Colorado Divorce & Finances

Partitioning out your jointly owned finances is another unpleasant aspect of divorce. You may understandably have a number of questions. How will your Colorado divorce property be divided? What are the tax consequences of the divorce? Are there estate planning issues to be resolved? Will you owe or receive spousal support payments, and if so, what are the possible monetary requirements and time limitations? The following headings offer Colorado law specific to divorce and finances.

Colorado Divorce Property Division/Equitable Distribution/Debts:

Colorado is an “equitable distribution” state. This system is also called common law or marital property. For an explanation of equitable distribution and how it differs from community property rules, see Dividing Up Property in a Divorce: Community Property vs. Equitable Distribution.

Colorado Spousal Support:

Spousal support is a court-ordered recurrent payment to your ex-spouse after divorce. Whenever the court issues a decree for the dissolution of marriage (a divorce), the court may also issue an order at that time that either the husband or wife pay spousal support to the other spouse. However, spousal support may only be ordered in Colorado if the court finds that it is necessary.

The monetary amount and the length of time it will be paid are determined by the court based upon factors such as the financial situations and earning capacities of the parties, including expectations of future inheritances, and the respective abilities of the spouses to meet their needs in consideration of the maintenance amount. Marital misconduct will not generally be considered in the award, but spousal abuse will be considered.

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