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High-asset divorce: Tax changes concerning alimony

For individuals in Colorado and elsewhere who possess a considerable amount of wealth and assets, making the decision to end a marriage can be a challenging process. Since a high-asset divorce will likely have a substantial impact on a person's life, some may wish to allow ample time to reach such a potentially crucial decision. However, with changes coming to the way alimony will be taxed, those who are facing a similar process might find it advisable to seek guidance on how these changes could affect the outcome of their divorce.

Under the new law, which will take effect at the start of 2019, a person will no longer have the option to file alimony as a deductible or taxable income. This change could have a substantial impact on individuals who pay considerable amounts in spousal support. However, these changes might not affect those who finalize their divorces before the end of 2018, which could leave some in a rush to make a decision regarding the future of their marriages.

Addressing the necessary topics during a high-asset divorce

Upon making the decision to dissolve a marriage, many individuals in Colorado and across the nation may have concerns about how best to approach the situation. In addition to being a potentially stressful experience, a high-asset divorce can also be complex. Those who wish to safeguard their futures may wonder how to prepare for the process, and they could choose to speak with a family law attorney for advice early on.

When preparing for divorce proceedings, a person could benefit from gaining an understanding of the topics that will be addressed throughout the process. One topic to consider pertains to the division of property. Prior to entering negotiations, a person may find it helpful to make a list of all marital assets. However, with a considerable amount of assets at stake, such as business interests or investment accounts, compiling such a list can be a challenging task.

Child custody: Speaking to the kids about divorce in Colorado

When parents in Colorado make the decision to end a marriage, they may have concerns about how their children might react to the news. Regardless of their age, kids may have more difficulty understanding the concept of divorce. In addition to seeking to protect their future well-being by reaching an acceptable child custody agreement, parents may also find it helpful to seek guidance on how to talk to the kids about divorce and how to address the issues they may experience in the process.

When it comes to the end of a marriage, the way kids react to the news of divorce may differ, depending on their age. Younger children may have trouble fully understanding the situation, and when speaking to them about divorce, parents might find it advisable to keep it simple and be prepared to answer basic questions about what is happening. During this time, parents may find it helpful to keep watch over the kids and provide them with reassurances of love and support, which could help adjust to the situation with less difficulty.

High-asset divorce: Addressing taxes and asset values

Making the decision to end a marriage can be stressful and intimidating process. The outcome of the situation could have a significant impact on a person's finances, regardless of the level of wealth and assets one possesses. For individuals in Colorado who have a great deal of assets on the line, taking steps to prepare for a high-asset divorce could prove even more essential, but knowing how to achieve this goal can be challenging.

While preparing for negotiations, a person might find it beneficial to consider the true value of all marital assets, as this could affect one's decisions. For instance, since a significant portion of a couple's wealth could be tied up in the family home, a person may feel it necessary to pursue ownership of the home. However, it might be advisable to gain an understanding of the costs of maintaining the home and how changes to the housing market might affect its value prior to forming a strategy.

Do you know the following divorce terms?

When learning about a new topic of interest, knowing the "lingo" is a good first step you can take. The topic of divorce may be fraught with conflict, but if you are in a toxic marriage, it may be necessary to hash it out with your spouse.

Colorado spouses who are planning to divorce will do themselves a great service by familiarizing themselves with some of the lesser-known divorce terms that they may encounter while dissolving their marriages.

Child custody: Shielding the kids from harm

Upon deciding to take separate paths in life, married couples in Colorado and elsewhere may face a variety of tough decisions. When kids are present, parents may be tasked with protecting their needs by negotiating an acceptable child custody agreement. Although this aspect of divorce could be a contestable matter, parents may find it helpful to consider how their actions might affect the kids and find ways to shield them from harm in the process.

For kids, the concept of divorce may rarely be easy to understand, let alone accept. However, the level of difficulty they experience during this period could be influenced by how their parents approach the situation. Although divorce might be difficult for children under any circumstances, if the parents choose to put the needs of the kids first, they may find the transition much less challenging.

Seeking advice in preparing for a high-asset divorce in Colorado

Many individuals in Colorado and elsewhere consider it vital to have a strategy in place for the future. Unfortunately, certain scenarios in life can be difficult to plan for, such as the end of a marriage. Individuals who are facing a high-asset divorce could benefit from speaking with an attorney early on for guidance on how to reduce the stress of the situation by preparing for the process.

With a considerable amount of assets on the line, one of the first steps to take to prepare for what comes next could be to gain a better understanding of marital finances. Obtaining documentation of all marital accounts and assets could prove invaluable in forming a strategy prior to entering negotiations. This step could provide a person with insight into other aspects to address, such as those pertaining to marital debts, as these could have an influence on the outcome of the situation.

Safeguarding one's financial future during a high-asset divorce

Upon making the decision to dissolve a marriage, many individuals in Colorado and elsewhere may have concerns as to how the process might impact their futures. When there is a great deal at stake, many may wish to protect this aspect of life, but they might be uncertain how to achieve this goal. When facing a high-asset divorce, a person may find it beneficial to speak with an attorney for guidance on how to pursue a favorable outcome and maintain financial stability.

When facing divorce, a person may find it advisable to take care with where he or she obtains guidance in the process, as even advice that is given with the best of intentions could be misleading. While preparing for what comes next, a person could also consider keeping track of marital incomes and expenses and obtaining documentation of marital finances, as this could prove beneficial in a variety of ways. While addressing marital finances, it may also be in a person's best interests to consider closing joint accounts and opening separate accounts.

Child custody: Understanding the best interests standard

For parents in Colorado and elsewhere who are going through the end of a marriage, safeguarding the well-being of the kids could be essential. However, child custody can be an intimidating topic and a parent could be uncertain how best to protect the future of the children. Prior to entering negotiations, a parent may find it beneficial to consult with a family law attorney for guidance in understanding the topics to address concerning the best interests of his or her kids.

When determining the best interests of a child, there are a multitude of factors that could influence the process. These can include anything from the age of a child to the nature of his or her relationship with family members. Other topics to address may also include the living arrangements of each parent and the educational and medical needs of the kids, and in some cases, the child's preferences.

2 reasons to say 'yes' to divorce

Many individuals debate for years whether they should get a divorce. Then, after lots of going back and forth and deliberating on the topic, they finally make the hard choice to end their relationships. Others just wake up one morning, realize their marriages aren't going anywhere, and they pull the trigger on their divorces immediately.

Ultimately, everyone completes this delicate decision-making process at his or her own rhythm and pace. If you're one of the people who are still on the fence -- but you have a strong sense that you're ready for your marriage to come to a close -- here are two reasons to say "yes" to divorce:

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