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Understand your finances before complex property division

| May 29, 2015 | High Asset Divorce

Most divorced couples will concede that there was no single incident, cause or reason behind their divorce. Rather, a myriad of factors contributed to their need to separate. While this is certainly true for most, some reasons may be harder to handle than others and might, therefore, come up more frequently during a divorce. Mismanaging money is usually one major cause of tension, not only during a marriage, but also during asset valuation or complex property division in a divorce.

Money can play a heavy hand in some Colorado divorces. Even if both couples enjoy a significant amount of wealth, the mismanagement of funds and other assets can put a couple in a compromising situation. While money is not necessarily the most important thing in life, many people work very hard to earn what they do, and seeing it mishandled by a careless spouse can sometimes be too much to overcome.

Perhaps related to one or both individual’s inability to properly manage household funds is the hidden resentment that might lie behind a divorce. Money is often a difficult topic to discuss, which can be understandable. However, not discussing problems with a spouse’s spending during a marriage might mean that the conversation will simply be deferred until divorce proceedings.

In some instances, the full extent of the mismanagement of funds might not even come to light until asset valuation. When entering into a divorce, it is advisable to be prepared with all financial documents possible. When people in Colorado take the extra step to collect available and relative financial information prior to filing for divorce, handling complex property division can be one less thing to worry about.

Source: The Huffington Post, “6 Unhealthy Habits That Lead to Divorce“, Kimanzi Constable, May 15, 2015