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Evaluating advice during a high-asset divorce

Getting advice from friends and family can be invaluable in many areas of life. Finding a dentist, choosing a vacation destination or planning a birthday party are all areas were advice can make a world of difference. However, during a high\-asset divorce, advice from well-meaning parties can actually complicate matters and lead to unfavorable outcomes for Colorado spouses.

The reason spouses hire the services of experienced divorce attorneys is to gain access to the expertise and knowledge of the law that those professionals have to offer. The cost of legal services is a worthy investment for spouses who are able and willing to take advantage of the advice offered by their legal counsel. The same goes for financial advisors who are well-versed in the ins and outs of high-asset divorce.

Child custody: Pursuing an outcome that is best for the kids

Choosing to dissolve a marriage can be a difficult decision that may require a fair amount of thought, especially if kids are involved. Parents in Colorado generally consider the well-being of their kids to be of the utmost importance, and seek to protect them from harm. When weighing the options concerning child custody, this could lead some parents to wonder if staying together for the sake of the kids is the best option available.

Many parents may have concerns about the impact a divorce will have on their children. This may lead them to believe that attempting to rectify any issues within the marriage in favor of providing the kids with stability is a favorable option. However, repairing the issues within a marriage that is no longer functional can prove challenging, and if the parents are continually arguing due to unhappiness, the kids may suffer in the process.

Man jailed for not following child custody court rules

Moving through a custody battle can be a harrowing experience. For some Colorado parents, it is also incredibly frustrating and emotional. Throughout the process, all parties must adhere to the rules laid out by the child custody court. Failure to do so can result in negative consequences, as one father from a different state recently found. 

The man attended a child custody hearing with his former wife at a county courthouse. Signs posted in the building advised visitors that there was no cell phone use allowed in the area. During the meeting, however, the man recorded the proceedings using his phone.

Tax changes could make high-asset divorce more expensive for some

The signing of the Republican tax bill could mean a higher tax obligation for some Colorado spouses. One of the biggest changes is the elimination of the alimony tax deduction, which saves paying spouses a significant amount on their annual tax bill. Understanding how the change could affect your bottom line is important in a high\-asset divorce

Currently, alimony payments mean dollar-for-dollar deductions for the paying spouse. The recipient must claim the payments as taxable income. That can mean a nice tax savings for the paying party. 

What is your intellectual property worth?

When people get divorced, there is typically a negotiation over how best to divide the marital property. While this often pertains to items such as your home in Denver, it also applies to other property you and your husband own. For example, if the two of you started a business together, then you will have to work out how best to divide it and your assets. Some of those assets might be in the form of intellectual property, such as a patent for an invention. Like all your other martial property, you, or a professional appraiser, will have to assign a value to the intellectual property.

In general, intellectual property includes items such as copyrights, trademarks, patents and even company secrets. Within a business, these items are usually listed as intangible assets and you can often find them on the balance sheet of the financial statements. These assets, just like the equipment your business owns, will be subject to Colorado's martial property division laws. We will explore some crucial information about valuing intellectual property.

Appeal filed in high-asset divorce case

Some Colorado readers are aware of the recent high profile divorce between the founder of Cancer Treatment Centers of America Richard Stephenson and his wife, Alicia Stephenson. The couple separated in 2009, but it wasn't until 2016 that their high\-asset divorce went before a court. At that time, the wife was awarded a $6.5 million single payment in addition to $55,000 per month in spousal support. 

During negotiations, Alicia Stephenson was seeking $400,000 per month in alimony. Her attorney argued that she required that amount to maintain the quality of life she had grown accustomed to during the marriage. During the divorce, details of the couple's extravagant lifestyle became public knowledge. The parties accumulated valuable artwork, furniture and real estate holdings. They held lavish parties and traveled in private jets. 

Do millennials approach property division differently?

Statistics suggest that millennials in Colorado and other states are more likely to embrace prenuptial agreements than other groups. In particular, young women are beginning to seek these marital contracts in growing numbers. Researchers are trying to determine why this demographic is taking a different approach to marriage, divorce and property division than their parents and grandparents. 

One explanation may be that people are delaying marriage now, as compared to previous generations. Many young people want to establish themselves in their careers and pay down debt prior to walking down the aisle. They may also be bringing more assets into the marriage and have a different perspective on the chances of losing that wealth in the event of a divorce. 

Chris Pratt seeks joint child custody in divorce with Anna Farris

Many Colorado fans of Chris Pratt and Anna Farris were sad to learn of their separation earlier this year. Unfortunately, it appears as if a reconciliation is not in their future. Both have recently filed for divorce and reportedly many legal discussions are being discussed such as an agreement on child custody, addressing their prenuptial agreement and property division.

Although Pratt and Farris have separately filed for divorce, Pratt apparently made the first move. He listed that the end of their eight years of marriage was due to "irreconcilable differences."  He is seeking joint custody of the 5-year-son he shares with Farris.

What does terrorism have to do with child custody?

In the vast majority of cases in Colorado and elsewhere, terrorism plays no role in the average custody battle. However, a recent child custody case in another state has received widespread media attention. The mother in the case claims that her former husband is radicalizing their son and promoting drastic anti-American viewpoints.

The mother claims that her former husband developed an affinity for certain strict interpretations of Muslim faith during their marriage. Those beliefs included a demand that she change her appearance and clothing choices, and cease allowing their children to participate in common American practices like school events and social outings. She was also ordered to stop taking her children to visit their grandfather in Jerusalem.

Are you ready to start co-parenting with your ex?

Marriages often end because spouses have grown apart or no longer relate to one another in a healthy, functional manner. 'Unfortunately, if you have children together, you can expect to have an ongoing relationship with your spouse for the rest of your life.

After all, your children are likely to want both parents present at major events, from their big game in high school to their graduations and weddings. Beyond that, you will also need to see one another several times a week to exchange custody of your children.

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