Asset Division Lawyer in Longmont
Call Our Longmont Family Law Attorneys: (720) 809-8310
When a couple decides to file for
divorce, each spouse must consider various factors to protect his or her future,
including the division of assets. Because Colorado is an “equitable
distribution” state, the court must divide assets equitably but
not necessarily equally. Colorado property division laws can be complex.
It is wise for divorcing couples to seek experienced legal representation
If you are filing for divorce and would like to protect your future and
assets, get in touch with
our Longmont divorce attorneys at Jorgensen, Brownell & Pepin, P.C. right away. We can look at the
assets you and your spouse share and ensure you get your fair portion.
We will protect your rights and enable you to make informed decisions.
Discuss your case with our legal team today! We are backed by over 20 years of determination,
experience, and persistence.
What is Marital Property?
Marital property is any property acquired during a marriage so long as
it was not acquired by inheritance or as a gift. Properties that are not
considered marital are called separate properties. When any separate property
that increases in value during marriage it creates a portion which may
be martial property. Separate property that is subsequently jointly titled
can become marital.
How is Property Divided in Colorado?
Colorado judges and courts will divide marital property equitably. There
are certain circumstances that will result in a division that is not necessarily
equal. This can occur when one spouse has a much higher income or ability
to replace assets, or it may relate to spousal support. Unequal property
division may also occur when one spouse is allocated a larger amount of
marital debt. It is imperative that each party be able and prepared to
explain to the court the equity of a proposed division.
How are Pensions Divided?
In Colorado, a judge or court shall include pensions and retirement plans
earned by each spouse as marital assets available for division. These
benefits are divided into the following two groups:
- Defined Contribution Plans:
This is money belonging to an employee. The employer or employee can make
defined contributions. Although the balance of the plan constantly fluctuates,
the value is definable at any given plan. Profit sharing plans, 403(b)’s,
and 401(k)’s fall into this group.
This is a benefit an employer promises to pay to an employee in the future.
The amount may be is determined by a formula that is based on an employee’s
salary near the end of the employee’s career and the number of years
the employee worked for that employer before retiring.
Protect Your Future Today: Call Jorgensen, Brownell & Pepin, P.C.
At Jorgensen, Brownell & Pepin, P.C., we understand that divorce is
stressful and difficult. We stand ready to safeguard the futures and assets
of those moving through this difficult process. When you entrust your
case to our team, we will listen to the details of your case and determine
which legal strategies can help you obtain positive. Our team knows that
the family court system is not easy to navigate, and we are here to lead
you through the legal process.
Call Jorgensen, Brownell & Pepin, P.C.today, and let our Longmont family lawyers stand by your side.