Divorce is rarely a quick and simple process. Couples here in Colorado have several decisions to make in relation to child custody, asset valuation and property division. Sometimes couples who co-own a business have to determine whether they will continue to run the business together after they divorce. It often happens that one spouse leaves the company, but there are instances where ex-spouses continue to work together for the benefit of the business they may have dedicated their entire lives to.
The reasons for divorce are as varied as the people who seek them. Sometimes, divorce arises here in Colorado in marriages where one spouse is gay and the other is not. These divorces still face the same issues that others do, such as how to divide property or distribution of assets. There may even be issues surrounding child custody arrangements. A study recently found that custody is frequently given to the heterosexual parent in these types of situations, or that a biological parent in a same-sex relationship which ends gets full custody of the children with no visitation rights going to the other.
Most families in Colorado have filed their tax returns by this time of year. Some of those families may be dealing with divorce proceedings and taking extra time to ensure that their finances are in order. Asset valuation is just one item that needs to be managed during mediation, but it is important to be deliberate and thorough.
Many Colorado couples make the decision that they do not wish to remain married to one another and would rather be divorced. When this happens, the two ex-spouses will have many things to take into consideration; such as custody of any dependent children, asset allocation and property division. Certain assets, like a retirement fund, may be tricky to divide. Complex property division issues such as these have solutions that may not be simple -- but that does not mean they are not worth pursuing.
Many Colorado families face the pain of divorce. Some spouses will often rush through divorce proceedings just to get things over with, but experts say this can be a mistake that may end up negatively affecting property and asset division. There are several things to keep in mind that can help those who have a great deal of assets at stake in a divorce.