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I have a question regarding real estate and family law in…

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Hi! I have a question regarding real estate and family law in CO. Can I as it here? I see only CA real estate option))
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Answered in 7 minutes by:
3/15/2018
Bruce Schreiber
Category: Real Estate Law
Satisfied Customers: 793
Experience: Attorney At Law at SELF
Verified

Welcome & thank you for your question. I am the professional that will be assisting you. What is your question?

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Customer reply replied 4 months ago
Hi! Thank you! I am sort of new in USA and just need some orientation now. I am married now, but I am going to file a divorce (there is a probability) next year.
If I buy a house when I am still married, would it be counted as a joint ownership? How can it affect a separation/divorce process?

Several variables are important:

1) The State you live in

2) How title is held at the time of the purchase.

3) whether joint assets are used for the purchase and to pay the expenses of the house.

4) The length of the marriage.

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Customer reply replied 4 months ago
State = Colorado
2) title will be on my name
3)no joint assets going to be used (i am going to sell my apartment aboard)
4) marriage 4 years

Colorado is a marital property state. That means that the "marital estate" will be divided equitably. C.R.S. 14-10-113. While in a community property state, the community property is divided equally, Colorado's division of marital property need not be exactly equal - just fair. In most cases, that will result in an equal division of the marital estate, but under C.R.S. 14-10-113(1) the Court will consider a variety of factors when determining a fair division, including:

  • Each spouse's contribution to the acquisition of the property, including contributions as a homemaker.
  • Value of property set aside to each spouse.
  • Economic circumstances of each spouse at the time of the division, including the desirability of awarding the family home to the spouse caring for the parties' children, and
  • Increases or decreases in the value of separate property during the marriage, or depletion of separate property for marital purposes.

In every Colorado divorce, legal separation or annulment case, the family law court will divide marital property and allocate responsibility for payment of debts incurred during the marriage.

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Without being able to review all of those factors, I think the best and safest course of action is to wait until the divorce is final before purchasing real estate.

Bruce Schreiber
Category: Real Estate Law
Satisfied Customers: 793
Experience: Attorney At Law at SELF
Verified
Bruce Schreiber and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 4 months ago
Great, thank you very much!
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