A marriage creates an intangible bond between two people who choose to legally unite themselves together. Once a marriage is created, a Colorado couple may enjoy a host of benefits that come with electing to support another person and, in some cases, creating a family with their partner. Some of the benefits that married people enjoy relate to money and property ownership, and those rights and benefits can become clouded should divorce threaten to break a couple's marital bonds.
After years of marriage some couples accumulate a wealth of investments, property and other assets. Although property can be owned separately by the individual partners to a marriage, in some cases articles of property may be owned jointly or considered under the joint ownership of the marital partners. When property is considered marital property it must be evaluated and subjected to the laws of equitable distribution in the event a couple goes through a divorce.
The application of equitable division to a couple's property division process does not mean that each partner will emerge from the marriage with the same amount or value of their shared assets. Rather, equitable division is based on fairness and courts consider what is just when deciding who will receive what assets and in what amounts. Some of the factors that a court may consider are the financial contributions of the partners, the non-financial contributions of the partners and the needs of the partners following the divorce.
Because determining what is just will vary based on each case, readers of this Colorado family law blog are encouraged to discuss their financial and property-based divorce concerns with their attorneys. The outcomes of any two divorce scenarios can be very different and for this reason this post does not provide legal guidance or advice to its readers.