Denver area residents who have decided to move forward with a divorce are undoubtedly facing a difficult time in their lives, oftentimes with more questions than answers about what life will look like in the months and years after the divorce is finalized. This decision is life-changing, in more ways than one. For many people who are going through a divorce, the primary question they have is how the distribution of assets and debt will impact their lives. Those individuals should become familiar with the legal term “equitable distribution.”
So, what is “equitable distribution” and how will it impact your divorce case? Well, for starters, unless the divorcing couple is able to reach an out-of-court agreement on how their assets and debts will be divided, the issue will be up to the family law judge to decide. In doing so, that judge will adhere to “equitable distribution” to address property and debt division. This does not mean that there will be a 50/50 split.
When it comes to equitable distribution, the fact is that the judge will divide assets and debts according to what is deemed to be “fair.” That perception, obviously, could have a huge impact on how much you walk away from a divorce with, and how much debt you will need to worry about for the foreseeable future after the divorce.
When litigation about the equitable distribution of assets and debts becomes an issue, Colorado residents will need to be ready to make persuasive arguments to the judge about what, exactly, is “fair.” Getting the right information about the legal options in your own unique divorce case is usually the best first step.