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.
Filing for divorce can be a difficult and often costly side effect of the decision to end a marriage. In many cases, Denver, Colorado, residents face the task of dividing up their assets. As a marital property state, Colorado couples can face a variety of concerns when it comes to property division. Many couples don't understand how that can have an impact on their life after divorce, so it is important that couples take into account the different factors courts may consider when deciding what equitable division of assets means.
When Colorado couples make the decision to divorce, they may not be aware of the financial implications. Those who have a great deal of assets may even have more to contend with, as they try to determine how to divide marital property that can include homes, money and valuable personal property. Researchers have suggested lately that divorce can have both positive and negative effects on the national economy for many reasons, particularly when those divorces involve a significant amount of assets.
When a couple makes the decision to divorce, they likely know that any joint property and assets will need to be divided between them. Arrangements for child custody and alimony may even need to be decided. What some Colorado families may not realize is that property division can include jewelry, even if they were received as gifts.
Divorces are becoming a more common occurrence these days for individuals of all legal ages. The resulting settlement from a divorce can have long-term emotional and financial consequences for each party involved. Some Colorado seniors considering or involved in a divorce with their spouse may have accumulated a large amount of marital property during the time period they were married. A spouse could be subjected to losing a portion of his or her 401K accounts, real estate properties and many other assets as a result of a property division settlement.
The thought of if or when a marriage will end is probably the last thing that would ever cross the mind of any newlywed couple. There are times though when a divorce may be in the future best interest of Colorado spouses. One of the purposes of a divorce settlement is to allow each individual to continue living a similar lifestyle to the one each had during the marriage. Unfortunately, some spouses in high asset divorce cases may attempt to claim more of the marital property than he or she should be rightfully allowed to.
Unfortunately, divorce is a common occurrence in the world we live in today. Those who understand the basics of property division laws will better understand the risks associated with both marriage and divorce. Colorado and all other jurisdictions have their own set of guidelines regarding the allocation of marital property.
When it comes to the property division portion of a Colorado divorce, many spouses hold false impressions about which assets will be subject to division. In fact, many spouses postpone filing for divorce based on these misperceptions, largely due to the misguided belief that they will fare poorly in the property division process. This is a topic that deserves careful attention, because the results of the division of marital property will have a great deal of influence on the financial standing of both parties in the months and years following a divorce.