Palos Hills, IL asked in Divorce and Family Law for Colorado

Q: Is it legal in State of Co. within divorce proceedings ( a 50/50 state) to have one spouse desire to buy out the other

using the bank re-fi value verses the fair market value?

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3 Lawyer Answers

A: Yes, the spouses can legally agree to do this.

Sabra M. Janko
Sabra M. Janko pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Colorado Springs, CO
  • Licensed in Colorado

A: Yes. The parties generally agree to the value of the home for the purposes of property division. They are not bound by the refinance appraisal, but can use any other value to which they can agree.

John Hyland Barrett III
John Hyland Barrett III
  • Louisville, CO
  • Licensed in Colorado

A: Colorado is not a 50-50 state. Marital property is divided "equitably', meaning "fairly', not necessarily "equally'. However, parties have great leeway in determining how to do a property division if they agree on it. The court will approve it so long as it is "fair and not inequitable". If they do not agree, the court will want to use "fair market value". You should get a lawyer to help you with this.

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