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property division Archives

Could collaboration ease property division chaos?

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.

During property division, be sure to account for all assets

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.

Track expenses for optimal property division outcome

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.

Supreme Court rules on military property division matter

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.

How a separation can impact the property division process

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.

After property division, have a plan in place for new credit

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.

Steps Involved in Property Division

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.

Hiding assets? 3 reasons it could come back to haunt you

Complicated and emotionally draining, divorce can cause strain and conflict in your life. You invest time and money into a marriage that you expect to last. Then, suddenly you're thrown into a situation where you must decide the best path forward.

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