Q: Is about divorce and how it works in the state of Colorado if you have properties, 401k, and a small business.
I would like to know what happens since everthing we both own including rental properties are tied up in the small business and what would happen in a divorce.
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A: All marital property must be equitably divided in a divorce (not equally, equitably). Marital property is anything obtained on or after the date of marriage, and the increase in value of property since the date of marriage. It does not matter whose name is on title. So if you owned a house before the marriage, the increase in value since the date of marriage is marital property, even if only your name is on title. Marital property can include real estate, retirement accounts, and ownership interests in businesses. It will also include debts obtained on or after the date of marriage, and the increase in value of debts since the date of marriage. The business can be valued by an expert, or the two of you can agree on a value. You will go to mediation to determine how to divide the marital property and if no agreement is reached on one or all issues, then you will have a hearing and the court will determine how to equitably divide the marital property.
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