Jefferson Property Division Attorney

Jefferson Property Division Lawyer

One of the most stressful aspects of divorce can be the division of marital assets. Divorce is emotionally draining enough, but disputes over what is fair in property division can lead to even more disdain and no resolution. Connecting with a Jefferson property division attorney can relieve some of the tension surrounding property division amid divorce.

A Family Law Firm That Cares

At Kinnett & Cordes, we strive to provide our clients with compassion and patience. Our practice focuses only on family law. This means we are well-versed in property division laws and have represented countless property division cases. We have a great deal of experience working with individuals who are sorting out marital assets from separate property and dividing those marital assets fairly before getting divorced. We understand what you’re going through.

What Does Property Division Entail?

Property division is the balanced separation of assets and property acquired during the marriage. The term ‘property’ refers to any tangible items of value or worth shared between the two of you. It also includes financial accounts, such as checking and savings accounts. Other types of financial accounts and tangible property that are eligible for property division include the following:

• 401(k)s
• Pensions and other retirement accounts
• Stocks
• Home Equity
• A Colorado PERA account
• Joint ownership businesses
• Real estate
• The family home
• Family cars
• Any art, valuables, or collectibles of value

Division of Marital Debt

What many people don’t realize is that property division also refers to a couple’s debt as well. This includes credit card debt, second mortgages on the family home, car loans, etc. These are the types of assets that can often be leveraged between spouses to make property division more balanced. Any debts that were acquired between the dates of marriage and separation must be included in the property division. Some examples of marital debt follow:

• Home mortgage
• Loans on home equity
• Car loans
• Student loans
• Credit card debt
• Bankruptcy payments
• Any unpaid taxes for the years you were married

It is important to note, though, that just because your divorce decree assigns the responsibility for a debt to one spouse, it doesn’t mean they are going to pay it. If they don’t pay it, they are in contempt of court. In this case, enforcement of court orders would be necessary.

Also, just because responsibility for a debt is taken from one spouse and transferred to the other, creditors and banks do not automatically remove the liability of the other spouse. Most financial institutions require a debt to be paid in full before they will remove someone’s name from the account, so that it no longer appears on their credit report.

Until a debt in your name is paid, it can still affect your credit score and your potential to use your credit. If you do want your name removed from a financial account once it is in good standing, you will need to call the financial institution and request the action. Otherwise, they are not made aware of your divorce or any conditions of your divorce decree.

Property Division and Chapter 13

There are over 100 Chapter 13 bankruptcies filed in Colorado each month. Many of these cases involve families who are attempting to catch up on mortgage payments they got behind on. It is a last effort for many families to prevent losing their homes to foreclosure. When divorce occurs before the completion of the bankruptcy, considerations and arrangements must be made to continue splitting the case, transfer ownership of the home to one spouse, or sell the house.

A Jefferson property division lawyer can provide the advice you need to work through these types of issues that come up every day in property division cases.

How a Jefferson Property Division Attorney Valuates Marital Property

An experienced property division lawyer in Jefferson will have a number of resources on hand that they can use to take an inventory of your and your spouse’s assets. They use basic search tools, like the Jefferson property records search, and financial information provided by the client, including bank account statements, like Cash App and Venmo statements, credit card statements, invoices, or expenses.

Appraisals of real estate and other property are commonly requested if values are ambiguous. In some cases, it’s necessary to call in a third-party accountant to review the financials and determine if there’s anything that seems unaccounted for. These inquiries are protected by the attorney-client privilege, except for providing discovery to the opposing side and what’s revealed in the public record if the case goes to trial.

There are ways to prevent a divorce case from litigation, like mediation. Ask an experienced property division law firm how you can avoid court. If your case does go to trial, Jefferson divorce cases are handled by the 1st Judicial District of Jefferson and Gilpin Counties, located at 100 Jefferson County Parkway, Golden, Colorado.

Do I Have to Hire a Property Division Attorney?

It is not required by law that divorcing couples in Colorado hire a property division attorney. However, it is to the advantage of those individuals involved in divorce to consult with a law firm, especially if there are any questions. Specific reasons why you might need to hire a Jefferson property division attorney are listed below.

• You believe your spouse might be hiding assets.
• You are unsure about what finances you and your spouse have.
• You and your spouse have a high collective net worth of around $1 million.
• You and your spouse own multiple real estate properties.
• You and your spouse own a business together.
• You or your spouse owns one or more businesses.

Why Choose Us?

Kinnett & Cordes was built on a commitment to providing affordable family law legal services to families in Colorado communities, like Jefferson. We offer flexible payment plans to better financially accommodate our clients. In the more than 15 years our law firm has been representing families, we have handled thousands of successful cases. We are confident that we can handle your case as well.

Speak to an Experienced Jefferson Property Division Attorney

Whether you just have questions or if you are ready to hire an attorney to handle your property division matters in Jefferson, the legal team at Kinnett & Cordes is here for you. Contact our office and make an appointment to meet with one of our understanding and well-qualified family law attorneys.