Getting a divorce shouldn’t mean you put your business interests in jeopardy, but some Colorado Springs area couples not prepared for the financial damages of a property settlement. If you have complex property, such as a family business, a divorce can become very complicated and financially painful.
In a Colorado divorce, one way to ensure your business assets are protected is to ask a Colorado Springs family lawyer for advice. Basically, there are three proven strategies that can help you protect your business financial interests during the equitable division of property.
While normally associated with the rich and famous, hiding assets in a divorce is a game that is played by couples at almost every economic level. As soon as divorce papers are served, it is not uncommon for one or both spouses to quickly squirrel away assets into private accounts. As a Colorado Springs divorce attorney, I’ve seen husbands and wives try every trick in the book. Whether it is an interest-free loan to a love interest, or a shuffling of investment portfolios, the race to lay claim to a larger share of marital property is a widespread phenomenon; but it is important to discover this before a property settlement is signed.
As a Colorado Springs divorce attorney, many people have asked me about how the economic downturn has impacted divorce. Most people who haven’t been through a divorce are not aware of how much finances play a role in the decision to divorce in the first place, let alone in the aftermath of divorce.
Divorcing couples often think they have their credit card debt “covered” just because they've divided up the debt in a property settlement; but there is one important stipulation that many of them fail to realize: Creditors are under no obligation to respect the terms of your divorce agreement. As a Colorado Springs divorce lawyer, I am acutely aware of how this oversight can affect my clients’ financial future.
Here is an example of how assigned credit card debt can come back to haunt you:
If you are planning to marry in Colorado, a Colorado Springs family attorney can help you draft a pre-nuptial agreement that will allow you to a marriage with a document that protects your financial interests. While this may not be considered the most “romantic” thing to do while planning a wedding, it is something every couple should consider.
Anyone who has heard the horror stories of contested divorce, or knows someone who lost a lot of money to an ex-spouse who prevailed in court will tell you – “get a pre-nuptial agreement!” Even if it hurts your fiancé’s feelings, in many cases it can be a deal breaker. For example, if you have a Colorado Springs -based family business, a large investment portfolio or other significant assets in your possession at the time of marriage, you would not want to lose this wealth if your marriage were to end in divorce. A pre-nuptial agreement can protect you from future losses, but it can also limit the amount of spousal support or alimony your spouse can receive.
With so many more couples choosing to cohabitate indefinitely as an alternative to marriage, a greater understanding of shared property rights is a necessity. This is especially true if such a couple decides to end their relationship. As a Colorado Springs family lawyer, I see a lot of couples enter into cohabitation agreements that are designed to protect their financial interests should they decide to split up.
A Colorado Springs Family Law Attorney explains how you can maintain financial stability and keep your financial interests protected in a divorce situation, especially when you suspect your ex-spouse is planning to file for bankruptcy.