For most couples, the house is one of the most high-value assets they own. Whether it is your main residence in Denver or vacation property you own in Aspen, you are going to have to make some major decisions on how to deal with real estate if you are planning to divorce. For example, you will have to decide if the two of you should sell the house and split the proceeds or if one of you will keep it and give up other assets of equal value.
Imagine you and your spouse own a ranch or farm together. Now imagine that members from both of your extended families tend to the estate, taking care of farming tasks, managing the livestock and so forth. Now imagine that you and your wife want to get a divorce.
Colorado law dictates that spouses must honestly report all of their assets, debts, expenses and income during divorce proceedings. However, it's very tempting for a spouse to squirrel a little bit -- or even a lot -- of cash away that they don't reveal during divorce proceedings.
Divorce can take a complicated turn for those who own a significant amount of real estate, especially if it is a ranch or other large tract of land with significant value. Here in the West, many families own hundreds of acres of land stretching out across America's majestic middle, and when divorce comes knocking, it's not as simple to divide up this type of asset as it might be to decide who keeps the family work truck.