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Property division: Addressing the family business

Dissolving a marriage can be an intimidating process, especially for individuals in Colorado and elsewhere who own a business. In many cases, the family business can make up a substantial portion of a couple's wealth and will thus be a major focus during negotiations concerning property division. When facing divorce, a business owner may wish to know more about what to expect from the process and the available options to protect the future of his or her company.

The first step for an owner to take is to determine if the business is separate or marital property. If the business was founded prior to marriage and was not commingled with marital finances in any way, the owner may be able to retain sole possession of the business throughout divorce. However, if even a portion of the business is deemed marital property, it will likely play a role in property division negotiations.

The value of a 50-50 child custody agreement

No one wants to think about the idea of only living with their children for half the time, but when divorce is on the table, this kind of arrangement could be a possibility. Furthermore, if a 50-50 child custody arrangement is agreeable to both you and your spouse, it might be the most worthwhile child custody solution available.

A 50-50 child custody agreement is good for your kids

Child custody: Kids may have questions about the process

Upon making the decision to end a marriage, parents in Colorado may have concerns about certain aspects of the subsequent process. Child custody can be one of the most challenging topics of divorce, as parents generally place a high priority on protecting the future of their kids. However, this period is not only difficult for the parents, and their kids may have questions about the process and how it might affect their lives.

After hearing of an upcoming divorce, kids may have difficulty understanding what is happening to their family. The news of divorce could leave the kids wondering if they are at fault in any way or feeling as though they are no longer wanted or loved. Children may also have questions about how the process will impact their lives, such as concerns about having to change schools or move to a new location.

Experiencing a change of identity after a high-asset divorce

There are a variety of events in life that can have a substantial impact on a person's future, such as the decision to enter a marriage. Should a married couple in Colorado decide to part ways, it might not be uncommon for a person to experience an identity crisis. Since going through a high-asset divorce can be daunting enough on its own, a person may wish to avoid unnecessary stress by seeking advice on the changes to expect once the process is complete and how to accept them.

Upon making the decision to marry, a person may immediately identify as a husband or wife. If the couple has children together, one may also become a mother or father. These roles can have a substantial influence on how a person behaves and connects with others. In many cases, couples may schedules their lives around each other, and should the relationship end, one may struggle to adjust to his or her new situation.

Child custody: Planning ahead with school back in session

With school back in session, parents in Colorado and elsewhere may be seeking out ways to ensure they are able to meet the educational needs of their kids. For parents who are going through a divorce, this could be a crucial topic to discuss during child custody negotiations. However, knowing what topics to cover concerning the upcoming school year can be difficult, and a similar process may leave many parents in search of guidance.

During child custody negotiations, parents may be able to reach an agreement concerning how they will cover a variety of child-related expenses. While these may also include educational expenses, they might not cover unexpected costs such as additional school supplies or money for special events such as a school dance or homecoming. Parents may find it helpful to discuss how to handle these expenses early in the process.

Child custody: Helping the kids pursue a college education

Helping the kids pursue a college education is a goal for many parents in Colorado and elsewhere. However, certain scenarios in life may disrupt future plans, and should a couple make the decision to dissolve their marriage, it could impact their child's future in a variety of ways. For parents who wish to see to the educational needs of the kids, discussing how to handle college tuition during child custody negotiations could be vital.

When discussing a higher education, parents may benefit from making a list of all college-related expenses. These can include the costs of tuition, money for room and board and meals and other expenses such as those pertaining to books and the necessary electronics. It may also be advisable to gain an understanding of how a divorce could impact the child's eligibility to obtain financial aid.

Don't forget about taxes during asset division

High dollar assets will be the primary focus for spouses engaged in the difficult task of splitting up their assets. Perhaps you and your husband or wife share expensive art, real estate, brokerage accounts, antiques, collectibles and more together. Whether you think a specific painting is yours or not, if you purchased the painting while married, chances are that it's a part of the marital estate and therefore divisible.

The questions are: How much are all these assets worth, exactly? And, just as importantly, are there any tax liabilities associated with these assets?

Updating beneficiary information after a high-asset divorce

For individuals in Colorado who wish to protect their financial futures following the end of a marriage, focusing on forming a strategy for the process of property division could be vital. In addition to considering one's options concerning assets such as a business or family home, it may also be essential to seek advice on how to approach complex assets such as retirement and investment accounts. For couples with a great deal on the line, similar accounts could hold substantial wealth, and failing to take the necessary steps during and after a high-asset divorce could prove detrimental.

When addressing accounts such as an IRA, the first step may be to determine if the account is separate or marital property. Understanding Colorado state divorce laws and how the type of property impacts the situation could help a person in making informed decisions. However, simply focusing on how to divide similar accounts might not be enough, and a person may need to take additional steps to protect his or her finances once the divorce is finalized.

Taking the necessary steps to prepare for a child custody hearing

When facing the end of a marriage, couples in Colorado may face numerous difficult decisions, especially when kids are involved. Child custody can be one of the toughest issues in family law and preparing for the subsequent process can be intimidating. When facing a divorce, a parent may find it beneficial to seek guidance on the steps to take to prepare for a child custody hearing.

When preparing for legal proceedings, one of the first steps a parent can take could be to research Colorado state child custody laws. These laws will have a significant influence on the process, and having knowledge of them could help one gain an understanding of what to expect during the hearing. However, without the necessary legal experience, fully understanding child custody laws can be a challenging task.

Avoiding surprises during a high-asset divorce in Colorado

For wealthy couples in Colorado and across the nation, making the decision to dissolve a marriage can be an intimidating process. With a great deal at stake, knowing what to expect during the process can be essential, but it can also be challenging at times. Those who are going through a high-asset divorce could benefit from seeking advice early in the process to reduce the likelihood of surprises, as these could have a detrimental impact on the outcome of the situation.

Upon making the decision to divorce, many individuals may feel it vital to focus on gaining a better understanding of all marital assets. While this might be crucial, one may also find it important to become aware of marital debts such as those pertaining to mortgages and credit card balances. Debts can have a significant impact on the outcome of a divorce, and being unaware of their presence could leave a person unprepared for negotiations.

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