Couples who decide to end their marriage and file for a divorce will have to consider how they will divide their marital property. Finalizing a divorce requires spouses to reach a settlement on issues of asset division or allow the court to resolve the issue for them.
Asset division is often complicated, especially in a contested divorce. Because of this, couples must pay attention to the common issues that make it particularly complicated. When splitting property in a contested divorce, a Centennial divorce lawyer should be hired. The following are some of the issues to keep in mind:
Identifying Marital Assets
The law requires marital assets to be divided equitably in Colorado. But, fair division can only be possible if you know exactly what’s you or your spouse owns and by the marriage as a whole. If your divorce is contested, you may no longer be in good communication with your spouse. In fact, one party might not be acting in good faith or hiding assets. If you are pursuing a contested divorce, you need to ensure your spouse is disclosing all of their assets. If you suspect your spouse is hiding assets, a divorce lawyer can help you protect your rights.
Valuing Non-Monetary Property
Aside from identifying marital assets, valuing also presents a significant challenge in asset division during a divorce. Although it is easy to value the proceeds of a bank account, a lot of assets can’t be easily valued with an exact dollar amount. If you are like many couples, you probably own property with a considerable sentimental value, which cannot be assigned a pure economic value. Usually, dividing non-monetary property equitably can be done through creative and individualized solutions which can be hard to find in a contested divorce.
Dealing with Complex Assets
As you go through a contested divorce, it can be especially difficult to deal with complex property. Assets such as business interests and retirement assets are not easy to divide. Fortunately, some legal tools are available that can allow assets like these to be divided more efficiently and effectively. For instance, your divorce attorney can help you set up a Qualified Domestic Relations Order (QDRO) that enables the division of retirement savings or holdings without incurring any tax penalties or early withdrawal fees.
To make sure you get what is lawfully yours in a contested divorce, hire an experienced divorce lawyer. If communication between you and your spouse is no longer possible without outbursts, you can have both of your lawyers deal with the issue for both of you while keeping you informed of the progress.