Josh Gracin, certified gold country music star and former American Idol contestant, is in the process of finalizing his divorce with his love of 17 years, Ann Gracin. And according to the divorce documents, Ann will be taking a hefty amount of Josh’s assets ”“ 50 percent stake of Gracin’s 24 songs that he recorded during the marriage.
In addition to the massive stake in Josh’s music, Ann will be receiving $1590 in monthly alimony and $1436 in monthly child support. Custody of their four children will be shared. The couple has mutual restraining orders requiring them to stay 25 feet away from one another.
How Do Colorado Courts Decide Which Assets to Split in a Divorce?
Colorado is an “equitable division” state, which gives the courts many options in deciding which spouse deserves which shared assets. Dividing property in Colorado usually involves a two step process. First, marital property must be defined and valued. Once this happens, assets will be divided equitably. Equitability is determined through a number of factors, including:
- The contributions of each spouse;
- The value of property set apart to each spouse;
- The economic circumstances of each spouse, including employment, salary, etc.;
- Increases, decreases or depletion of the value of separate property.
As with all aspects of divorce law, every marriage is different. The best way to determine equitability when divorcing is to speak to an experienced family law attorney.
Divorce Matters ”“ Denver Family Law Attorneys
Did You Know?: Property that is acquired before marriage, but has increased in value during the marriage, is considered marital and is subject to division.