Colorado recognizes marital and separate property. If property is marital, this means the court has jurisdiction to divide it. If property is separate, the court has no jurisdiction over this property.
Marital property is typically any property or debt acquired from when you get married until the divorce (or legal separation) is final. Even if you have lived apart. It doesn’t matter whose name is listed as the owner of the property.
There are exceptions for separate property. These can include property received before the marriage as an inheritance or a gift. Even if property can be defined as separate, any increase in value of during the marriage is considered marital property. If you have separate property that gets mixed in with marital property (like depositing money from an inheritance into a joint bank account), it may no longer be considered separate property.
Do you have questions about separate or marital property?
Contact me at 719-726-0133 or stephanie@stephanieshannonlaw.com to schedule a free, 30-minute consultation.