A Colorado Divorce is referred to as a Dissolution of Marriage. Similar to the process of dissolving a business relationship, the Dissolution Process aims first and foremost to separate the financial relationship the parties have created through years of co-mingling their financial assets and debts.
Property Division
In Colorado, this financial division process is called Property Division and includes both the assets and the debts the parties have acquired together during marriage. For a marriage to properly be concluded, the parties must identify all assets and debts in the parties names, determine whether each is separate or marital, value the marital portion of each asset and debt, and decide how each will be allocated to one party or the other at the conclusion of the marriage.
Mandatory Financial Disclosures
A governing principle of this process is the full disclosure of all relevant financial information to the other party. Any decisions about how property will be divided, debts will be separated, depends on each party making such decisions form a place of being fully informed of the financial status of both parties and the marital estate. Where the Court is not assured that this mandatory financial disclosure process has taken place, and one or both of the parties have failed to fully disclose all relevant financial assets, the Court will not be inclined to approve agreements regarding spousal support (maintenance), or the allocation of assets and debts.
Information Gathering During The Case Process
During the case process, the parties are given an opportunity to seek additional information, request relevant documentation, appoint experts to conduct professional valuations of assets, all for the purpose of helping each party to make the most fully informed decisions about how the marital estate should be dissolved and divided among the parties.
Alternative Dispute Resolution
In addition to information gathering opportunities, the parties are encouraged and often Ordered by the Court to attempt resolution through Mediation and Settlement Negotiations. As most cases reach settlement prior to trial, the Court is eager for parties to negotiate settlement agreements. Deadlines will usually be set for Mediation completion.
Where the parties have reached the point of attempting in good faith to reach settlement agreements, without success, the Court will then allow the parties to advance to a final hearing where each party may present their requests, in conjunction with their reasoning and supporting evidence, and the Court will be the final arbiter as to the outcome of the case.
You need a legal advocate who will help you ensure the process is fair and equitable, with the experience to help you navigate the process with confidence and stability. At Elevated Family Law we are experienced at helping clients through their divorce process. We have represented clients in their divorces with children; longterm marriages at retirement age; cases with extensive and complex financial assets.
Call us today and let us help you with your divorce process.