Divorces between couples over age 50 and married for several years could involve complex issues. The complexity often stems from an accumulation of assets. When considering a retirement strategy, property division may become a priority issue.
Under Colorado’s equitable distribution law, the court divides assets fairly between each spouse. Marital property includes income, retirement plans and real estate acquired during your marriage. Separate property includes gifts and inheritances, which generally belong solely to the recipient.
How do assets divide fairly?
Assets classified as marital property entitle you to receive a fair share in a divorce. As noted by Kiplinger’s Personal Finance, taking an inventory of your shared assets helps to initiate discussions regarding a fair division.
The documents needed for working out an equitable distribution include titles to your real estate and vehicles. If you own artwork or jewelry, an appraisal may provide a fair market value that you could refer to during your negotiations.
How much cash may a divorce settlement allow?
Depending on your circumstances, you may need sufficient funds to cover up to 12 months of living expenses. Statements from your checking and savings accounts could demonstrate how much cash the court may consider as fair.
Investment and retirement accounts divide fairly during a Colorado divorce. In some cases, you may also request court-ordered spousal support. As described on the Social Security Administration’s website, ex-spouses over age 62 may apply for nonworking spousal benefits if the marriage lasted for at least 10 years.
A Colorado family court judge may determine your fair share of marital property based on how much value you contributed to your marriage. A careful review of account statements and property titles could help you prepare for a secure future after your divorce.