Since Colorado is an equitable distribution state, it’s best to retain an attorney who regularly practices in the arena of high-asset divorce. The The Law Offices of Rodger C. Daley and Associates has been representing those who have high-dollar assets since 1991. These assets might include a mansion or several homes, high-end vehicles, retirement accounts, stocks, bonds and more.
When the law follows equitable distribution, the parties may not get half of everything when they divorce. Several items are taken into consideration including the current salary of each spouse, the ability of each spouse to earn money and to increase his or her salary over time, non-marital property, alimony and other issues.
If one spouse earns a considerable amount more than the other or if one of the spouses does not work, it’s possible that the spouse earning the lower amount may be awarded more of the assets, depending on the circumstances.
Coming to an Agreement
If at all possible, you and your spouse should try to reach an agreement on the division of assets so that you each get what you want. For example, if you want one of the vacation homes you may not end up with it if the court decides that it is needed to make the division of assets more equitable by giving it to your spouse, especially if you are keeping the marital home. If you can agree on which home you want, it is best to have a Colorado high-asset divorce attorney prepare a settlement agreement for you.
Another example of getting what you want – as long as it is fair – is retirement accounts. You may want to keep yours and your spouse may want to keep his or hers. The best way to keep the retirement accounts out of an equitable distribution order from the court is to agree to keep the accounts. One spouse may offset a larger retirement account with another asset or assets.
The Affect of Divorce on Your Assets
You may have worked for a long time to acquire your assets, including before your marriage. In most cases, once you marry, assets become marital, which means they are equitably divided between you and your spouse if you divorce. An attorney could help you keep some of those assets if they are exempt from being classified as marital assets.
While you want the divorce to be fair for both parties, you will also want to keep certain assets for various reasons. The The Law Offices of Rodger C. Daley and Associates will be able to help you determine which assets are non-marital and can help you and your spouse come to a fair agreement so you don’t have to let the court decide for you.
Sources: /blog/2016/09/how-your-vacation-home-can-further-complicate-your-high-asset-divorce.shtml, http://www.lpdirect.net/casb/crs/14-10-113.html