Types of Properties Legally Recognized in Divorce Proceedings
Divorce is a psychologically and financially draining process for everyone involved, including children. One of the aspects you deal with is the division of assets. This is one of the most crucial and most contested aspects, especially for “high net worth” couples.
To ensure that you navigate this issue successfully and get a fair share, hiring a competent and experienced divorce lawyer in Denver, Colorado is critical. Lewis & Matthews, P.C. explains that there are various types of legal property considered in divorce proceedings. Here are some of them:
This includes all that was acquired, earned or bought from the commencement of your marriage up to the day of filing for divorce. All things purchased using community funds are also considered community properties. A good example is a car bought using your income. Community property also includes all debts accumulated in your marriage even if the accounts and credit cards bore one spouse’s name. Each spouse is entitled to 50% of community property.
The main types of separate property in divorce are gifts and inheritances. All income generated from gifts and bequests are also considered separate property. If the court, however, determines that your separate property has in any way become co-mingled, then it will be regarded as community property. Rental income from a separate property deposited into a couple’s joint account is deemed co-mingled.
This is the property a couple acquires while living in non-community property area should the couple relocate to a community property area, the property is treated as community property. If the divorce takes place in a non-community property state, the property is treated as a separate property. In community property states, however, it is considered community property.
Some couples enter into prenuptial agreements before marriage. In most agreements, spouses opt out of community property either entirely or partially. If you have a valid prenup, your divorce attorney should evaluate it and let you know what you can get in your marital estate.