Finding an equitable division of assets is a necessary part of a divorce settlement. Without a division plan that meets the "equitable" standard, the settlement will not earn a judge's approval, which means the divorce can't be finalized.
However, the idea that all assets must be divided along a precise 50/50 line is a common misconception. In fact, our attorney-mediators have some flexibility when working to find a fair division of marital assets.
The settlement must ensure that both parties are fairly treated, so the 50/50 split makes for a useful guideline. However, a mild deviation from that number will not usually raise a judge's eyebrows. A significant un-equitable division, on the other hand, must come with a very compelling explanation.
Finally, there are important distinctions to be made between marital and separate property. Every family situation is unique, as are the finances associated with a marriage, so determining what qualifies as marital property and what qualifies as separate property requires significant discussion and investigation. Although "separate property" is generally excluded from division, separate property may be considered in determining what constitutes an equitable division of the "marital property".
If you live in or around Denver, Colorado and you need an attorney-mediator with ample experience in divorce cases, please call Split Simple today at 855-665-9920 for a free consultation.