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property division Archives

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. 

The role of debt in property division during divorce

Many Colorado couples focus the bulk of their divorce efforts on dividing marital wealth. What they often forget, however, is the role that debt plays in the property division process. Understanding how debt factors in to the big picture can help spouses make wise property division choices. 

Who can help you find hidden assets before property division?

Although it is not par for the course, some people get incredibly creative in the art of hiding assets in a divorce. Colorado spouses might be smart to be suspicious, and get help to make sure they receive their fair shares when it comes to property division. The opportunities to hide assets are endless, especially if one spouse has a business. The first place to look might be his or her office for artwork and antique furniture acquired with marital cash and then under-reported.

The importance of business valuation in property division

Building a successful business takes an enormous investment of time, energy and financing. For many Colorado residents, those expenditures are at risk of loss during a divorce. In order to avoid excessive losses during the property division process, it is necessary to obtain a thorough evaluation of all business assets.

"Dogimony" center of property division disagreement

When a Colorado couple decides to go their separate ways, reaching an agreement on how to divide marital assets is a big focus of the divorce process. For those who have pets, provisions are often included regarding pet care and expenses. If those terms are not met after the divorce is made final, the matter may go before a court of law. An example is found in an unusual property division disagreement regarding a particularly pampered pooch.

These property division choices support retirement planning

Going through a divorce is never a simple or easy process, even for Colorado spouses who are ready to move on to the next phase of their lives. When making divorce decisions, especially financial ones, it is essential to consider one's long term interests, in addition to short term financial needs. That is especially true for individuals who are nearing retirement age. The following property division approaches can help support retirement planning efforts.

Consider refinancing requirements during property division

When faced with a divorce, many Colorado residents will go to great lengths to preserve some semblance of calm and normalcy in their otherwise tumultuous lives. That may include making every effort to hold onto their family home, even when other assets are more financially favorable. When one spouse wants to keep the home, the other spouse must agree to accept his or her share of the home's equity through other assets. Refinancing the home in the retaining spouse's name is almost always part of the property division agreement.

Could collaboration ease property division chaos?

When a Colorado couple is moving through a divorce, the division of marital wealth is often a top priority. Property division is also a prime area of contention among many couples, and can be the topic that brings otherwise amicable negotiations to a halt. One state has taken a novel approach to easing strife between divorcing spouses, in the form of a law that requires parties to attempt collaboration prior to taking their case before a court of law.

During property division, be sure to account for all assets

The timeframe between deciding to end a marriage and the point at which that decision is made legally binding can be hectic. There are a great many tasks that must be accomplished during this relatively short period of time, and even the most well-organized Colorado spouses can feel overwhelmed. Unfortunately, there are also a great many mistakes that can be made during this timeframe, many of which can be costly. Forgetting about less common assets is a prime example and is a property division issue that deserves attention.

Track expenses for optimal property division outcome

When addressing their financial needs, one of the most powerful steps that a Colorado resident can take is gaining a comprehensive understanding of his or her expenses. This is true during all phases of life, but never more so than during the course of a divorce. In order to achieve a favorable property division outcome, it is absolutely necessary to have a firm grasp on the full range of current and projected expenses.

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