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Property division can be complex for Colorado seniors

| Sep 30, 2013 | Property Division

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.

There has been a recent increase in the divorce rates of spouses over 50 years old. The resulting consequences from these divorces can also have serious effects on the children of the spouses involved. Divorced seniors may have no other choice than to delegate many of their newly incurred financial responsibilities over to their children to handle.

Statistics show a sharp increase in the divorce rate for spouses 50 and over during the past half-century. Many younger age groups surprisingly show a steady, even occasionally declining, trend in divorce rates. The growing number of divorced seniors is a contributing factor to the country’s ever-increasing level of dependence upon government benefits.

Property division in equitable distribution states such as Colorado can be determined by a judge’s ruling. A Colorado resident preparing for a divorce could benefit from diligently reviewing his or her rights in conjunction with state laws. Acquiring such knowledge could put someone on a path towards achieving a comprehensive and binding settlement.

Source: The New York Times, Divorce After 50 Grows More Common, Sam Roberts, Sept. 20, 2013