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Dividing retirement accounts in high asset divorce can be complex

If you're getting divorced, there are a lot of things you have to consider. One of them will be how to ensure the fair division of assets between you and your former spouse. Sadly, the greater the overall assets of your marriage, the more likely it is for issues to arise.

Worried about your finances during divorce? Follow these tips.

Many people need help managing their personal finances during divorce. A new survey found that more than 75 percent of people near retirement do not know how to manage their finances, according to the American Institute of Certified Public Accountants. This is because in most relationships, only one spouse is familiar with their financial plans, leaving the other spouse scrambling to learn and understand how to plan for the future.

Understand your finances before complex property division

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.

Same-sex couples benefit from premarital agreements too

As the fight for gay and lesbian rights continues across the country, same-sex couples in Colorado now enjoy many of the same legal protections as their heterosexual counterparts. While married same-sex couples can now exercise the ability to make medical decisions in an emergency and to file for death benefits through the workers' compensation system, couples may need to consider additional protections before marrying. Although property division and even alimony are usually addressed during divorce or dissolution of marriage proceedings, taking extra steps to protect important assets can still be hugely beneficial.

Facebook playing a role in your divorce? You're not the only one

Finding someone in Colorado who does not have a profile on one social media website or another might not be the easiest task. While the use of Facebook, Twitter and Instragram might be widespread, it does not necessarily become damaging to a user's personal life. However, one woman says that her addiction to one of the Internet's most popular social media websites caused her divorce.

Stashing property for asset division? You may want to reconsider

Though many high-asset couples have a prenuptial agreement, that does not necessarily prevent tension from arising over certain issues during a divorce. Asset division can be of particular trouble for some who are misinformed as to how the process actually works. In Colorado, assets are split equitably, which does not equate to a 50/50 split as many still believe. 

Colorado bill poised to make big changes to child custody

Big changes could soon be coming to Colorado. If it passes the state senate, the bill is poised to alter how parenting time is split in child custody arrangements. While there are many supporters of the bill, opponents have raised serious concerns about its possible implications. 

Reconciliation can still happen after filing for divorce

Just as most people do not get married with the intention of one day divorcing, filing for divorce is not a process that is usually started by couples who intend to reconcile. Therefore, when couples decide to reconcile after having already filed for divorce, they should be aware of the steps they need to take to stop divorce proceedings in Colorado. For instance, there are often legal costs associated with the divorce process that cannot be refunded no matter what a couple ultimately decides to do.

Marriage isn't black and white, and neither is divorce

It can be easy to view divorce as a black and white subject where couples are either married or divorced, old or young, happy or not. Often, the reality of divorce is that it resides somewhere in a more gray area, where each couple in Colorado will likely face unique issues or driving factors when deciding if filing for divorce is the best option. As such, recently released statistics may surprise those who previously viewed divorce in such stark terms.

Don't agree on child custody? There are options before court

When it comes to making big, life-altering choices, most people in Colorado would likely agree that they prefer to be involved in the process. But when it comes to divorce, there are many instances of couples asking a judge to make significant decisions on their behalf. While this can be an appropriate course of action for some couples, others can likely settle on more preferable terms for child custody and/or a divorce settlement on their own terms.

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