Property Rights
Did you know that every asset the two of you obtained during the marriage and every debt incurred is owned and owed by both of you? With only a few exceptions specifically spelled out in the statutes, the two of you are legally a partnership. Each is responsible for the actions of the other.
What’s more, that responsibility starts with the date of marriage and continues until the court signs a decree dissolving the marriage. It doesn’t end when the parties separate and it doesn’t end just because one party or the other has decided they do not want to be responsible anymore.
You may have heard about something known as separate property. Anything you owned before the marriage is separate property. BUT WAIT! Any increase in value of your separate property is marital property! If separate property was spent for the marriage, the court may consider that also, and repay a portion of that amount.
Even so, any separate property that is placed in joint tenancy with your spouse or commingled with marital assets may become a gift to the marriage and be considered marital property. Yes, that is right. Separate property used as a down payment on a marital home may lose its separate character. Using separate funds as security on a marital debt may cause it to become marital. Using separate assets to buy a car that is used for the family may be enough.
Just as assets may be separate, so are pre-marital debts. They are separate debs. But if marital funds are used to pay off a pre-marital debt, that benefit to the spouse who had his or her pre-marital debt paid off, may be compensated to the other spouse.
The only property acquired during the marriage that may be separate property is that acquired by bequest, descent or devise or gifted. In other words, given to you voluntarily or by inheritance. Even that can become marital property. This is especially true for gifts from the parents or grandparents who did not specifically set it aside for you. When the divorce is happening the parents or grandparents say that the gift was only intended for their child or grandchild, but while the marriage continued the gift was for the family.
Property rights are complicated. We often hire experts to value various kinds of property so it can be divided. This includes businesses, shares, options, rights trust interests, retirement accounts of every kind and just about anything that can be considered an asset; even Bronco tickets.
The lesson learned: do not trust your assets to anyone who does not concentrate in Colorado Family Law.
My name is Gary D. Nicholas, Divorce and Property Rights Attorney Denver Colorado. I have been helping Property Rights Denver clients as a Denver Family Law Lawyer for twenty-five years. I’ve focused my Denver family law, divorce, and divorce mediation practice on the challenges faced by many unhappy couples who have had to turn to divorce. It’s unfortunate, but many couples end up in divorce for many reasons. So, I’ve focused my practice in doing all I can to ease this turbulent time in people’s lives. In fact, this process doesn’t have to be drawn out and painful.
If you or someone you care about has any of these concerns regarding Colorado Property Rights Laws with regards to divorce, then please call 303-294-7414 to speak with our Denver Property Rights and Divorce Attorney or visit our website www.nicholasfamilylaw.com.
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