Marital Property Division
Few events in life can have a greater effect on you financially than divorce. Without an attorney's advice, you may not receive everything you are entitled to when marital property is divided. You could also end up being responsible for debts that you never anticipated.
At the Law Offices of Steven M. Werner, P.C. in Colorado Springs, I guide clients through the steps of identification, valuation and division of marital assets and debts.What is Marital and Separate Property?
Marital property includes assets and debts accumulated during your marriage, including real estate, automobiles, furniture, bank accounts, securities, 401(k) accounts and pensions. Separate property includes assets and debts you owned before your marriage, as well as gifts and inheritances received during your marriage.
In Colorado, marital property is subject to equitable division, which usually means 50-50. However, judges can choose a different percentage if that is determined to be fair.
Separate property is yours to keep, as long as you keep the property separate. However, if you deposit separate property funds in marital property bank account, those funds will become marital property. Similarly, if you re-title separate real estate to include your spouse's name, you have made a gift to your spouse of 50 percent of the value of that property.
The division of marital property can be complex, and it usually takes an experienced lawyer to help you obtain a fair result. In some cases, experts such as business valuation consultants are needed to properly value closely held businesses and business interests.
Division of military benefits: If you or your spouse served in the military, you should consult an attorney who understands the division of military retirement and health benefits. As a former officer with the Judge Advocate General's (JAG) Corps, I understand the laws that apply to military benefits.
For more information about marital property division or to schedule an attorney consultation: Call 719-473-4885 or fill out the contact form on this Web site. My law office is located near the courthouse in Colorado Springs.