In many marriages, the family residence is the most valuable property in the estate. Whenever a couple decides to divorce, in some cases, one person will move out; in other cases, the parties will remain in the house together until the divorce is finalized. Because the marital home is property, the equity in the home will need to be considered when evaluating the assets to be divided. In some cases, divorcing couples have other real estate, such as vacation homes, commercial real estate, or rental homes.
Because Colorado is an equitable division state, the court will divide the marital estate according to equity principles. This is not the same as an “equal” or 50/50 split. The court will take into consideration a wide range of factors, including the economic circumstances of both parties and the value of the property at stake.
Dividing the family real estate during a divorce can be a very complex matter. If you are going through a divorce in Denver, it’s critical that you work with a qualified Colorado family lawyer. You need an attorney who has extensive experience with dividing marital property and determining, with the help of housing experts, the fair market value of the property.
The Denver divorce lawyers at Halligan LLC can negotiate the best possible deal for you while ensuring that the actual market value of all real estate is known. To find out how we can help with your particular case, call today at (720) 608-2361 and schedule a consultation.
How a Denver Divorce Lawyer Can Help
Whether you and your former spouse shared a single home or owned multiple properties, the Denver divorce attorneys at Halligan LLC can provide counsel about how best to divide the assets during your divorce. We handle the division of all types of assets, including:
- Marital Home
- Vacation home
- Rental property
- Income-producing property
- Commercial real estate
The lawyers at Halligan LLC can assist you in figuring out the appreciation or depreciation adjustments. This way, you’ll be able to anticipate the actual value you will get. We can also discuss the advantages and disadvantages of selling the home with the divorce or holding on to it and selling it later.
It’s possible that you or your spouse have a different piece of marital property that either of you would prefer to keep. This requires some negotiating to keep your real estate property intact. Our attorneys will discuss with you your goals for property division and develop a plan of action to help you meet those goals.
Our attorneys are accomplished negotiators. More than likely, we’ll be able to work with you, your spouse, and your spouse’s lawyer to reach a settlement you can both agree to. We will work hard to complete a property division with maximum benefits for you and with as little stress as possible along the way. If an agreement cannot be reached, our highly skilled trial lawyers are prepared to take your case to court.
Marital Property and Separate Property
The first step in the process of dividing property is deciding whether the property is marital or separate. Marital property includes assets and debts that a couple acquires throughout the marriage. Property is separate if a spouse owned it prior to the marriage or acquired it during the marriage through inheritance or gift.
It’s important to note that the distinction between separate property and marital property is not always clear-cut. When property acquired before the marriage increases in value during the marriage, it takes on aspects of both separate property and marital property. Separate property may also be blended in with marital property, making it more difficult to characterize. An experienced Colorado divorce attorney can help you distinguish separate and marital property.
Valuation of the Property
Homes are very significant to many couples as they are often the place of fond memories like raising children. The state of Colorado recognizes the attachment that couples and their children may have to the home. In dividing property, the court must consider “the desirability of awarding the family home or the right to live therein for a reasonable period to the spouse with whom any children reside the majority of the time.”
The fair market value of the family home, or most other real estate for that matter, can be determined by an appraiser. A market analysis may also be used. This method is typically cheaper than an appraisal, but it likely will not provide the same level of accuracy and quantitative analysis. Tax assessments are typically not as accurate as appraisals.
Dealing with Timeshares
Some couples have timeshares, which are somewhat of an outlier in a divorce when it comes to property and assets being divided in a divorce. Because timeshares are not a brick-and-mortar property asset, nor do they have well-defined and updated values like stocks, they are seen as part asset and part discretionary spending. While resolving a timeshare issue can be tricky, there are ways couples can deal with them, such as selling the timeshare and distributing the funds or one person buying the other’s portion and taking sole ownership. A knowledgeable divorce attorney can guide you as you decide what to do with your timeshares.
Contact Us Today
If you and your spouse are going through a divorce and have a property and real estate to divide, it is highly advisable that you seek the help of a family lawyer. The Denver divorce attorneys at Halligan LLC are experienced in handling cases involving family home and real estate divisions. We’re committed to helping you through every step of the process as we make sure all your needs are met.
Contact our skilled and compassionate Colorado family lawyers today at (720) 608-2361 today to schedule a confidential consultation.