In our immediately preceding blog post, we noted that Colorado, along with a majority of other states, provides for the equitable distribution of property in a divorce. That means that there is no legal presumption that all assets either earned or obtained during a couple's marriage are equally co-owned and will be split precisely down the middle in a dissolution.
Rather, a Colorado court will look at property division through a broad prism that takes into account a number of factors, the goal being to divide assets fairly. As we have noted, that might -- or might not -- result in a 50/50 split.
A divorcing Colorado resident can learn much about the process and how to optimally prepare for divorce by consulting an experienced family law attorney with a proven background in handling dissolution-related property division matters.
And sooner is better than later, as noted by some commentators in the area, especially when it comes to the distribution of things like retirement accounts and the family home.
The former asset can be a bit tricky, especially when one divorcing spouse is planning on using 401(k) or other retirement proceeds currently titled in the other spouse's or just-divorced partner's name. Even if a couple agrees on some division of a retirement account, a divorcing spouse who plans on having some portion of assets transferred over and readily available for other uses -- such as refinancing the family home -- might be frustrated by the delays often associated with the process. Third-party approval is required from a retirement plan administrator, for example.
Issue spotting, advance planning and timeliness can all be crucially important when it comes to asset division in a divorce settlement. A divorce attorney with a deep well of experience in assisting clients with property-related matters can be an invaluable resource in this area.
Source: Pittsburgh Post-Gazette, "Divorcing couples face sea of potential issues when dividing financial assets," Tim Grant, Sept. 2, 2013