In Colorado, one of the main points of contention in a divorce or legal separation is usually the division of property. While some exceptions can always apply, the assets in the possession of the parties in a divorce case are martial property that need to be divided between the parties, or to put it another way, each item of marital property needs to be awarded to one spouse or the other. In many divorce cases, the division of assets is the most significant issue in the case.
Many divorce or legal separation cases settle out of court, in which case the parties have entered into a written agreement stating which assets have been awarded to each party. Unless the Court finds that the agreement is unfair or unconscionable, the Court will approve the agreement and the case will settle. When the parties cannot agree, the divorce case can become much more costly, due to the time involved with preparation for the final hearing.
One mistake that people tend to make in a divorce or legal separation case is to spend too much time and effort arguing about the low-value assets. In many cases, personal property and furniture falls under this category. It is usually not worth the effort to argue over the kitchen table. In some cases, motor vehicles and small bank accounts can also fall under this category.
It goes without saying that divorce cases can be very emotional. The idea of an ex-spouse being awarded something of sentimental value can be difficult to deal with. But the fact remains that compromising on low value assets is usually a wise way to keep the costs of a divorce from getting too out of hand.
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