While not all Colorado property settlements are this complicated, some divorcing couples reach an impasse when it comes to dividing retirement benefits and/or family business assets. If negotiating the division of these assets has become an obstacle in finalizing your divorce, consult with a Colorado Springs divorce lawyer.
Retirement benefits are one of the most misunderstood marital assets in a divorce situation. Many spouses believe that if they set up the account in their name, with their employer, this asset belongs to them. Wrong! Any retirement savings acquired during the marriage may be considered as marital property, but not always. The other spouse may be entitled to receive some portion of a retirement plan’s value. If you want to know how much you are entitled to, ask your lawyer to file a Qualified Domestic Relations Order petition to determine who receives how much from retirement plans.
Even more complicated than retirement benefits are family-owned businesses. In order to place a value on each spouse’s portion of the business, several factors must be taken into consideration. These include the present value of the business as well as business debt and potential for future profit. Options for dividing a family business include one spouse buying out the other, which means one spouse will own the business and the other will be financially compensated. Some couples will choose to receive payments from a co-owned business over a specified period of time, and still others decide on separation clauses, where various parts of the business are given to each spouse.
Overall, it makes the most sense to divide assets in such a way that makes sense for the current and future needs of each party. Coming to an agreement over property division will speed the divorce process and help you keep an open line of communication, which is extremely important if you are parenting minor children. Find out more about property division by consulting with a Colorado Springs divorce lawyer.