ijreal
New
Reged: 08/13/07
Posts: 9
Loc: Denver, CO
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I need to know how the court determines how much each pays in debts that were accrued together. I know it can't be split down the middle since my husband makes a whole lot more than I do and I have two children (from a previous marriage). Anyone know the formula used?
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Ijreal
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theanswerguy
Platinum
Reged: 04/12/07
Posts: 2181
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There is no set formula , but Colorado law provides for equitable distribution .
In making its equitable distribution awards the courts are not only authorized to make monetary awards to one of the parties, but may also divide or order sold or transfer jointly owned marital property to one of the parties. The court in making its equitable distribution awards is not required to divide the marital property on an equal basis but rather, in deciding what an equitable division of marital property should be, will consider various factors listed in the Equitable Distribution Statute, including the relative monetary and non-monetary contributions of each of the parties to the well being of the family and to the acquisition and care of the marital property. Pensions and retirement plans are subject to the Equitable Distribution Statute to the extent that the same were accumulated during the course of the marriage of the parties.
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Never let your sense of morals get in the way of doing what's right. Isaac Asimov
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ijreal
New
Reged: 08/13/07
Posts: 9
Loc: Denver, CO
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My soon to be x and I have discussed this and at first he said it was fair to split the $20,000 debt down the middle, however after talking to him about the difference in each of our earnings, it wouldn't be fair. The we discussed to splitting it like 40/60. Do you think I should settle or seek a lawyers advise? I can't afford a lawyer as I will once again be single with my two children; so I am trying my darnest to find a solution we both will be happy with. He on the other hand has no children and makes a little more than twice what I do. I just don't want to find out later on that I settled on way more that I should have. Expensive mistake.
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Ijreal
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theanswerguy
Platinum
Reged: 04/12/07
Posts: 2181
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Any assets to split ? How long was the marriage ?
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Never let your sense of morals get in the way of doing what's right. Isaac Asimov
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Samsung
Platinum
Reged: 06/14/07
Posts: 2118
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Just to add $20,000 is a reletively small amount of money. If you each get attorneys contesting the amount each has to pay, you could easily put out $5000 each. At a 40/60 split, you would get $8000, and he $12,000. If you went directly from income percentages (at a 2:1 ratio), it would be approximately $13,400 for him and $6600 for you...it won't be worth battling if it gets to court.
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ijreal
New
Reged: 08/13/07
Posts: 9
Loc: Denver, CO
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We bought a $3000 air conditioner unit for the house that we paid off, he got me a motorcyle that we both paid on, however he paid off the balance of $1,200 last month. We've only been married 2 years this October 22.
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Ijreal
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