A marriage that lasts several years will likely see the couple acquiring numerous assets and building their future financial stability. Unfortunately, if that marriage comes to an end, the divorcing couple must thoroughly evaluate their assets to reach a compromise centering on property division.
Based on the unique factors of their time together, the couple might face numerous obstacles to a smooth property division process, including:
- Digital assets and cryptocurrency: In recent years, many couples have devoted significant time and effort to developing their online lives. From their social media presence and digital entertainment libraries to online shopping rewards and digital storefronts, these online assets can exponentially grow in value. Additionally, cryptocurrencies such as Bitcoin or Ethereum could prove difficult to effectively split in the event of a divorce.
- Division of debt responsibility: While Colorado is an equitable distribution state, there is still room for negotiation when determining the proper division of assets and debts. For a divorcing couple, debt responsibility can be a tricky subject that often includes credit card spending, personal loans, student loans and medical bills.
- Division of the family business: Whether it is a brick-and-mortar organization or an online storefront, the couple will likely have devoted significant effort to designing, building and growing the business. When the marriage comes to an end, however, the couple might face difficult decisions about what happens to the organization.
It is not uncommon for a married couple to amass numerous complex assets during their time together. From a large stock portfolio and retirement funds to vacation properties and a thriving online business, the divorcing couple must work diligently to reach a resolution that is satisfactory to both parties.