Protecting Your Real Assets During a Divorce in Colorado

The are several thoughts that haunt most people during a divorce in Colorado and most are channeled toward protecting real estate assets, getting a mortgage during a divorce, and more. I know a divorce can be emotionally traumatic as I have personally been through one. This video will answer many of your questions on how you can protect your real estate assets, and everything connected to mortgage and divorce.

Hi there. I’m Bob Friel with the Just Livin Realty Group and Friel-Good Mortgage. Thank you for spending a brief part of your day with me here today. On this channel, we talked about living, eating, playing, chilling, and living the Colorado lifestyle, and yes, we even discuss tough topics like divorce in Colorado real estate. Before we head off to discuss divorce in Colorado and how to protect your real estate assets, please head down and like this video, and if you’re new here, make sure that you’re subscribed and have the bell click for notifications when we upload those new videos.

So if you’re wanting a clear plan of support, we can set a meeting. Please see the top pin comment or the link in the description to set a time for a visit.

Going through a divorce is overwhelming, especially when it comes to property division. This is because this aspect alone decides whether you are qualifying for a mortgage after a divorce or if you are eligible for a divorce equity buyout. These are critical factors that affect your financial standing in the future and hence, you should be doubly cautious about the division of real estate.

To ensure that the property division is equitable and fair, you must be prepared with all the groundwork.

Let us go through the various stages.

First, put together all the documents and information that are related to your real estate assets. These are typically property deeds, mortgage agreements, purchase contracts, and any financial records associated with the properties. This will help you to establish your right over the property during court proceedings.

Step two is to identify separate and marital property since the law in the state of Colorado clearly differentiates between the two. Separate property is what you acquired before marriage, or what you have got through inheritance or gift. Marital property includes assets obtained during the marriage and what will come under the purview of a refinance divorce mortgage later. By having a clear concept on this issue you can know which property is eligible for a divorce equity buyout.

Step three is consulting a real estate agent who is aware of all the intricacies of divorce cases. In the past, what I’ve done is meet with each party individually, then together as we discuss the marital property. This way, each party can express their concerns and plans about which way they want their lives to go after the dissolution of marriage. Sometimes, I have seen a client wanting to settle the future quickly with a home loan during a divorce to move into new premises immediately after the judgment.

During these sessions, we prefer having an attorney or a mediator who can explain the finer aspects of the law and whether it is possible for a divorce equity buyout by one of the parties. It helps get support for a clear real estate plan and is beneficial for both parties. By fostering open communication as best we can, the complexities of divorce cases can be successfully navigated with empathy.

Step four is consulting with a mortgage advisor. If any of the properties have mortgages, it’s essential to consult with a mortgage advisor. Now, the families we’ve served appreciate the fact that I’m a licensed mortgage lender as well as a realtor. The biggest benefit, honestly, is for one, they just say that they have less meetings and the lending plan dovetails of course, off the valuation of the home itself, one less person to deal with. What I do is provide insight into refinancing options, how to transfer mortgage responsibilities, or even how to sell the property while considering the existing mortgage terms.

Step five, mediation and settlement. Consider pursuing mediation or settlement discussions with your spouse to find common ground on property division. This approach can be more amicable and less costly compared to courtroom battles. If both parties can agree on a settlement, it will be presented to the court for approval.

Step six is those court proceedings. If a mutual settlement cannot be reached, the court will decide on the property division based on equitable distribution. It’s essential to provide all the necessary documentation and cooperate with your attorney, your real estate agent, and your mortgage advisor. Again, I’m happy to help. Protecting your real estate assets during a divorce is by far very challenging. But remember, you don’t have to go it alone. Surround yourself with a supportive team of professionals who understand the complexity of divorce and property division. Remember, as you navigate through this difficult time, prioritize self-care and reach out to friends, family, or support groups for emotional support.

During my divorce, I put a big focus on physical activity and exercise. I had a core group of about four friends that would take my calls when I needed them. I read books on forgiveness and rebuilding self-confidence. I started journaling and personally found the best support at Red Rocks Church along the front range there and up here in the Vail Valley, The Vail Church. They really helped me out. If you have any questions or need further assistance, don’t hesitate to connect. I’ll do my absolute best to help you. So if you’re wanting a clear plan of support, we can set up that meeting. Please see the top pin comment or the link in the description to set a time for a visit. Remember, you’re not alone and there’s light at the end of the tunnel. Stay sweet and please enjoy another video to help you on your real estate and mortgage needs. Take care.