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.
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.
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.