The difference between equitable and equal division

Colorado is a marital property state, which means that property and assets that the couple owns together will be divided equitably.  Equitable division is not the same as equal division of property, which is the state law in some other areas of the country.

Because an exactly equal division of property might not be fair to both parties, Colorado law instructs judges to divide the property equitably or fairly. In many cases, that means there will be an equal division, but the court can consider a range of factors when deciding who will receive what.

Among the chief considerations a judge may use are how much each spouse contributed in purchasing the property, including nonmonetary contributions as a spouse may make as a homemaker; the economic circumstances of each spouse at the time of the separation; and whether division of shared property might affect children; 

In addition to those considerations, the judge will also work to ensure that existing debts or loans will be paid.

Some general rules: 

• With some exceptions, property acquired during marriage is generally marital property, regardless of how it is titled.

• Marital property includes real property, stocks/mutual funds, retirement plans (including military retirement), bank accounts, the increase in value of one spouse's separate property, and tangible property such as vehicles and household goods.

• Generally, property that either spouse brought into the marriage is the separate property of that spouse, but there are exceptions to this as well.

• Be prepared to discuss these and other issues with your attorney and ensure that you have full records on any and all property that may be subject to division.