Many people need help managing their personal finances during divorce. A new survey found that more than 75 percent of people near retirement do not know how to manage their finances, according to the American Institute of Certified Public Accountants. This is because in most relationships, only one spouse is familiar with their financial plans, leaving the other spouse scrambling to learn and understand how to plan for the future.
A carefully worded prenuptial agreement is almost always a prerequisite for wealthy couples before either will say "I do." While a marriage might of course start out based on deep and true love, the future is impossible to predict, and people can be shaped and changed by unforeseen circumstances. When a vast amount of wealth is on the line, protecting it in the event of a divorce simply makes sense. However, having a prenup will not necessarily keep a couple out of court, as one partner might choose to challenge the agreement's terms or validity.
Divorce was once thought of as an issue for young couples and not a problem that would necessarily plague older generations. That old belief is no longer a reality with so-called gray divorces seeing a sharp uptick in recent years. However, when divorce comes later in life, there are unique and specialized concerns that might be an issue in completing the process.
Becoming a full time caregiver is no small sacrifice. Caring for elderly parents or young children requires a significant input of both time and emotional well being, and most people who take on this role put their careers on hold. Although this is no doubt a noble sacrifice to make, it can quickly complicate matters in the event of a divorce.
During tumultuous or rocky times in a relationship, many couples immediately turn toward divorce when reconciliation is no longer on option. Divorce can be an exceptionally appropriate course of action to take for any number of people, but it is far from the only option. Colorado couples who are facing difficult marital times but are unsure if divorce is the best choice for them can be assured that there are other paths that they may choose to follow.
Pet owners in Colorado often view their four-legged friends as much more than just another animal. More and more often, pets are considered to be members of the family and take part in a wide range of celebrations from birthday parties to Christmas presents. Their elevated rank also means that their role in divorce has evolved over the years, with pet custody often a rising issue for many couples. Less addressed, however, is how those pets should be financially supported.
Couples in Colorado may consider a variety of factors when determining whether to end their marriages. Among such considerations may be the question of whether there is a better time of year in which to pursue a divorce. Some say it is best to wait until after the major holiday season.
Dividing property in a Colorado divorce can be a complicated process, and when the divorcing couple is part of the super-rich, each spouse may need an experienced professional team of advisers. Dividing property of couples with high net worth assets can be a stressful task, but it need not be. Some celebrity divorce battles over property division, spousal support, child custody and more go on for months or even years while others manage to simplify the process.
The stakes can be especially high for Colorado divorcees who must deal with valuable assets . Accurate asset valuation is a must for ensuring that both parties in a high-asset divorce are treated fairly during the property division portion of proceedings. Failing to accurately report or account for all assets can lead to the inequitable division of property, as well as legal issues further down the line.
Deciding to divorce can be a hugely emotional process for some people, and while the emotional impact should never be ignored, it is also important to be adequately prepared for all other aspects of ending a marriage. Before filing -- or after, if not done beforehand -- Colorado divorcees are well advised to begin collecting all relevant financial information. The financial implications of ending a marriage can be devastating for those who are ill-prepared for the divorce process.