If you've spent your life building up valuable assets, you probably have strong opinions about what happens to them after you die. After all, bequeathing those assets to loved ones, family and even charitable organizations can be a way to build a lasting legacy after you pass on. Unfortunately, even if you take the time to carefully plan your estate and create a last will, your family members and heirs can challenge your plan and drag your estate through probate court.
For many couples, their family home is the single biggest asset they've invested in over their adult lives. As much as a third of your monthly income may go directly to a mortgage payment. Even more may get spent to upgrade and beautify your living space. It's only natural, then, to worry about what will happen to it in a divorce. Educating and informing yourself about Colorado divorces can make your divorce easier on everyone involved.
When a loved one dies, the last thing you want to do is focus on money and possessions. Grieving the loss of a family member or spouse may even prevent you from handling practical matters, like bills and other financial concerns. However, over time, you may notice that something simply isn't right as far as the administration of the estate.
Divorce can often bring out the worst in people. Emotions run high, and otherwise law-abiding, decent people can become angry and aggressive. In some cases, both spouses feel desperate to "win" the divorce by seeking full custody of the children or more assets when the property gets split up by the courts. This urge can lead some people to try to hide assets immediately prior to or during a divorce.
Drafting a will is a task you should tackle sooner rather than later. While we all hope to live to a ripe old age, the reality is that none of us know what tomorrow will bring. In a split second, your entire life can change or even come to an end. If you do not already have a will in place, it is vital that you take steps as soon as possible to remedy the situation.
There is no way around it, divorce is hard. It takes both an emotional toll and a physical one. Between dividing up marital property, such as your home in Littleton, and working out a parenting plan for the kids, it may seem like you are facing one battle after another. In addition, you also have to deal with starting over while knowing that he is, too.
When you and your spouse realize that it's time for a divorce, the process is always difficult to navigate. Even in the best circumstances, divorce is an emotional matter, and often draws the interest of your personal and professional community. This is especially true if your divorce is particularly complex.
If you are in your twenties or even early thirties, you may think you are far from a place where you need to start estate planning. The reality is that estate planning is not just for people over 50 or those who are in the financial one percent. The earlier you start the process, the easier it will be for you to make adjustments as your wealth builds.
Divorce is usually a very complicated process that leaves you emotionally stressed and sometimes in a financial bind. While in the middle of proceedings, people often look back and think "I wish I had known this or that at the beginning. Not that knowing these things would have resulted in the marriage lasting, but because they would have been better prepared for the challenges along the way.
Parents typically want to provide for a comfortable and safe future for their children. This is often a significant factor in why individuals create an estate plan or last will well before they expect to pass on. That way, in case of a sudden medical event or accident, your family will be protected.