One of the greatest fears people have when going through a divorce is that they may walk away from the marriage with nothing at all. This fear is as strong among breadwinners as homemakers. Because of this, both parties may create a push-and-pull dynamic that leads to friction and can cause negotiations to go sour before they ever truly begin. Working with an experienced Denver property division attorney can ensure you know what your rights are and increases your chances of walking away with a fair settlement.
In fact, a Denver asset division during divorce lawyer may assist couples even when they are amicable and open to compromise. This is because many couples are not aware of the assets and debts that become marital property and may withhold assets from each other unintentionally. For instance, a breadwinner may feel willing to pay alimony for the next 10 years but may not realize his or her partner may also become entitled to a portion of the retirement account.
HOW COLORADO LAW TREATS MARITAL PROPERTY DURING A DIVORCE
When it comes to asset division during divorce, there are two types of jurisdictions: community property states and equitable distributions states. Several states in the West are community property states that require 50/50 division of marital property. In contrast, Colorado is an equitable distribution state. From a legal perspective, these states favor a fair distribution of assets, based on contributions to and sacrifices for the marriage that were made by both parties.
It is also important to pay attention to trends in the courtroom. While 50/50 distribution is not required, it is presumed. This means that most courts favor this type of distribution and consider it to be fair. However, Denver judges may make exceptions based on the specifics of the marriage and the couple’s finances. The length of the marriage and whether one person became a full-time homemaker are two of the biggest determining factors.
HOW OUR DENVER PROPERTY DIVISION LAWYERS CAN HELP
No matter how similar your marriage and financial situation may appear to someone else’s, you need a unique property division plan. Your attorney at Johnson Law Group, LLC, will work with you to protect your rights. If your partner feels willing to cooperate with you, this makes it even easier to expedite the process. When litigation becomes necessary, however, you can count on firm representation in the courtroom.
We begin all our property division cases by listening intently to what you have to say about your finances and the marriage. Marriage is a two-person commitment and so is divorce. Because of this, the relationship dynamic may also determine how the Denver property division attorney assigned to your case charts the approach.
If you are a breadwinner or have otherwise maintained a career, you may have access to all or most of the financial documents necessary to begin the process. Dependent spouses may often have a more difficult time trying to access bank statements and filed tax returns. Our experienced asset division divorce lawyer will assist you in sourcing the additional documentation. We may also liaise with financial experts if you suspect your spouse may be hiding assets from you.
Once we have all the data we need to make informed decisions, we will recommend property division options. If your spouse is on board with an amicable divorce, you can review this together. Our recommendations may take the following into consideration:
• Current Colorado laws on property division
• Current trends in the courtroom regarding property division
• Whether there are children or other dependents involved
• Whether there is a wide gap in current and potential earnings for both parties
• Whether one spouse made career-building contributions to the other
• Current income streams, assets and debts
In an ideal situation, your spouse immediately agrees to the proposals and we can move forward with a divorce settlement. Unfortunately, this rarely happens. It is important to note that negotiation is not always a bad thing, so enter the process with an open mind. For instance, some spouses want a clean cut to relationships. Your spouse may want to offer more currently owned property or cover some of your debts, in exchange for doing away with alimony. In some cases, this is a settlement worth considering.
We are also committed to protecting family relationships, especially when children or other dependents are involved. When spouses cooperate, this works well. If your spouse takes a combative approach, we try to neutralize the situation before it escalates. Some spouses are committed to making things difficult. When this is the case, we may choose a more aggressive stance to protect your rights.
HOW WE HANDLE MORE COMPLEX CASES
Some property division cases are more straightforward than others. Even if one spouse wants to fight it out in court, the finances may only involve full-time employment, two cars and a home. However, there are some property division cases that include complexities requiring exceptional skill to navigate. We may need to do a more thorough review of finances in these instances and often liaise with financial professionals.
Here are some situations where this may become likely:
• When both parties brought assets into the marriage but those assets became interwoven
• When one or both parties have children or other dependents from prior marriages
• When one or both spouses have multiple income streams
• When one or both spouses are involved in family businesses and become entitled to a portion
• When couples decide to settle in other ways to avoid paying or receiving alimony
• When one or both parties are currently paying child support or spousal support to another household
WHY HIRE OUR DENVER PROPERTY DIVISION LAWYERS
For many people, divorce is a frustrating and even terrifying legal process. It is natural to feel anger, hurt and even fear, as you work through the process. Unfortunately, property division is where many disputes become aggressive and tension runs high.
Working with experienced attorneys can help ensure you have professionals to guide you through the process. We also handle many of the unpleasant steps on your behalf. Contact Johnson Law Group, LLC
, for more information on how we can assist with your specific property division case.