There is a time when the inescapable moment arrives, when a married couple realizes they’ve given it all they have, but just can’t stay together.
Then, both spouses wake up and realize that all that is left is trying to figure out how they’re going to divide the houses, the cars, the bank accounts and all the other things they’ve accumulated. In some cases, that’s another wrenching chapter in a very, very long story.
To get the most reliable information, calling a trustworthy Colorado Springs divorce attorney early can help to separate the reality from the myth. When people finally stop listening to the whispers of their friends and relatives, that’s usually when truth surfaces, which sometimes can be much different than people think, but a huge relief to hear nonetheless.
Before you can dissolve a marriage in the state of Colorado, all marital property must be divided equitably and legally entered in court as a “property division.” However, even though Colorado is an “equitable distribution” state, many couples are unclear on what is considered “marital property.” Working with an experienced Colorado Springs property division lawyer can eliminate any confusion about this issue.
According to Article 10, Sections 14-20-113 of the Colorado statutes, “marital property” can be “acquired by gift, bequest, devise or descent.” It can also be property that is acquired in exchange for existing marital property, or even property acquired by a spouse after a decree of legal separation. Even if a couple has a prenuptial agreement, there may still be some marital property that was intentionally excluded from that agreement. A Colorado Springs property division lawyer will help you take inventory of all marital assets in advance of any mediation or court appearance.
Looking back at the decisions they made upon separation, many divorced couples regret spending too little time on property division. Sometimes the pressure to split their assets quickly can cause divorcing parties to make impulsive decisions, many of which could cost them thousands of dollars down the road.
Couples who are dissolving their marriage in Colorado usually focus on financial matters first, which can become particularly contentious, even in the most amicable divorce situation. If you have concerns about property division in your Colorado divorce, you are not alone. Economic pressures are one of the biggest stressors in any divorce, but particularly in a shaky economy. Working with a skilled and experienced Colorado Springs divorce attorney is the best way to ensure that your interests are met in a property settlement.
Property division in a divorce is often very complex, especially if you are involved in a family business or have several jointly held investments. Many Colorado couples attempt to do this on their own, but soon learn that asset valuation is no simple matter. This is one area where a Colorado Springs divorce attorney can help. Divorce attorneys have extensive knowledge of asset valuation and the tax issues that surround it. They can also help with the complex financial calculations involved in determining the present value of a family business.
There is nothing simple about the process of dissolving a marriage, but there are ways to make divorce easier on your self financially. When it comes time to divide the marital property, real or otherwise, many divorcing couples make costly mistakes that they later regret. Rather than taking on this challenge alone – and all the paperwork that comes with it – it’s smart to look for divorce attorneys in Colorado Springs who have experience in these matters.
When the threat of divorce is looming in your marriage, the last thing you might want to think about is your current financial status; but now is the time to get organized and gather information that will secure your financial future. As a Colorado Springs property division lawyer, I am acutely aware of how important it is prepare for the financial aspects of a divorce.
Before consulting with a property division lawyer, spend some time reviewing your credit report. A decent credit score will be important when you want to rebuild financially after a divorce. It will also help you see very clearly which marital accounts are jointly held and which are in your name only. This is important, since debt allocation plays a large role in property division. A Colorado Springs property division lawyer can help you determine the right course of action for each creditor, which may include freezing accounts or removing unauthorized users. Once your property settlement is complete and a divorce decree is issued, you may want to notify the creditors and credit reporting agencies and make sure all joint accounts are closed.
Unlike other states such as California and Texas, Colorado follows the principles of Equitable Distribution of Marital Property. The word Equitable is related to the concept of "fairness", though it does not mean equally distributed. In this article we take a look at some features of this type of division.
If only divorce was as easy as agreeing to part and go your separate ways. Unfortunately, when two people decide to break their legal bonds, it calls for a severance of all the bonds that tied them together financially as well. This means that it now needs to be decided who owns what. Divorce, division of property and debts are all involved.
In this day and age, Colorado Springs family relationships have become much more complicated due to the ever-increasing number of remarriages and blended families. Estate Disputes that arise have Second Marriages at the top of the list as a cause for this type of family law conflict. Even if that spouse has been married to the deceased for many, many years, there is an inherent friction between the new spouse and the first family. People from Colorado must plan carefully for what you can to do to provide for that second spouse, and yet provide for your children and grandchildren.