Married couples tend to share more than a bank account and a home; they also often share plans for the future. Before a divorce, a retirement account that only one party paid toward is typically intended for use by both people. So what happens to this account when a couple files for divorce? Planning for financial security in retirement can require years of savings, and losing part or all of a planned retirement can be devastating. Luckily, property division typically requires Colorado couples to address how a retirement account will be handled.
Though many high-asset couples have a prenuptial agreement, that does not necessarily prevent tension from arising over certain issues during a divorce. Asset division can be of particular trouble for some who are misinformed as to how the process actually works. In Colorado, assets are split equitably, which does not equate to a 50/50 split as many still believe.
Big changes could soon be coming to Colorado. If it passes the state senate, the bill is poised to alter how parenting time is split in child custody arrangements. While there are many supporters of the bill, opponents have raised serious concerns about its possible implications.
Just as most people do not get married with the intention of one day divorcing, filing for divorce is not a process that is usually started by couples who intend to reconcile. Therefore, when couples decide to reconcile after having already filed for divorce, they should be aware of the steps they need to take to stop divorce proceedings in Colorado. For instance, there are often legal costs associated with the divorce process that cannot be refunded no matter what a couple ultimately decides to do.
Most people in Colorado are familiar with the concept of asset division during a divorce. Once it is determined which assets are separate property and which are marital, the assets are then divided according to whatever is most fair. Unfortunately, in a high asset divorce, the chance of one spouse attempting to hide assets is not uncommon.