When you decide to move forward with divorce, it goes without saying that you will have a lot on your mind. For example, it's only natural to feel poorly about how your relationship is ending.
As tax season gets into full swing, many Colorado residents have not given proper thought to how a recent divorce could impact their tax scenario. For those who obtained the bulk of child custody rights as part of the divorce, this tax year could shake out far differently from years past. It is important to understand how a custody case can impact taxes, and to plan accordingly.
Going through a divorce is never easy. It can be very difficult to reconcile with the fact that a person who you once thought the world of is now a bitter adversary. And this sort of conflict is certainly stressful, so much so that you may be inclined to try to work out the terms of your property settlement as quickly as possible.
When two parents split, in Colorado or elsewhere, one of their first priorities is determining how to divide parenting time and responsibility. It is not uncommon for one parent to retain the bulk of child custody rights, and for the other to have liberal visitation. This arrangement works for many families, but can lead to problems for others. An example is found in the case of a father who is asking for more input into his daughter's life after a controversial appearance on the Dr. Phil television show.
Leaving an abusive situation is one of the most difficult challenges that a Colorado resident can face. When the abusive partner also shares a child with the victim, things can become even more complicated. Many parents simply remain in an abusive situation for fear that they will lose access to their child if they try to leave the relationship. Others will decide that they simply cannot stay, and will enter into a child custody case with their former partner.
When a relationship goes south and there is a child or children involved, many factors come into play and many questions get brought up. Who will the children live with? How much time will the other parent get with the children? Who will pay child to whom? These questions get resolved either through mediation or through the court system.
Getting divorced draws various emotions depending on your current relationship with your partner. For some, it can be a disastrous and shocking experience that will affect your physical and psychological wellbeing. For most, it can be a blessing in disguise with a significant pay cheque on the horizon. Whatever your motives are, you might expedite a swift and smooth process especially when children are involved. When you come across a high-asset divorce, you probably think of lots of cash in bank accounts, stocks in various companies, luxury cars and apartments spread across the country, if not the globe.
If you're facing a divorce involving significant and complex assets, you might think that divorce mediation will not be helpful, but this doesn't have to be the case. In fact, high-asset divorces can greatly benefit from divorce mediation.
While every divorce situation is distressing, it becomes more strenuous when parties have to worry about their financial stability and property loss. High asset divorce can raise serious disputes with spouses disagreeing over fairness in the division of marital property. A high-profile couple can have real estate investments, property interests, retirement plans, complex trusts, and international assets. A combination of such assets can make divorce proceedings for individuals of high net worth complicated as there may not be a straightforward way of equitable division. Therefore, it is critical to consult a high-net-worth divorce attorney.
After a divorce, it is the responsibility of both parents to contribute towards the upkeep of their child. If one of the ex-spouses is proving unwilling to pay child support, the other can make a formal request to the court for assistance in receiving child support. To open a child support case, the parent needs to get in touch with an attorney, who will direct the parent to fill out an application form online or have it sent to their house for $25. In order to get the order enforced, the noncustodial parent's location and place of work need to be known.