Colorado is an equitable distribution state. This means that, in a divorce, the court will divide a couple’s assets and debts fairly, not necessarily equally. The divorce statutes in the state offer guidelines to provide each spouse with comparable means following the dissolution of marriage, instead of an even 50-50 split.
If you are a woman facing a high-asset divorce, you likely have many questions and concerns about the property you will receive following the divorce process. Today, many women have lucrative careers outside the home, but others do not work and focus on taking care of the house and children. In either case, you would do well to keep the following points in mind when seeking your fair share of marital property during your divorce.
Know your finances
If you were not involved in your family’s finances during the marriage, you need to educate yourself about all of your household bills and income as well as the value of any monetary accounts you shared with your soon-to-be ex. You should identify and be able to access all bank accounts, retirement funds, investment accounts and other accounts so that you have a clear picture of the amount of the assets at stake. In some cases, you may need to hire a forensic accountant to uncover any hidden assets.
Even if an account is in your husband’s name only, the court considers any money, assets or property acquired during a marriage as marital property, which includes investment and retirement accounts that grew in value during the course of a marriage. You also need to identify all debts and credit accounts, as these liabilities will also be divided during divorce. This will give you a better understanding of your overall financial standing.
Consider the family home
Another decision you must make relates to your family home. Oftentimes, women want to keep the martial home after divorce, mostly for the sake of the children. However, you need to determine if this is the best option by considering whether you can afford to live in the home without your husband’s income.
Even if you both worked during the marriage, maintaining the same residence on only one income may prove to be too challenging. If you did not work during the marriage and still want to keep the house, you can factor this into negotiations for alimony and spousal support.
Seek experienced support
A high-asset divorce often involves many challenges related to the division of assets and property, and you may seek an alimony agreement that will help you maintain a certain lifestyle. Since divorce is a complex and emotionally challenging process, you need to consult with an experienced Colorado family law attorney to advise you of your options and advocate for your best interests. With such guidance and support, you will be in a better position to achieve your goals and take care of yourself and your family financially.