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.
Is one of your New Year's resolutions to finally file those divorce papers and begin to move forward with your life? While pursuing a much-needed divorce can be an enormous relief to many people in Colorado, doing so without a firm grip on finances might ultimately be a plan for disaster. From asset valuation to a complex property division, those leaving a marriage with a significant amount of assets should make sure that they fully understand the financial aspects of their divorce.
Divorce mediation is designed to help couples who no longer wish to remain married divide their marital assets. Though not every Colorado couple has to worry about splitting a large amount of money, those who do likely have many questions relating to how the process will unfold and what their soon-to-be-ex-spouse could be entitled to receive once asset valuation occurs. This is the position an out-of-state oil tycoon finds himself in as he divorces his wife of two and a half decades. It is possible that this will be the largest divorce settlement in recorded history.
Many couples here in Colorado believe that a prenuptial agreement demonstrates a mistrust of one's partner and casts a pessimistic tone over the marriage. While it is true that prenups are used for advanced planning of a possible divorce, they are also a way for each spouse to protect any assets to which they may be entitled. They can be of particular use for people who have accumulated a significant amount of assets prior to marriage.
Divorce is rarely a quick and simple process. Couples here in Colorado have several decisions to make in relation to child custody, asset valuation and property division. Sometimes couples who co-own a business have to determine whether they will continue to run the business together after they divorce. It often happens that one spouse leaves the company, but there are instances where ex-spouses continue to work together for the benefit of the business they may have dedicated their entire lives to.
Most families in Colorado have filed their tax returns by this time of year. Some of those families may be dealing with divorce proceedings and taking extra time to ensure that their finances are in order. Asset valuation is just one item that needs to be managed during mediation, but it is important to be deliberate and thorough.
When Colorado couples divorce, most often they have to consider the division of personal property and child custody if any children are involved. However, some couples who operate a business together may also have to navigate the separation of that business, or even determine how they will continue to run it together. A recent article gave insight on the issues around asset valuation and how to handle a co-owned business after a divorce.