How to protect your property from divorce in Colorado
Divorce is a tough process, and one of the crucial aspects is splitting assets. Real estate is often one of the most significant assets that couples have, making property division a crucial part of divorce proceedings. In Colorado, the state follows the principle of equitable distribution, which means that the court aims to divide assets fairly but not necessarily equally between both parties.Verify my mortgage eligibility (Sep 27th, 2023)
To help you navigate this process, we've put together a comprehensive guide to dividing real estate assets during a divorce in Colorado. Please watch the video below then head down to read the article.
Step one is identifying marital property.
The court considers any assets acquired during the marriage as marital property and they are subject to division. Real estate assets, including a family home, vacation properties, and rental properties, all fall under this category. To identify marital property, it is essential to get a clear understanding of all the assets owned by both parties. This will include locating and obtaining relevant financial documents and other property records.Verify my mortgage eligibility (Sep 27th, 2023)
Step two is property valuation.
Accurate property valuation is key when dividing real estate assets during a divorce. A real estate agent can play a vital role during this process. They can help provide a fair assessment of the current market value of the property. During the group meeting, we often have either your attorney or a mediator attend so that we all can support you in this process through accurate property valuation.
The mortgage lender consultation is the third step in the process.
If any of the properties have mortgages, it is essential to consult with a mortgage advisor like myself. This consultation can help determine how to deal with mortgage payments and if refinancing is necessary. In some cases, the property may need to be sold to repay the outstanding mortgage.
In Colorado, couples have the flexibility to agree on a property division plan outside of the court through mediation or settlement discussions. Mediation is a good option for couples who wish to avoid the courtroom. A mediator can help both parties come to an agreement without the need for a judge to make a ruling. At our meeting, we can advise you on whether mediation is a good option for your situation.Verify my mortgage eligibility (Sep 27th, 2023)
Dividing real estate assets during a divorce can be a complicated and emotionally draining process. However, with our guide to dividing real estate assets during divorce, you now know what steps to take and how to navigate the process successfully. Identifying marital property, property valuation, mortgage lender consultation, and mediation are all essential aspects of this process. At our meeting, we can provide you with more information on the specific steps needed to divide your real estate assets during your divorce in Colorado.
Remember, our team is here to support and guide you through this challenging time.Show me today's rates (Sep 27th, 2023)