I Am Separated From My Spouse. Can He/She Still Get Half Of My Assets?
It depends. (How’s that for a typical lawyer answer?)
In Colorado, there is a difference between being physically separated from your spouse (living at separate addresses) and being legally separated from your spouse (having a Decree of Legal Separation).
There are two categories of property in a divorce: (1) marital; and (2) separate. While there are some exceptions, marital property is any property you earn or buy during the marriage. Until you have a Decree of Legal Separation or a Decree of Dissolution, you are still considered married. Therefore, if you are only physically separated from your spouse, any assets you are acquiring are still considered marital property.
In other words, do not play the lottery while you are separated (or any time before the Decree is issued). In 2014, a lottery winner had to give his ex-wife $50,000 because he won a scratch-off ticket in January 2011, but did not file for divorce until March 2011.
However, this is not where the analysis ends. Colorado uses an “equitable distribution” system for dividing marital property. In a nutshell, this means that the court decides the amount of property that it is “fair” to give to each spouse. Generally, this results in a roughly equal division. However, there are several factors that the court considers when dividing property. For example, if one spouse has a significant amount of separate property, the court may award a higher percentage of marital property to the “poorer” spouse.
If the parties have been separated for a long time, the court will consider whether the other spouse contributed to the party’s acquisition of the property. For example, assume that the parties have been separated for five years. During that time period, the wife purchased a vehicle and took out a loan on that vehicle in her own name. It is likely the court will award that vehicle to wife, along with the loan that goes along with the vehicle.
Do you have questions about dividing property with your spouse? Give Katelyn a call!