Douglas High Net Worth Divorce Attorney

Douglas High Net Worth Divorce Lawyer

Divorce can be an emotional and financial roller coaster. When couples are dividing property, it can easily become a lengthy and contentious process. High net worth divorce requires experience managing assets, negotiations, and litigation when necessary. If you are considering divorce and have a high net worth, consider consulting with a Douglas high net worth divorce attorney.

Kinnett & Cordes understand Colorado divorce laws and proudly serve Douglas County residents from our Denver office. We work with you by giving you all the facts you need to make informed decisions on your future after divorce. Our seasoned legal team has experience managing complex financial asset evaluations and negotiations that come along with high net worth assets.

Divorce Laws and Statistics in Colorado

Colorado divorce laws require that one spouse has lived for a minimum of 91 days prior to filing for a divorce. If children are involved, then the children must have lived in Colorado since birth or a minimum of 182 days.

Colorado is a no-fault state, so there’s no need to document a specific reason for a divorce. A divorcing couple needs to state only that the marriage is irretrievably broken. There is a mandatory waiting period of 91 days since the divorce petition was filed jointly or served. Colorado divides property equitably, not necessarily 50/50, so having a skilled attorney pursuing your interests is vital when you have a high net worth.

Colorado has a relatively high divorce rate. Values range from 2.8 to 3.0 divorces per 1000 residents. The highest percentage of divorces occurs among couples aged 25-39, but the rate of divorce for those 50 years or older is increasing.

Equitable Division for High Net Worth Divorces

Douglas County is Colorado’s richest county with a median household income of approximately $139,000 compared to a statewide median of $87,598. The average sales price for a single-family detached home is currently $873,990. Divorces with high incomes and plenty of assets can become complex when dividing property in a divorce.

Colorado follows an equitable or fair division model when it comes to valuing assets and dividing them in a divorce. Each spouse must provide a full and complete disclosure of all financial, investment, real estate property, and other assets. A full inventory of the marital estate is required and includes bank accounts, businesses owned, vehicles, and other assets such as valuable antiques or trusts.

Each spouse must assign a valid fair market value to all assets and debts considered marital or commingled property. If you have separate property that you don’t want considered as marital property, you must prove it belongs only to you, or it may be added to marital property and divided. When you hire a high net worth divorce attorney, you gain the advantage of legal experience and guidance for classifying and valuing assets.

Defining Property: Marital, Separate, and Commingled

Marital property is all assets and debts acquired by either spouse since the beginning of the marriage. It doesn’t matter whose name is on a title or ownership record. If either spouse purchased an asset or signed on a debt during the marriage, it is marital property. Marital property includes both spouses’ incomes, real estate property, and any savings or investment accounts.

Separate property is all assets and debts owned by a spouse before the marriage. It can include inherited property or monetary gifts that were given specifically to a single spouse. However, if an asset such as a home purchased by one spouse before marriage increases in value during the marriage, the increased value can be considered marital property.

Commingled Property

Commingled property occurs when, during a marriage, assets or debts are treated as marital property. For example, if you inherit a piece of real estate, sell it, and deposit the funds in a joint savings, checking, or investment account that is marital property, then it is considered commingled.

Hidden Assets

Sometimes, a spouse may attempt to hide assets in a high net worth divorce. This practice is illegal and can come with penalties. It is advised to be honest and open with all assets during property division, as attempting to hide property in order to keep it could result in obtaining less in the final settlement.

How Does Colorado Perform Property Division?

If a settlement cannot be reached for property division through negotiations, then under Colorado law, the court considers the following factors to establish an equitable asset split:

• Contribution of each spouse to purchasing or caring for property, like the family home.
• The value of each property when split between spouses.
• The economic circumstances of each spouse at the time the property is officially divided.
• Any increases or decreases in the value of a separate property.
• Spousal support or alimony, if awarded, and the amount and duration of support.

In the end, the goal is to divide property fairly. Colorado is a no-fault divorce state, so marital fault doesn’t impact property division.

At Kinnett & Cordes, we help couples reach agreements through mediation and arbitration, but should your divorce go to court, we are prepared to represent your interests at the Douglas County Courthouse in Castle Rock.

When to Hire a High Net Worth Divorce Attorney?

As soon as you know you want to file for divorce, or as soon as you are served, it is advised to consult with a Douglas high net worth divorce lawyer. Protecting assets is important for building a financial future after divorce.

Financial asset valuation can make or break a divorce settlement or cause an unfair or unequal property division during the divorce. You need the experience of a skilled divorce lawyer with plenty of experience in high-asset cases.

Choose Kinnett & Cordes for a Fresh Start

Kinnett & Cordes are your divorce and asset lawyers in Douglas County, Colorado. We have decades of combined experience helping clients with high net worths through their divorces, making them as smooth as possible. We offer flexible payment options, personalized service, and lawyers highly trained to manage complex negotiations and litigation. When you are involved in a high net worth divorce, contact our office to schedule a consultation.