If you are going through a divorce process or thinking about separations, you should know your state’s law. The question “is Colorado a community property state” often comes from divorce-seeking people.
The answer to that question is “No.” So you don’t have to share everything as 50/50. However, the division is not that simple as well. We will try to answer most of the questions you have.
How property division works in Colorado
A judge equitably divides marital properties for both spouses. That doesn’t necessarily mean both of them to get equal property. It determines a fair and square distribution to each according to their efforts.
Court will count in the income of each spouse and also the efforts of the homemaker as well. The total value of each property’s property, financial situation, and custody of the offsprings also consider facts.
The spouses will also have to share the property and load debt in marital status even after separation. As long as the loan or debt is not individual, both spouses will have to pay equally for the debt.
Marital Property and Separate Property
Marital property means anything both or either spouse get or buy during the marriage. Even if the husband gets a sports car with his own money, the wife shares equal rights.
So, anything either of the spouses buys, like land, house, stocks, everything will be considered as Marital Property.
Separate Property is everything that spouses got before marriage. But if the spouse gifts something to others in the marriage, that is also considered individual belongings.
Suppose any of the spouses receive any property by inheritance or exchange before the wedding that’s separate property. After lodging a divorce file, if any of the spouses gets any kind of property, that will be considered individual property.
How Judge divides Property After Separation
In Colorado, judges divide marital properties into equitable portions. In some cases, judges decide most of the property will go to a higher-earning spouse. However, some set rules can determine division differently.
Marital Fault: If the separation occurs at fault, the judge can decide for the damaged spouse. Therefore a higher percentage of the property will go to injured one.
Economic Prospect: Court will consider the financial aid of each spouse. That will include income source, age, gender, and health condition as well. The court can consider providing more percentages to the lower financially prospected spouse.
Children Custody: Children’s custody can impact property division marginally. If any of the spouses take complete charge of the children, there is a higher chance of getting more shares. Also, the court can decide to give the family house to the Spouse with children.
Nonmonetary Contribution in Colorado
Colorado states count nonmonetary contributions while dividing community property. This will include:
- Taking care of children
- Homemaking and Household Chores
- Supporting spouse in the career-related terms
The judge will determine the actual value of these nonmonetary labor and then distribute property in a fair amount.
Property division after separation can become very complicated. Because some legal documents will say an individual property is marital, and others say separate.
So know is Colorado a community property state or not is necessary. Hopefully, this will help you to avoid most of the complications.
I am John C. Crawford. I am the founder of EnjoyWiki.com. I am a professional freelancer, blogger and content writer. I have several blogs and EnjoyWiki.com is one of them. I always love to share my experience on my blogs.