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Residents who divorce in Colorado may need help finding assets

Divorcing in Colorado and elsewhere can be tough no matter what the circumstances. It is not enough for a person to know that the bills are being paid, he or she must also understand all the details of his or her finances before he or she files for a divorce. Fortunately, the three most common mistakes can be avoided.

Alimony and child support are most often determined by a formula created by each state. However, if a person does not have a good understanding of where to find his or her marital assets and how and to whom bills are paid, he or she may not be able to present a clear picture to the courts. It is hard for a person to know what he or she wants in a divorce if he or she is unaware of some assets and their values.

Another mistake a person may make when filing for a divorce is to not hire a financial adviser who is able to find and explain all assets that are shared by the person and his or her spouse. A good legal team is also essential for a divorce. If a significant number of assets are at stake, the legal team may need time to locate, identify and value the assets.

The final mistake is to agree to things that are outside of the divorce decree or to expect things without including them in the divorce decree. Everything should be in writing, because emotions in a divorce can change how a person reacts to even small requests. A legal professional can assist a person filing for divorce in Colorado and can help that person to find assets that his or her spouse may be attempting to hide.

Source: mainstreet.com, "3 Worst Financial Mistakes You Can Make in a Divorce", Kathryn Tuggle, May 28, 2015

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