Divorce Facts

Property:

In Colorado, property is divided into two categories, marital property and separate property. The court in a dissolution proceeding can divide marital property, but cannot divide separate property. Equitable division of property is defined in the Colorado Code as follows:
       
The court… shall set apart to each spouse his or her property and shall divide the marital property, without regard to marital misconduct, in such proportions as the court deems just after considering all relevant factors.

Accordingly, when the court deals with property, it follows a three step process.

1. The classification of property as marital or separate property.
2. The valuation of the property.
3. The equitable division of the property.

Valuation of property

Property is valued as of the date all of the dissolution degree or time of trial. The means for valuing properties varies with the types of property.  For instance, were property is usually valued by an appraisal.  Similarly, motor vehicles can be valued by their so-called "blue book" value.  Pensions and retirement accounts are very complicated. But in general, they are divided either in kind or valued by an actuarial appraisal. In addition, there are issues related to stock options, family businesses and other assets of the marriage that all have to be valued and resolved.  Clearly, the means of valuing property varies tremendously with the nature the property and the aspects of any particular case. Mr. Borof's experience has enabled him to work with all types of businesses and marital property to assist in the valuation and division of the property.

 Equitable Division of property

Equitable Division of property is not necessarily an equal division of property.  Rather, as defined by the statute noted at the beginning of the property section, it is a fair division of property as determined by the court in consideration of a number of factors including the following:

1. The contribution of each spouse to the acquisition of the marital property, including the contribution of the spouse as homemaker;
2. The value of the property set aside to each spouse;
3. The economic circumstances of each spouse at the time the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to the spouse with whom any children reside majority of the time;
4. Any increases or decreases in the value of the separate property of the spouse during the marriage or the depletion of the separate property for marital purposes.

Under these guidelines, there is no hard and fast mathematical formula for the division of property.  Rather, it is based on how the court interprets the relevant factors.  The situation will vary from case to case depending on the circumstances.  Given his vast or specific knowledge required to present the evidence that most favors his clients.