For readers in Colorado who are already embroiled in the divorce process or considering divorce, property division is likely one of the primary concerns. Property division can be an emotionally driven and complex process, especially when a couple is at odds over a settlement. When focusing on the immediate concerns of a divorce, it may be easy to overlook other long-term factors of a divorce, such as paying off marital debt.
Divorce is not easy and Colorado divorcees know that the reverberations of this legal process can last for many years. Unfortunately, individuals can be caught off guard by some of the long-term impacts of a divorce. For instance, how will debt accumulated during the marriage be divided or how can two spouses separate all financial obligations equitably? These are difficult decisions and it can be better to organize all financial records before beginning the divorce process.
Establishing a firm financial footing post-divorce can seem like an overwhelming process, but it begins with decisions made during the divorce. From establishing new beneficiaries for insurance funds and pursuing ideal financial outcomes, a Colorado couple should carefully negotiate every financial detail that could have a long-term impact. This can help alleviate issues farther down the road.
It is tempting to quickly make decisions during a divorce, simply to end the process and move on to post-divorce life. This is understandable, as divorce and property division are complicated and emotionally difficult processes. However, with the proper guidance and understanding all of the implications of a divorce, a couple may find that the outcome is more beneficial for everyone involved.
Source: Alice Echo News Journal, “Five financial considerations when you’re going through a divorce”, Paul F. Rycroft, June 7, 2014