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.
If a divorce is looming on the horizon, each spouse can begin the slow process of setting up his or her own financial life individually. Establishing individual lines of credit, setting up separate bank accounts and opening up private e-mail accounts for confidential correspondence can all help smooth the transition to future independent lives. An additional measure that may be beneficial is inspecting all previous estate plans in order to make any necessary revisions.
Many areas of one’s financial life may be subject to updates before the divorce degree is issued. Wills, retirement accounts and life insurance policies may all need to be revised before papers are filed. None of these changes can be made once the divorce process has been initiated, and neither spouse can circumvent the laws that already address some aspects of what is considered joint property or assets. Each state has its own laws concerning property division and joint assets, and Colorado is no exception.
A divorce is an often complicated ordeal, and many spouses may feel overwhelmed with all of the details that require their attention on a daily basis. If child custody and support issues are also a part of the process, many Colorado couples may feel that they need additional assistance in handling the property division aspects of their separation and divorce. There are experienced resources that can offer guidance and information that may enable each party to achieve their expectations of financial independence in their post-divorce life.
Source: fa-mag.com, “A Planned Separation“, Judith L. Poller, Nov. 7, 2014