Getting divorced can be a difficult, painful process. You are formally ending a relationship that you had hoped, at one time, would last the rest of your life. You and your former spouse are likely to disagree on many things about how to handle your divorce, including how to split up your possessions.
You may both want to retain your primary home, or you could disagree about how to fairly split your debts, which may include credit cards and student loans as well as a mortgage. The greater the overall value of your assets, the more likely it may be that you and your spouse will disagree about the split.
Certain assets, like non-monetary investments, can be difficult to put an accurate price on. Other assets, like retirement accounts, may be partially marital property and partially property of only one spouse. If your former spouse started the retirement account before your marriage, the courts need to determine how much of the balance in the account got deposited during your marriage. In general, only assets obtained during the course of the marriage can get considered during your divorce.
Poor behavior won’t affect asset distribution
Unless you have a prenuptial agreement with a penalty clause relating to infidelity, abuse or substance abuse, the courts won’t consider bad behavior for purposes of asset division. They will simply do their best to ensure that marital assets get divided in a fair manner.
If you were hoping that your former spouse’s affair might mean you get to keep the home, you’re likely to feel disappointed. However, if you take the necessary steps to properly list and value all of your assets, you can ensure a better division process. The court can’t consider assets that aren’t disclosed or properly valued.
An attorney can ensure the division process is fair
Working with an experienced Colorado divorce and family law attorney is key to a positive outcome to the asset division process. Your attorney can help you locate valuable assets. Sometimes, this requires the help of financial experts, like forensic accountants, to determine what got purchased during the marriage. Similarly, you may need to work with professionals who can place accurate values on unusual assets. Investment properties and vacation homes can be priced by a real estate appraiser. Experts in collectibles, antiques and fine art can also help ensure assets are fairly priced.
The greater your overall assets, the more important it is to be inclusive in your list of assets. Furniture, vehicles and other possessions can represent substantial amounts and should get considered by the courts during the asset division process. Your divorce lawyer can help ensure that all critical assets get listed and priced, ensuring that the courts are able to more fairly divide your assets.