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.
Divorce doesn’t have to be dramatic. For the litigants, losing your spouse is significant enough. But you can choose the way it affects your daily life. The only guarantee I can give is that the feeling that you have right now will not be the feeling you end with. This is a season in your life, and it must be approached that way.
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.
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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Atención Personalizada
Cada familia es única, y también lo es cada asunto de derecho de familia. Siempre nos tomamos el tiempo necesario para comprender completamente su situación y adaptar nuestro asesoramiento y estrategia como corresponde.
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Supportive Counsel
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Highly Recommended
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Individualized Attention
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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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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.
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.
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He was responsive, efficient, and coordinated well with my wife’s attorney. Very happy with the final result.- Nick
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Very professional, and caring. Everything was handled well, they listened to all my concerns, and responded in a timely manner. I would highly recommend using Johnson Law Group, they are amazing!- Sonja
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Myles is very professional and well informed in his field. Cassidy their paralegal was also extremely helpful and client driven . 5 stars!- Stevie
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I appreciate all the help my attorney and paralegal has done for me in the best interest of my daughters future. They’re all most knowledgeable, caring law group! I couldn’t have done it without their genuine support on representing my case(s). I’m grateful for all they have done for my daughter and I.- Bonnita
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From the initial phone call I spoke to Myles Johnson, he gave great direction on how to proceed. Then acquiring the firm as my legal representation I worked with Said and he helped me step by step to get what I was looking for. I have already recommended two different individuals I know to Johnson Law Group and will be using them for all future situations. From the legal team to Cory at the front desk, everyone at the firm is top-notch.- Brady M.
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. We offer free consultations.
