Property Division

Assets must be deemed either “marital property” or “separate property”. If property is agreed to be “marital”, it will be equitably (not the same as “equally”) divided according to Colorado’s statutes.
Property obtained prior to the marriage is “separate,” but any increase in value during the marriage is marital property. For example, if one spouse purchased a home in 2000 (before the marriage) for $100,000, but wants to sell it in 2009 (after the divorce) for $200,000, then the increase in value ($100,000) is considered “marital” property.

However, some property is always considered “ separate,” even if it was obtained during the marriage, such as an inheritance. An inheritance is separate property; however, any increase in value of an inheritance during the marriage will be considered marital property.  Gifts to one spouse may also be separate property.

Personal bank accounts

Even if the bank account is in your name the money in that account may be marital property.   Colorado law requires  both spouses provide the Court (and one another) with financial documents in order to best ascertain the value of assets obtained during the marriage.  You must disclose all financial documentation and then the Court will decide what is “separate” property, and what must be divided between spouses.

Even though your bank account is only in your name it is still going to be considered marital property if:
1. You deposited funds during your marriage that co-mingled with funds from prior to
    your marriage. In this case the account would be considered co-mingled and therefore
    marital property.
2. The funds you deposited were earned during the marriage, or
3. Even if you only have funds in the account from before your marriage, the principal
    amount will be separate funds but the interest earned on funds or any increase in
    value to the account during your marriage is considered marital property.

Marital debt

Marital debt is “equitably” distributed in the same manner as assets.  Typically the party who is allowed to keep a certain asset (car or home) will likely be responsible for the corresponding debt.
 
The family house

The house is a marital asset if it was purchased during the marriage. How marital assets are divided depends on the circumstances of your case. If you are able to keep the house in a division of assets, then you will also have to look at your ability to pay the mortgage and expenses. Maintenance (Alimony) may come into play depending on your circumstances.

Please go to www.burnhamlaw.com for a full overview of the firm and the services provided in both New York and Colorado.