When it comes to the process of divorce, states can differ considerably regarding the timeline and the way that assets are divided. When considering filing for a divorce, make sure to research how the law works in the state in which you will be filing for divorce.
In the state of Colorado, no fault divorce law is followed. This essentially means that a spouse cannot be blamed, from a legal perspective, for the breakdown of the marriage — for example, because of adultery or hostile behavior. Instead, there is only one way of having grounds for a divorce: by claiming that the marriage in question is broken irretrievably.
What implications do no fault divorces have when it comes to asset division?
Since one spouse cannot be blamed for the breakdown of a marriage, assets in the state of Colorado will never be divided based on information regarding how the marriage ended. For example, if one spouse committed adultery and the other filed for divorce, this fact will not affect the way that assets, such as vacation homes, are divided.
Colorado also follows equitable distribution law in regard to the division of assets after the breakdown of a marriage. Assets are not divided equally between both spouses, but, instead, each spouse is entitled to property based on the specific circumstances and what is considered by the courts to be fair.
This commonly means that the spouse who was the breadwinner in the marriage will be entitled to a larger portion of the assets resulting from the marriage. Assets that are considered luxury items, such as vacation homes, will likely be awarded to the higher earning spouse if it can be shown that his or her income made the purchase possible.
Equitable distribution states allow a great deal of room for negotiation, and the outcome of the division of assets can vary greatly depending on the specific case. If you are considering a divorce in Colorado, it is important that you are equipped with knowledge about the division of assets before taking such an action.