Archive for Dividing Property

Family Law Lawyer Colorado Springs: Equitable Distribution of Property

Equitable distribution is the distribution of property and debt obligations used by courts in most states when dividing marital property during divorce proceedings. Equitable distribution does not mean “equal” division – it means “fair” division. Instead of a strict fifty-fifty split in which each spouse receives exactly one-half of the property acquired during the marriage, the doctrine of equitable distribution is used to look at the future financial situation of each spouse after the termination of the marriage says Family Law Lawyer Colorado Springs. While equitable distribution is a flexible system, it is difficult to predict the actual outcome of distribution, because some of the factors that courts take into consideration when dividing property during equitable distribution are subjective.

Law

Under the laws of equitable distribution, all real or personal property owned by either spouse separately or by both spouses jointly, may be distributed or divided in divorce, dissolution and legal separation says Family Law Lawyer Colorado Springs. The equitable division of property is not based on a specific formula, such as the fifty-fifty rule of community property, but is instead based on the premise of fairness.

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Family Law Lawyer Colorado Springs: Equitable Distribution of Property

Division of Assets

All property acquired before or during marriage by either or both spouses is subject to division. Any assets including income, dividends, rents, savings, real estate, bank, investment and brokerage accounts, boats, cars, art, and other property, real or personal, may be divided in dissolution, divorce or legal separation. The equitable or fair distribution of property can require the actual division of every asset acquired before or during marriage, or the division of all assets acquired during, but not before marriage, and the unequal distribution of any or all assets. Family Law Lawyer Colorado Springs says generally speaking, judges and commissioners focus only on the division of property acquired during marriage except in special circumstances.

Last Resort

It is important to remember that equitable distribution laws only apply in court. Before a judge determines the allocation of marital assets, the spouses have a chance to work this distribution out either on their own or through attorney negotiations. While equitable distribution laws should be kept in mind during negotiation, during negotiation the spouses are free to divide their property in the manner in which they see fit. If the spouses cannot agree on how to divide the property, a decision by a judge may result in a distribution which leaves both parties unhappy. In some cases, spouses may be able to divide a portion of their marital estate, and bring the remainder to the court to decide how to distribute the rest. In equitable distribution states it is difficult to predict the outcome of property division in divorce, dissolution or legal separation. All assets are subject to the court’s discretion however if you have separate property assets that you want the court to confirm as your own, gather all of the necessary evidence that proves you acquired the property before marriage and there are no special circumstances in your case that justify a judge or commissioner awarding any of the property to your husband. Alternatively Family Law Lawyer Colorado Springs reminds us that, consider negotiating your divorce settlement and the distribution of property so you can avoid the sometimes unpredictable and subjective decisions of family court judges and commissioners.

Family Law Lawyer Colorado Springs: Equitable Distribution of Property

Family Law Lawyer Colorado Springs: I want a Divorce How do I do this?

When a marriage doesn’t work out, it is sometimes best to simply just dissolve the marriage, which is most commonly known as a divorce.  A divorce is defined as “the final termination of a marriage, cancelling the legal duties and responsibilities of marriage and dissolving the bonds of matrimony between two persons.”  Many issues come up during a divorce, such as: types of divorce, filing for divorce, divorce and children, marital property division, possible interim separation, and spousal support.  With so many factors to consider and the uniqueness of situation in different couples, many questions are bound to come up, some specific to one case, while other questions are more common-themed states Family Law Lawyer Colorado Springs.

Are You Sure?

First off, you should be absolutely certain you want to get the divorce expresses Family Law Lawyer Colorado Springs. The break-up of a relationship, especially a marriage, is a very emotional event and some people change their minds later on. If you are going to get a divorce, you should understand that this will require going to court, paying for legal counsel, dividing property, making decisions about child custody and visitation, etc.

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Family Law Lawyer Colorado Springs: I want a Divorce How do I do this?

Yes I’m Sure

It is important to keep any funds you earn separate once you decide to get a divorce. You are going to need that money for legal counsel, filing fees and possibly more things such as moving expenses, fees to open new bank accounts, insurance, etc. If you do not have a separate checking or savings account, get one says Family Law Lawyer Colorado Springs. You need to be aware of the property division laws in your state. You will not be permitted to take more out of a join account than you are entitled to; however, you may decide for reasons of practicality that it would be a good idea to take your half out of the joint accounts in order to avoid the other spouse stealing the money and possibly not having it when property division orders are issued. Divorce is a serious step and you should also consider how your spouse will react to the news. Consider his/her possible reactions and plan accordingly.

Legal Separation

A pre-divorce legal separation takes just as long to negotiate as a divorce, and is just as complex and expensive. Yet, legal separation may be a good idea where each spouse is positive that they will never want to re-marry or reconicle with their spouse, but there are external demands that make a divorce impossible or disadvantageous. For example, a legal separation is advantageous in situations where one spouse’s health insurance provider would cut off the coverage of an ill ex-spouse within a certain period after a divorce became final.  Further, there could be religious bases for a legal separation over a divorce. You would need to petition the family court for an order of legal separation, and you must execute a binding, court-approved agreement covering permanent division of the marital property, child custody and visitation, child support and, if appropriate, alimony payments.  You should consult with Family Law Lawyer Colorado Springs to discuss your jurisdiction’s laws and procedures for legal separations. If needed, your attorney can also help you find third party counselors or mediators who can facilitate your attempts to save your marriage.

Family Law Lawyer Colorado Springs: I want a Divorce How do I do this?