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.
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.
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 couples divorce in Colorado, the process is very seldom an easy one and can be wrought with a number of difficult and emotionally charged issues. One of the most complex matters that could be faced in any divorce is property division. One question that needs to be asked when dealing with this issue is how to divide retirement assets. A recent article highlights this question and offers some guidance to those who might find themselves in this situation.
Many Colorado residents that are getting divorced are concerned about having to start over on their own. This can cause them to think more about what needs to be done in the near future when it comes to property division. People are more willing to accept cash rather than retirement accounts thinking that they will have more need for the cash.
When a Colorado couple in their 20s or 30s decides to divorce, the process is often fairly simple. Child custody matters are often the central focus. In many cases, the family has not had time to amass significant assets, so the property division portion of the divorce is not overly complicated. For those in their 50s or older, however, divorce can lead to the need for significant alteration of their retirement plans.