No matter the circumstances, a Colorado divorce can sometimes be an understandably taxing process. When a significant amount of money or assets is added to the mix, coming to an amicable agreement about almost anything may seem just out of reach. However, both parties working together on a complex property division or other debated issue is not impossible at all, and some may find it preferable to warring over certain factors.
An issue often overlooked by many couples is life insurance and how its value may affect both parties. In fact, life insurance varies greatly from what many people likely think of as typical insurance, and it acts more as an asset during a divorce than anything else. Ignoring the actual value of a life insurance policy can ultimately be detrimental to one or both spouses.
A more obvious example may be the more traditional notion of what asset division includes. When a couple has a relatively small amount of assets to split, a valuation expert may only be needed for one or two items, such as a shared marital home. On the flip side, couples sharing a significantly high amount of assets — such as multiple homes, vehicles or stock — a little more help may be needed. Before a couple can even begin to fairly divide the assets that were once shared, it is important to fully understand the actual value of everything involved.
A valuation expert may not be the only help needed, as a deep and thorough review of where and how the couple spent money may warrant spousal support to maintain a certain lifestyle that one person may have become accustomed to over the course of the marriage. While the length of the marriage often plays a role in whether an ex-spouse is entitled to support in Colorado, lifestyle and discrepancies in incomes are also a factor. Ultimately, any divorce involving a significant amount of assets should be carefully reviewed before any final decisions are made, particularly when it comes to complex property division. Although it is possible to file an appeal of a divorce settlement or a judge’s award, doing so can both financially costly and time consuming and is much more difficult than getting it right the first time around.
Source: Forbes, “Getting The Most From A High-Dollar Divorce“, Russ Alan Prince, Dec. 1, 2014