Complex property division becomes necessary most often in high asset divorces. Dividing the marital property in the majority of Denver divorces is already one of the most contentious issues. Yet, in high asset divorces in Denver where complex property division is involved, the stakes and emotions are higher. The Denver complex property division lawyers of Stahly Mehrtens Miner LLC are here to assist you. Schedule your consultation with our experienced lawyers to better understand how complex property division will impact you during your divorce. Call us at 303-797-2900 or contact us online to get started.
What Is Considered Complex Property?
Complex property generally appears when a couple has several million in assets. Common complex assets include and may not be limited to a combination of the following:
- Each party, separately or jointly, owning multiple real estate properties during the marriage
- Each party, separately or jointly, holding interests in a family-owned business or any business
- Each party, separately or jointly, owning a professional practice
- Each party’s retirement account
- Each party’s pension, including military pensions
- Each party’s investment accounts
- Savings and checking accounts
- Each party’s stock options
- Vehicles owned
- Valuable art, jewelry, or other collections
Equitable Distribution In Property Divison
Many people who file for divorce believe that Colorado is a community property state that divides marital assets 50/50. This is not true. Although marital property is divided between the spouses during the divorce proceedings, it is not done so via community property or on a 50/50 basis.
Rather, Colorado Revised Statutes require that the Courts rely on equitable distribution. This means that the Courts must split the marital property in a manner that is fair and equitable if the spouses cannot come to an agreement on their own.
The Court is looking at what is fair to the parties and not what is fully equal. There are several factors that will be considered if the spouses cannot come to an agreement. However, before an agreement is reached or even before the Court can render a decision, the complex property must often be valuated by a professional.
Valuing Complex Property
There are multiple methods that can be used to value complex property. The key is to hire the proper professional to assist in valuing the complex property so that you have the appropriate value. For example, a business is valued differently from residential real estate. Jewelry is valued differently from art. Depending on the types of complex property within the marital relationship, you may need more than one type of valuation professional.
Tax Implications of Dividing Complex Property
Selling or buying assets, particularly in these types of divorces, and even if you’re only selling or buying an interest involving your spouse, can still create tax implications. The right complex property divorce attorney in Denver can help you understand the potential or actual tax obligations you may face as well as help you find solutions.
Let our Denver Complex Property Division Lawyers Help You
If you’re going through a divorce that involves complex property, you need an experienced attorney on your side. The Denver divorce attorneys of Stahly Mehrtens Miner LLC can help you navigate the complexities of property division and help you come to a fair agreement. Schedule your consultation with us now by calling 303-797-2900 or contacting us online.