When a Colorado couple decides to go their separate ways, reaching an agreement on how to divide marital assets is a big focus of the divorce process. For those who have pets, provisions are often included regarding pet care and expenses. If those terms are not met after the divorce is made final, the matter may go before a court of law. An example is found in an unusual property division disagreement regarding a particularly pampered pooch.
Going through a divorce is never a simple or easy process, even for Colorado spouses who are ready to move on to the next phase of their lives. When making divorce decisions, especially financial ones, it is essential to consider one's long term interests, in addition to short term financial needs. That is especially true for individuals who are nearing retirement age. The following property division approaches can help support retirement planning efforts.
When faced with a divorce, many Colorado residents will go to great lengths to preserve some semblance of calm and normalcy in their otherwise tumultuous lives. That may include making every effort to hold onto their family home, even when other assets are more financially favorable. When one spouse wants to keep the home, the other spouse must agree to accept his or her share of the home's equity through other assets. Refinancing the home in the retaining spouse's name is almost always part of the property division agreement.
When a Colorado couple is moving through a divorce, the division of marital wealth is often a top priority. Property division is also a prime area of contention among many couples, and can be the topic that brings otherwise amicable negotiations to a halt. One state has taken a novel approach to easing strife between divorcing spouses, in the form of a law that requires parties to attempt collaboration prior to taking their case before a court of law.
The timeframe between deciding to end a marriage and the point at which that decision is made legally binding can be hectic. There are a great many tasks that must be accomplished during this relatively short period of time, and even the most well-organized Colorado spouses can feel overwhelmed. Unfortunately, there are also a great many mistakes that can be made during this timeframe, many of which can be costly. Forgetting about less common assets is a prime example and is a property division issue that deserves attention.
When addressing their financial needs, one of the most powerful steps that a Colorado resident can take is gaining a comprehensive understanding of his or her expenses. This is true during all phases of life, but never more so than during the course of a divorce. In order to achieve a favorable property division outcome, it is absolutely necessary to have a firm grasp on the full range of current and projected expenses.
For Colorado residents who are members of the United States military and are preparing to divorce, understanding how that process will play out is a top priority. The division of marital wealth is a serious matter during a divorce, as the outcome can have a lasting impact on all parties. A recent Supreme Court case delved into one aspect of military property division, and a determination was made concerning retirement pay.
For some couples, a period of separation is an option that can help both parties make it through a rough patch in their relationship. In fact, many couples who go through a separation are able to emerge with a stronger bond and have long and happy marriages. For older Colorado residents, a separation can lead to problems, especially in regard to property division.
Once a divorce is made final, Colorado residents should turn their attention toward building a strong financial foundation for the years ahead. For those who are fortunate, the outcome of the property division process will help to create a solid base from which to build upon. Obtaining new lines of credit is an important part of that process for many people, but it can be hard to know where to begin.
Colorado law requires an equitable distribution of property at the time of divorce between the two spouses. Equitable distribution refers to a system of property division which is based more on 'Fair' distribution rather than a strictly equal distribution of property. How to fairly divide the property depends on several factors that the court takes into account, such as the spouse's economic circumstances, their future income capacity and how the division will affect their children.