorce and other household conflicts can feel overwhelming. Our family lawyers will answer all of your questions to ease your burden in this difficult time.
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- Tangee B.
I hired Johnson law group for an adoption matter. I worked with Daniel Sol as my attorney and his assistant Katie Wilson. They were with me every step of the way. Daniel listened to all of my concerns and helped to address all issues. Without their assistance and guidance, I would have had a much harder time making it through my case! I highly recommend Daniel sol, Katie Wilson and Johnson law group
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This review nor a amount a amount of characters can express how grateful I am for Johnson law. From the moment I called they gave me a peace of mind that they where going to be able to help me through my child custody situation. I worked with Yasaman and she was super professional and caring. From the moment she started working on my case and laid down the road map to our approach to my case it happened to a tee. She never misled me or over promises anything but over delivered every step of the way! The last 6 months would of been hell if it wasn’t for Johnson Law and Yasaman.- Jaime S.
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They were very professional and showed heart warming empathy towards me. The entire group treated my like an actual person and not just another client. My questions were always answered in a timely manner and the process was so easy. I would absolutely recommend the Johnson Law Group to anyone reading this and I will be telling anyone I know, that may also need their services. They will treat you right and be in your corner.- Kimberly D.
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I wasn’t familiar with the process of child custody but I must say not only did Myles and his team direct me properly but it was a process that wasn’t money motivated. Very professional group, I was constantly informed of any step or move needed to be made, and they took a very stressful situation and made it a very pleasant storm. Thank you Myles and Johnson group for everything!”- Dwight
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My Attorney and Paralegal Kara Mietlicki are such a wonderful team. I’ve seen them in action and it’s amazing.They will go to battle for someone that they believe in. They will work endlessly to make sure that their client gets their paternal rights. I am thankful that they are by my side through the toughest struggle I have ever experienced in my life. I highly recommend their representation.- Shawndabney W.
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- Lisa H.
Shana Velazquez and Julie Hernandez helped me with my divorce and they were amazing. Shana was so good about explaining everything to me and calming my anxiety. Being 64 and going through a divorce was very daunting to me and I appreciate their help and kind words more than words can say. I highly recommend them!
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I was in a very difficult custody/child support dispute with my ex-spouse. The Johnson law Group and in particular Elizabeth Gregory was phenomenal with their representation of my case. Working with her was such a wonderful experience, kept our goals at the top of every conversation, knew all points and avenues that we could take, never lead us in the wrong direction. I would recommend this firm to anyone who is going through a family law issue.- Liz
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- Morgan M.
Katie and Daniel were both attentive and able to handle a case of mine in a short period of time. I highly recommend this firm.
Creating an Equitable Division of Property
Divorce proceedings can quickly become contentious and volatile, so working with an experienced Englewood family law attorney can help you approach the process from a calmer emotional state. Johnson Law Group, LLC, is dedicated to ensuring that our clients leave their marriages with their fair share of marital assets. Through both mediation and litigation, our skilled team can fully advocate for your rights.
To speak with our full-service family law firm about your divorce, contact our office today.
