Aside from ordering the flowers and planning the reception, creating a careful and competent prenuptial agreement is an important part of planning for a wedding. Of course, there are some who fail to see the protections afforded by a prenuptial agreement. Ohers who simply assume that those protections will never be necessary, and these preparations largely fall by the wayside. However, the only constant in life just might be change, making establishing protections in the event of a possible divorce and subsequent property division helpful, if not necessary.
Financially responsible couples in Colorado tend to plan ahead for most major life events. Planning for retirement often involves establishing one or more retirement accounts at a young age, either through an employer or an outside account. However, handling these retirement accounts in the event of a divorce can be tricky. There are often penalties for withdrawing funds before retirement, making simply hacking retirement funds in two and doling out each half during property division a less than ideal approach.
Business owners tend to pour their heart and soul into their work, and for many Colorado entrepreneurs, their business becomes an intrinsic part of them. However, without carefully laid plans prior to marriage or the start of the business, some owners could be at risk for losing control of their business during a divorce. Whether a business is deemed as marital or separate property plays an enormous role in what actually happens to it when its owner gets divorced.
Although the decision to divorce may be a relatively easy one, actually separating the assets of a marriage is not always as straightforward. Depending on a couple's properties, investments, retirement funds or other assets, property division can require a significant amount of focus and attention to details. Our firm understands how even small mistakes during asset division can leave one or both parties dissatisfied with their settlement, and we make sure to guide our clients carefully through the process.
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.
Married couples tend to share more than a bank account and a home; they also often share plans for the future. Before a divorce, a retirement account that only one party paid toward is typically intended for use by both people. So what happens to this account when a couple files for divorce? Planning for financial security in retirement can require years of savings, and losing part or all of a planned retirement can be devastating. Luckily, property division typically requires Colorado couples to address how a retirement account will be handled.
Popular comedian and former host of "The View" Rosie O'Donnell left the show following announcements that she and her wife had decided to call it quits. Although this is the second divorce for O'Donnell, she reported that she felt quitting the show due to her most recent split was necessary to allow her to focus more on her family. As many other same-sex couples in Colorado do, O'Donnell and her wife had a prenuptial agreement.
Although a significant number of couples in Colorado choose to maintain separate finances and bank accounts, a great many married couples still choose to combine every aspect of their lives -- including their bank accounts. There is nothing inherently wrong with either choice. However, joint accounts, estate plans and even retirement funds may need extra attention and consideration during property division in the event of a divorce.
Although tax season is still months away, many people in Colorado may already be preparing for it as best they can. Those who have undergone significant life changes -- such as the birth of a child or purchasing a new home -- might find that their taxes are significantly impacted for the better. Carefully handling property division or choosing to work as amicably as possible during a divorce can also give some people a successful tax season.
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.