Masterclass on Separate Property in Colorado | Episode 214
Welcome back to Divorce at Altitude! After a brief hiatus, hosts Ryan Kalamaya and Amy Goscha are back with a deep dive into a frequently debated topic in divorces: separate property. They tackle complexities surrounding what constitutes separate property, how it’s treated in Colorado, and the critical nuances involved in tracing its value.
Episode Highlights:
– Introduction to Separate Property: Ryan and Amy break down the difference between marital and separate property and how Colorado’s progressive approach influences the division. They explain how separate property (such as assets acquired before marriage, through gifts, or inheritance) can appreciate during a marriage and how that appreciation is treated as marital property.
– Burford vs. Powell Approaches: The discussion touches on the legal frameworks used to calculate appreciation in separate property. Learn how the Burford approach involves tracing every financial transaction, while the Powell approach takes a more simplified, entity-based view.
– Types of Assets: The hosts dive into various asset classes, such as real estate, retirement accounts, brokerage accounts, trust interests, and business interests, explaining how separate and marital property components are handled differently for each.
– Challenges of Documentation: Ryan and Amy stress the importance of financial records in proving the value of separate property at the date of marriage, including bank statements, appraisals, and tax returns. They also discuss how inheritance documentation, such as wills and trust records, plays a role in tracing separate property.
Key Discussions:
– Complexities of Separate Property in Divorce: Why proving separate property can be challenging, particularly when accounts are commingled or when assets such as businesses and trust interests are involved.
– Real Estate and Retirement Accounts: Real estate is often the easiest to trace, whereas retirement accounts present challenges when factoring in marital contributions and market appreciation.
– Separate Property Documentation: The episode highlights the critical importance of keeping accurate records of gifts, inheritances, and business interests to protect separate property claims during divorce.
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What is Divorce at Altitude?
Ryan Kalamaya and Amy Goscha provide tips and recommendations on issues related to divorce, separation, and co-parenting in Colorado. Ryan and Amy are the founding partners of an innovative and ambitious law firm, Kalamaya | Goscha, that pushes the boundaries to discover new frontiers in family law, personal injuries, and criminal defense in Colorado.
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DISCLAIMER: THE COMMENTARY AND OPINIONS ON THIS PODCAST IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES AND NOT FOR THE PURPOSE OF PROVIDING LEGAL ADVICE. CONTACT AN ATTORNEY IN YOUR STATE OR AREA TO OBTAIN LEGAL ADVICE ON ANY OF THESE ISSUES.