What, if anything, is my wife entitled to as far as assets from the sale of my first home?
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?
06/19/2007 |
Category: Husband and Wife |
State: Colorado |
#6527
Answer:
Colorado is a so-called "equitable distribution" state. This means that the division of property and debts between the divorcing parties should be fair and equitable, but not necessarily equal. There is no fixed standard to divide property, each case will be decided on its facts, and the trial court's discretion will not be disturbed on appeal without a showing of clear abuse. When considering how to divide property, the court will consider the following factors:
1. The contribution of each spouse to the acquisition of the marital property;
2. The value of the property set aside to each spouse;
3. The economic circumstances of each spouse at the time of the property distribution; and,
4. Any increase or decrease in the value of the separate property of the spouses during the marriage or the depletion of the separate property for marital purposes.
Generally, separate property acquired before the marriage or by gift or inheritance during the marriage may be excluded from the marital estate if neither the property nor its income has been used for the common benefit of the parties during their marriage.
