Full question:
I owned a home in Texas for 6 years prior to marriage. After I married, I sold the home and purchased a new home in Colorado with SOME of the money from the sale of my first home. My wife of 5 months now wants a divorce. What, if anything, is she entitled to as far as assets from the sale of my first home?
- Category: Husband and Wife
- Date:
- State: Colorado
Answer:
Colorado follows equitable distribution laws, meaning property and debts are divided fairly but not necessarily equally during a divorce. The court considers several factors when determining property division:
- The contributions of each spouse to acquiring marital property.
- The value of property assigned to each spouse.
- The economic circumstances of each spouse at the time of distribution.
- Any changes in the value of separate property during the marriage or its use for marital purposes.
Generally, property acquired before marriage, or through gift or inheritance during marriage, may remain separate if it hasn't been used for the couple's benefit during the marriage.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.