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