When times were still good, you and your spouse were probably overjoyed to purchase that vacation home in the mountains of Colorado or that oceanfront property in California. But unhappily, your marriage is on the rocks. You are contemplating divorce, and that vacation property is a high-value asset that will soon be causing headaches instead of smiles and holiday memories.
Equitable Distribution and Your Vacation Property
Colorado is an equitable distribution state. This means your marital property will be distributed as "fairly" as possible. This does not equate to 50/50 distribution. Instead, many factors come into play to determine what is fair, also termed "just and equitable". Essentially, it means ownership of that vacation home is likely up in the air if a court is made to decide.