Divorce & Finances

After going through an expensive divorce, it is not uncommon for one spouse to claim personal bankruptcy.  If you are on the receiving end of support or spousal maintenance, you may be wondering how this will affect the agreements set forth on your divorce agreement.

Getting divorced is a highly emotional ordeal for most families, especially when there are children involved.  It can be so agonizing that when most people talk about the “high cost of divorce,” they are referring to the emotional toll it takes on families.  But the financial cost is something most people don’t consider, until it is happening to them personally. 

Like many other states, Colorado is an “equitable distribution” state for the purposes of dividing the assets of divorcing couples.   When a marriage dissolves, divorcing couples often consider “equitable” distribution as a 50-50 split of any assets or property obtained during the marriage, but they often overlook a few key points.

If you're getting a divorce in Colorado or you know your spouse is considering it, you may be heartbroken. There are a lot of emotions you will go through, but one of the things you MUST do is start preparing for the divorce.  Because your property, money and assets will likely be divided between the two of you, it's important that you are prepared.  Here are some important tips on finance 101 during a divorce.

One of the monumental tasks I had to face after my financially devastating divorce was repairing and improving my credit score.  Not that it was a number any one would have been proud of before the divorce, but it did manage to occasionally qualify us for things we definitely couldn't live without, like a 72" plasma television at 29% interest and a new hunting dog.

When you apply for credit and you are sitting there with your fingers crossed, hoping for a positive outcome, your credit score is not where it needs to be.   I'm sure most folks probably realize this.  What they may not be aware of however, is a low credit score is a huge risk factor for divorce.

In Colorado,  divorce attorneys at the Marrison Family Law LLC help you preserve your property to the full extent of the law.  In Colorado, retirements are considered property even before vesting.  Colorado retirements are divided in divorce to the extent they are earned during the marriage.  Colorado courts divide marital property equitably.  Normally, one would think "equitable" means "equal" but this is not necessarily the case.

Our Family Law Attorneys in Colorado Springs are well versed in drafting your Pre Nuptial Agreement. In Colorado a "prenup" or Marital Agreement may be drafted either before or after the wedding, but must be signed before the filing of any divorce.