Many Colorado residents that are getting divorced are concerned about having to start over on their own. This can cause them to think more about what needs to be done in the near future when it comes to property division. People are more willing to accept cash rather than retirement accounts thinking that they will have more need for the cash.
This may be true for the short-term, but could end up being disastrous in the long-term. It may be difficult at first to think about the future when the world may seem to be falling apart around the parties. However, the future will come whether people are prepared for it or not.
It may be beneficial to put aside the emotional turmoil that inevitably accompanies a divorce in favor of making decisions that will have lasting benefits. This may be the time to step back and consider how each party would like their individual futures to look. After spending a considerable amount of time thinking about a joint future, this can sometimes be a challenge.
When it comes to Colorado property division, it can be tempting to focus on individual assets such as homes, cars or other items. Doing this may end up costing one party if the other spouse knows that particular item is important and seeks to take advantage of that fact. One party may forgo a portion of a retirement plan or other financial asset in order to obtain another asset that won’t serve the party in the future. In the end, the best approach may be to step back, assess the current situation and determine where to go in the future.
Source: Forbes, Saving Your Retirement From A Divorce, No author, Oct. 21, 2013