Most couples getting divorced know about the major types of marital property, the family home, household goods and joint bank accounts, for example. What many may not realize is that the division of assets in Greeley Colorado also applies to retirement accounts, such as a 401K or pension, as well. This can make division of assets in Greeley Colorado more complicated as the court would have to figure out the value of retirement accounts and the amount those accounts changed over the course of the marriage.
Even if one spouse did not contribute individually to the other spouse’s retirement account, they are still entitled to an equitable share when it comes to how marital assets are calculated. Equitable distribution takes into account that one spouse may not earn as much in the marriage but may have contributed to the financial well-being of the marriage in a different kind of way, such as providing child care or being a homemaker. Because the law recognizes the role of both spouses when it comes to the value of marital assets, all of those assets are considered marital. In fact, there are very few types of assets that are not subject to property division, mainly property that was earned before the marriage, gifts to one spouse alone or inheritances to one spouse alone.
Retirement accounts can fluctuate widely in value, even from day to day. This means that determining the amount of gain in value can be difficult for the court to determine when it is looking at division of assets in Greeley, CO. However, this should not dissuade a party in a divorce from claiming that they are owed an equitable share of retirement accounts as with the help of a divorce lawyer, a spouse can claim their share.