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 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.
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.
Ask spouses to recall the most difficult aspect of their divorce, and the answer is likely to be the same. Making the decision to end a marriage is often the hardest part of the entire divorce process. It can be hard to know when it's time to pull the plug on a faltering union, and some Colorado spouses wait for years before finally taking action. In reality, there is no ideal time to begin a high\-asset divorce, but there are indicators that suggest that a marriage is irreparable.
The end of a marriage can be a challenge for any individual, but when large sums of money are also at stake, the challenges can be greater. When settling a high\-asset divorce, it can potentially be important to understand how the support payments can affect your income at tax time. In Colorado, people who have informed themselves about how taxes will affect support payments may find themselves less stressed in their daily lives.
While preparing to wed, many Colorado residents consider including a prenuptial agreement in their planning. For many, this is a prudent financial planning step, and can stave off many of the difficulties that come with a high\-asset divorce. When preparing a prenup, it is vital to include the financial matters that mean the most to both parties. That should include a set of provisions that address how gifts will be handled in the event of a divorce.
For Colorado families who have been successful in amassing a high degree of wealth, protecting those assets from loss is often a top priority. That includes managing money in a way that reduces tax obligations while promoting steady growth, and protecting against loss due to litigation. When it comes to legal losses, few things can be more damaging to one's bottom line than a high\-asset divorce. That is why many families take an aggressive stance toward making sure that inherited wealth stays where it was intended.
Ask any Colorado tennis fan to name a few players who have made historic strides in the sport, and the names Venus and Serena Williams will almost certainly be uttered. Many people who follow the sport are aware that their father, Richard Williams, was instrumental in shaping the early training and competitive nature that Venus and Serena have used to propel themselves into the highest levels of professional tennis. He is now facing a high\-asset divorce with his second wife, and the matter has made headlines as the two parties begin the legal process of ending their union.
After more than ten years of marriage, you and your husband have decided to part ways. You know the divorce will be complex. While your husband spent his time trying to fulfill his dreams of becoming an artist, you built your own interior design firm from the ground up. Many years of success have allowed you to purchase a second home, investment property, and build a strong stock portfolio. Theoretically, you could retire now and live very comfortably. However, you love the work too much to walk away from it. In addition, your divorce settlement may include handing over a significant portion of your assets to your husband.
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.