Aside from ordering the flowers and planning the reception, creating a careful and competent prenuptial agreement is an important part of planning for a wedding. Of course, there are some who fail to see the protections afforded by a prenuptial agreement. Ohers who simply assume that those protections will never be necessary, and these preparations largely fall by the wayside. However, the only constant in life just might be change, making establishing protections in the event of a possible divorce and subsequent property division helpful, if not necessary.
Financially responsible couples in Colorado tend to plan ahead for most major life events. Planning for retirement often involves establishing one or more retirement accounts at a young age, either through an employer or an outside account. However, handling these retirement accounts in the event of a divorce can be tricky. There are often penalties for withdrawing funds before retirement, making simply hacking retirement funds in two and doling out each half during property division a less than ideal approach.
Business owners tend to pour their heart and soul into their work, and for many Colorado entrepreneurs, their business becomes an intrinsic part of them. However, without carefully laid plans prior to marriage or the start of the business, some owners could be at risk for losing control of their business during a divorce. Whether a business is deemed as marital or separate property plays an enormous role in what actually happens to it when its owner gets divorced.
Although the decision to divorce may be a relatively easy one, actually separating the assets of a marriage is not always as straightforward. Depending on a couple's properties, investments, retirement funds or other assets, property division can require a significant amount of focus and attention to details. Our firm understands how even small mistakes during asset division can leave one or both parties dissatisfied with their settlement, and we make sure to guide our clients carefully through the process.
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.
Although a significant number of couples in Colorado choose to maintain separate finances and bank accounts, a great many married couples still choose to combine every aspect of their lives -- including their bank accounts. There is nothing inherently wrong with either choice. However, joint accounts, estate plans and even retirement funds may need extra attention and consideration during property division in the event of a divorce.
Although tax season is still months away, many people in Colorado may already be preparing for it as best they can. Those who have undergone significant life changes -- such as the birth of a child or purchasing a new home -- might find that their taxes are significantly impacted for the better. Carefully handling property division or choosing to work as amicably as possible during a divorce can also give some people a successful tax season.
A divorce is an unsettling time for many couples. The emotional toll can be difficult enough to wade through without the added stress of struggling to manage property division matters. There are some steps that Colorado couples can take that may make the process a little less stressful.
Filing for divorce can be a difficult and often costly side effect of the decision to end a marriage. In many cases, Denver, Colorado, residents face the task of dividing up their assets. As a marital property state, Colorado couples can face a variety of concerns when it comes to property division. Many couples don't understand how that can have an impact on their life after divorce, so it is important that couples take into account the different factors courts may consider when deciding what equitable division of assets means.
Couples who make the decision to divorce probably know that they will have to make choices on how to divide their marital assets. Here in Colorado and elsewhere, divorcing spouses might have questions on how to handle the property division, since a home typically cannot be physically divided. There are several scenarios that may apply to a couple’s particular situation and some tips for each of them that could help everyone reach an equitable solution