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If you wish to speak to a divorce attorney, call our firm at 720-542-6142 or you can contact our attorneys here.
Transmuted Assets and Colorado Divorce
One of the most complicated elements of getting a divorce in Colorado is that of deciding how assets and debts will be divided amongst the parties to the marriage/divorce. While Colorado law holds that property and debts must be divided in a manner that is equitable, understanding the difference between marital vs. separate assets, how “equitable” is determined, and numerous other considerations can be difficult. Something that can complicate the process even more is that of transmutation. Here’s a look into what you need to know about transmuted assets and Colorado divorce.

Transmuted Assets – What Are Those?
Transmutation is defined as “the action of changing or the state of being changed into another form.” As it applies to property and assets in a marriage, transmutation means that the property has been changed from marital property to separate property, or from separate property to marital property. This can happen for various reasons, including co-mingling, as well as legal actions, like adding a party’s name to a vehicle title. Transmutation can also happen as a result of contract or gift.

Why Does it Matter If Assets Are Transmuted?
If separate assets are transmuted into marital assets, this can have a significant effect on the outcome of your divorce, primarily because separate and marital assets are considered distinct and separate in a Colorado property division settlement. In fact, only marital assets are subject to division; separate assets may be kept separate.

One of the most common ways in which assets are transmuted is via commingling, which happens when marital and separate property become mixed together to such a degree that identifying and separating each becomes impossible. For example, if an inheritance (separate property) is used to purchase the family home (marital property), assets have become commingled.

How to Prevent Transmutation
If you want to keep your property separate and ensure that it is not subject to division during your divorce, it’s important to understand the ways in which transmutation of assets occurs and how to prevent transmutation. Some tips to prevent transmutation include:

  • Keep thorough documentation of all gifts and inheritance received;
  • If you purchased property or assets prior to marriage, track down the details of those purchases, including title information, purchase date, etc.;
  • Make your intentions about your separate property clear – creating an estate plan can be useful for this purpose;
  • Don’t commingle funds – maintain separate bank accounts, don’t use a gift to pay for marital assets or property, etc.;
  • Don’t use any marital funds to maintain property that is separate; and
  • Do not treat any separate property that you have as joint, marital property.
When it comes time to settle your divorce, you may have to prove that your assets are separate and that you had no intent to transmute them. A skilled lawyer with the resources to hire relevant experts can prove extremely helpful at this phase in the process.

If you think you may need to talk to an attorney about your situation, you can visit our website and contact us here, or you can call us at 720-542-6142.
How Do Kids Change Divorce?
When couples have children, a divorce becomes much more complicated. Even if you and your spouse are committed to an amicable separation, you will need to think through your post-divorce future for the sake of your children.

Come Up with a Parenting Plan

Children need continuing contact with both parents, and a judge will want to see a detailed parenting plan. At the outset, you should realize that a 50/50 parenting plan might not be realistic since one or both of you might decide to move. However, you should work out who the children will live with during the school year and decide:

When the non-primary parent will have weekend visitation
How the children will split their summer vacations
Who the children will spend holidays and birthdays with
How you will transport the children to and from visitation, as well as when they will be dropped off and picked up

The more detailed your parenting plan, the better. Deciding issues ahead of time can reduce conflict later on. If you need help coming up with a parenting plan, you can consult with a divorce attorney who can advise you.

Discuss Child Support

Every child has a right to enjoy the fruits of his or her parent’s income. For this reason, child support is a right. The state has a formula it uses to calculate child support, and our firm has developed an app that can help you calculate this. You can download our app here.

Child support also includes things like health insurance, medical expenses, and child care. Depending on your situation, you might need to pay extra to cover these costs. Parents should look at the total cost of raising the children and identify how they will pay those costs.

Stay on Your Best Behavior

It is perfectly understandable to feel depressed, angry and frustrated during a divorce. After all, a relationship you thought would last for life is now crashing to the ground. Nevertheless, parents must remain amicable if they want their children to flourish. This means never bad-mouthing your spouse when the children are around or trying to turn your children against their mother or father. Furthermore, trying to alienate your children could be used against you when it comes to determining custody.

Calm Guidance You Can Trust

Divorce is an emotionally turbulent time. You need trusted, experienced divorce attorneys in your corner. At Divorce Matters, our attorneys will help guide you through the divorce process step by step. Please contact us today to schedule your comprehensive, initial consultation by calling us at 720-542-6142 or fill out our form here.
This newsletter is for informational purposes only. Nothing in this newsletter should be taken as legal advice and receiving this newsletter does not constitute an attorney client relationship.