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Matthews & Matthews, P.C.
Family Law Consultation and Representation

Our Services/FAQs

Property/Asset Division

Marital Assets
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 1995 (before the marriage) for $80,000, but wants to sell it in 2008 (after the divorce) for $150,000, then the increase in value($70,000) 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 considerd marital property.

-Can I keep my personal bank account? It’s only in my name, not my spouse’s.

Not necessarily. According to Colorado law, both spouses must provide the Court (and one another) with financial documents in order to best ascertain the value of assets obtained during the marriage. In other words, you must disclose all financial documentation, and then it will be up to the Court to decide what is “separate” property, and what must be divided between spouses. So, even though your bank account is not a joint account, some of it may be considered marital property and subject to division.

-Who takes on the marital debt?

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

-Do I need to sell the house?

It depends. (See above general discussion of asset division.) If the house must be sold in order to comply with the agreement/court order vis-à-vis marital assets, then yes. Your attorney may be able to tell you what will likely be necessary well before the Court rules.

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Matthews & Matthews, P.C.
1890 Gaylord St.
Denver, CO 80206
Phone: 303.329.3802
Fax: 303.316.0461

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Matthews & Matthews, P.C. Family Law Consultation and Representation

Matthews & Matthews, P.C.
Family Law Consultation and Representation