Divorces are becoming a more common occurrence these days for individuals of all legal ages. The resulting settlement from a divorce can have long-term emotional and financial consequences for each party involved. Some Colorado seniors considering or involved in a divorce with their spouse may have accumulated a large amount of marital property during the time period they were married. A spouse could be subjected to losing a portion of his or her 401K accounts, real estate properties and many other assets as a result of a property division settlement.
Contemplating a divorce can be a very difficult and stressful decision for any individual. There are many factors that couples must consider in determining whether or not they wish to remain together. Since Colorado recognizes legal separation, a spouse's first consideration might be just the physical separation from their partner. Religious beliefs, tax benefits and the emotional wellbeing of children are some of the reasons that a couple may choose to first separate without permanently dissolving their marriage.
The thought of if or when a marriage will end is probably the last thing that would ever cross the mind of any newlywed couple. There are times though when a divorce may be in the future best interest of Colorado spouses. One of the purposes of a divorce settlement is to allow each individual to continue living a similar lifestyle to the one each had during the marriage. Unfortunately, some spouses in high asset divorce cases may attempt to claim more of the marital property than he or she should be rightfully allowed to.
Going through a divorce, or contemplating one, can be a very stressful and confusing time for any individual. Due to each state's differing laws, Colorado same-sex couples could face even tougher challenges and decisions with regards to divorce. One recent article explains that there could be a lot of hidden costs in same-sex marriages in the state.
Unfortunately, divorce is a common occurrence in the world we live in today. Those who understand the basics of property division laws will better understand the risks associated with both marriage and divorce. Colorado and all other jurisdictions have their own set of guidelines regarding the allocation of marital property.