Colorado Springs Property Division Attorney
One of the most important tasks in the marriage dissolution process is achieving a fair and equitable division of marital property, including debts. Property division, like child custody, is often the source of considerable disagreements during the divorce process.
Attorney Royal A. Martin is an experienced family law and divorce lawyer. We can provide advice and representation designed to protect your assets and achieve an equitable division of assets and debts.
For a consultation about your situation, call us at (719) 473-7733.
Identifying and Valuing Marital Property
While the law itself is very straightforward in matters involving marital and separate assets, the actual determination of what is marital property and what is separate property can be highly problematic.
Generally, marital property includes all assets that were acquired by the parties during their marriage to each other. The asset may be jointly titled, as is often the case with a house. A marital asset may also be individually titled, such as a vehicle as long as the vehicle was acquired during the marriage. Marital assets may bear no title, such as furniture, a television, or appliances. If the item was acquired during the marriage, it is marital property, unless the law specifically exempts it. All marital property should be equitably divided between the parties. This means that the property should be fairly divided, however not necessarily equally divided. Of course, marital property must be fairly valued to be divided. The parties may agree upon valuations or they may agree upon an appraiser to provide the value or they both hire their own appraiser.
If you own a business, a divorce and property settlement first requires a fair and accurate valuation of the business.
Separate property on the other hand is the property a spouse brought into the marriage, or which is otherwise exempt from the marital estate, such as an inheritance.
Problems come when a separate asset is converted to marital property, such as when a spouse uses an inheritance to make a down payment on a joint residence. In this case, the separate property has become commingled with marital assets. However, if you use your inheritance to purchase a car or a house, and title the new asset in your name, then the asset remains your separate property. Except for any increases in value since you acquired the asset. Confused yet?
A knowledgeable and skilled lawyer can help you identify, and value, separate and property.
Experience Makes the Difference
At Royal A. Martin, P.C., our experience can provide our clients with an edge. We understand the law and how to apply it to situations involving complex marital assets. When needed, we can call upon accountants, financial analysts, and investigators who can provide us with information and insights.
Our goal in the property division process is to obtain a full accounting of assets and a fair distribution of those assets, so that you can move on to the next stage of your life with confidence and peace of mind.
For a consultation with Royal A. Martin, call (719) 473-7733, or contact us online.
Royal A. Martin, P.C.
320 South Cascade Avenue
Colorado Springs, CO 80903
Phone: (719) 473-7733
Fax: (719) 473-9271
Serving clients in Colorado Springs, Colorado, and the surrounding areas, including the cities of Security-Widefield, Manitou Springs, Fountain, Woodland Park, Black Forest, and Falcon, and Fort Carson, Peterson Air Force Base, the Air Force Academy, and Schreiver Air Force Base.
El Paso County • Teller County
