Property division can often be a contentious and disputed matter during a dissolution of marriage or legal separation. The trusted family law attorneys at Choice City Family Law, LLC. will help guide you through the process of assessing your property, determining if it is marital or separate, and how to divide the property. It is important to work with an experienced attorney to determine the proper division of assets. Understanding the process and calculation of your property is important to obtaining the best outcome possible.
What is Marital Property?
Marital property is defined as any property obtained by either party during the marriage. However, there are some exceptions to this. For example, if you have received an inheritance or had a marital agreement signed prior to the marriage, certain assets may not be marital. Some assets that might be separate have a marital component. Our family law attorneys recognize that your assets are important to you. Whether your case is considered high asset or not, we can help advise you on your property rights during the divorce. At CCFL, we help guide you through the process to determine what your assets are, which ones are marital, and what you should receive during your divorce.
What is Separate Property?
Many times, parties enter a marriage with property they acquired previously. When this happens, this property can be deemed as separate property, which will remain with the party that brought it to the marriage. However, in some cases, this kind of property can gain value during the marriage. If this is the case, then only a portion of that property will be divided.
Sometimes, separate property can be changed into marital property. It is important to understand what property is marital and what is separate. Our family law attorneys can help you determine what can and should be divided in the divorce and what property you should receive.
What Will be Addressed in the Property Division?
It is important to know that a property division does not necessarily mean that the property will actually be divided. Rather, the assets will be allocated or awarded to a party in the divorce.
Some assets might include retirement accounts, bank accounts, real property, business interests, and vehicles. If you are unsure of the value of an asset, an attorney can assist you in finding the most qualified experts to value the asset. When an expert is used, it generally helps the parties understand the value and come to an agreement on its worth. In the event one party secures an expert report that the other party does not agree with, they may choose to get another report, called a rebuttal report. The family law attorneys at CCFL have worked with multiple experts in many different areas. With a strong network of experts, it allows for quicker turnaround times and more thorough and complete reports. Our family law attorneys use these reports to help you negotiate a more equitable division of assets or convince the Court that your request is fair and equitable.
Dividing Debts
Debts are another part of property division. Debts will be looked at in the same way as the assets. Both parties will be required to exchange information on all debt that was incurred during the marriage. It is possible to have debts that are considered separate property. Some marital debts may include a mortgage on real estate, car loans, and credit cards. Our attorneys work with parties to determine what debts are marital and which are separate. If parties cannot reach an agreement, the Court will decide what debt is marital and who should be responsible for paying that debt.
Settlement or Trial
During the dissolution of marriage or legal separation process, both parties will be required to provide documentation to each other and the Court regarding all assets and debts. It is vital that all documents are disclosed to avoid time delays and the potential of returning to Court following the conclusion of the matter.
It is not always necessary to have the Court decide the division. Parties can reach agreements through negotiation. If they cannot reach an agreement, they will be required to participate in divorce mediation. During the mediation process an experienced attorney can assist you through the negotiation process. An attorney can help clients to develop reasonable expectations and will advocate on behalf of their clients for fair settlements. Our family law attorneys are experienced in crafting creative settlement terms that will receive Court approval. This can save significant time and back and forth with proposed agreements as well as saving money by avoiding trial.
For Help With Property Division in divorce, Contact the Family Law Attorneys at CCFL Today
The family law attorneys at CCFL understand that financial issues can be more complex than they appear. With extensive experience, we can ease the stress and anxiety involved in the property division process. Our focus is to ensure that each of our clients leaves the marriage with what they are entitled to. We can also help resolve all other family law issues, including child custody, child support, estate planning, and more. Contact us today to see how we can help. We are located in Fort Collins and help clients throughout Northern Colorado including Larimer County, Weld County, and Boulder County.