Colorado Equitable Distribution Lawyers

Denver Equitable Distribution Lawyers

Under Colorado state law, assets acquired over the course of a marriage are to be divided "equitably" between the parties upon divorce. Here, "equitable" does not mean a 50-50 division down the middle; rather, it means dividing assets in a way that is "equitable," given the income, health, work history, and contribution of each person in and to a marriage. However, how assets and debt are divided in a divorce can impact a person's taxes and financial future in a number of ways.

At the law office of Elkus & Sisson, our attorneys defend and assert the financial rights and interests of our clients in negotiations and litigation involving the division of marital property. When allegations arise concerning hidden assets or disputes involving the value of a closely held business, we consult forensic accountants, financial planners, and tax experts.

Protect your rights and interests. How marital property is divided can impact your financial future for years to come. Contact the equitable distribution attorneys at the law office of Elkus & Sisson today.

Marital Property and Assets to be Divided in a Colorado Divorce

While not an exhaustive list, the following kinds of assets may be subject to division if they were acquired over the course of your marriage:

• Stocks, bonds and investment funds
• Pensions and retirement funds are often divided with a qualified domestic relations order from the court
• 401k accounts
• Equity realized on a home (even if you brought it into a marriage)
• Cars, trucks, boats, snowmobiles and other vehicles
• Closely held businesses
• Furniture and personal property
• Bank accounts

The Division of Marital Debt

Dividing marital debt is, in many ways, as important as dividing marital assets. Since your contractual obligations to a creditor may not be affected by your divorce settlement, you are still accountable for debt on credit cards, personal loans, or lines of credit with your name on them. Consequently, even if you have never driven your spouse's car or used a jointly held credit card, if your name is on the account you can be held accountable for its outstanding balance. Additionally, even if your spouse agrees to pay off the debt in question, should he or she default the creditor can pursue collection actions against you.

If your spouse is willing to enter into negotiations, it may be possible to exchange certain assets for willingness to pay off loans or credit cards.

Contact the Divorce Attorneys at Elkus & Sisson Today

The division of marital property can be complicated, especially when closely held businesses and retirement funds are involved. At the law office of Elkus & Sisson, we have the resources needed to protect your financial interests and prepare you for life after divorce.

To schedule an appointment, contact the divorce lawyers at Elkus & Sisson today to learn how we can help you.