High Asset Divorce in Colorado
Are You Looking To Protect Your Valuable Assets?
No matter how good your relationship with your soon to be ex-spouse may be, divorce proceedings rarely proceed without a hitch once the focus turns toward the division of assets. The level of contention is often more pronounced when higher stakes are involved, like stock market and business investments, multiple properties, trusts, retirement funds, sizeable savings accounts, etc. If you are in the middle of, or planning to file for divorce, it’s important to hire an experienced divorce lawyer to help you throughout the legal proceedings in order to secure the most favorable outcome for you and your family.
Send us the details of your case through our online form to set up a consultation with one of our lawyers.
At Jorgensen, Brownell & Pepin, P.C., we understand just how difficult it can be to navigate the divorce process. Throughout our decades-long careers, our Colorado divorce lawyers have worked with thousands of families and individuals to help them secure the legal outcomes they require. Contact us today to learn more about what we can do for you.
How Are Assets Divided?
Colorado law requires marital property be divided equitably. Equitably does not necessarily mean equally. Many couples are able to come to an agreement outside of court, but to make this possible with significant and complex assets it is imperative parties confer with legal counsel to make sure they understand the repercussions of the division of assets as well as any potential tax consequences. In order to make an equitable distribution of martial property, both parties must have access to and understanding of all financial documents and any reports valuing the assets and debts.
One complex issue which must be considered in many divorces is the issue of “separate” property. Property acquired before the marriage, and property acquired via gift or inheritance during the marriage is considered separate, while all other property accrued during the marriage is considered marital. If separate property increases in value during the marriage, that increase is considered marital property, while the original value is still considered separate. Separate property can become marital property if the title is changed from individual to joint ownership, and the opposite is true if both sides sign a written agreement, either during or before the marriage.
Separate property may also lose its special status and become marital property due to the comingling of that asset with a marital asset. For example if one party inherited an IRA from a parent, and then moved those funds into a jointly held account, then the funds arguably become a gift to the marriage and change to a marital asset. The most common cases involve taking cash from a separate asset and investing it into a jointly titled home. Absent a premarital or post marital agreement, that investment becomes a gift to the marriage and all of the equity in the home is considered marital. In cases where the spouses cannot agree on who the property belongs to, the judge will make the final decision. It is vital to have a good attorney who can hash out this argument and constructively present it to the court.
If settlement is not reached, and the case goes to court, attorneys assist by providing information and argument on the factors set out in the statute for the judges to consider prior to making final decisions, such as:
- Each spouse’s economic circumstances.
- The value of awarding the family home to the parent who receives physical/primary custody of the children.
- Changes to the value of separate property over the course of the marriage.
- Any depletion to the separate property that occurred for the benefit of, or because of the marriage.
- The value of property granted to each spouse.
Find the Right Firm to Represent You
Divorce is often a stressful and complicated process, and only becomes even more so when valuable assets need to be divided. Hiring the right attorney to represent you throughout this process is one of the most important things you can do, and our team at Jorgensen, Brownell & Pepin, P.C. is confident that we’re the right choice. Our track record of success is second to none, and we will work with you every step of the way to ensure that you understand what needs to be done throughout the divorce process. Call us at (720) 809-8310 to speak with one of our Colorado divorce attorneys today, or send us the details of your case through our online form.
Call us at (720) 809-8310 to discuss your case over the phone today.