In many marriages, one spouse handles the majority of the financial aspects while the other spouse takes care of other responsibilities. This concept can work great as long as the marriage is on stable ground. However, if the Colorado couple decides to divorce, it is important for both parties to be aware of their various assets, liabilities and other financial concerns.
Ending a marriage requires a great deal of planning and a thorough exchange of information between parties and legal professionals. That process can seem tedious at times, especially for couples in Colorado who have a diverse mix of assets at the time of their divorce. Unfortunately, there are cases in which one spouse has inappropriately transferred or otherwise disposed of funds that should have been held in the marital assets "pot."
For most Colorado couples, entering into marriage is an expression of commitment, one that is taken very seriously. However, there are circumstances under which marriages are brought to a close in a very short duration of time. In such cases, an annulment can be a powerful tool. Understanding the differences between an annulment and a divorce can help spouses make the right decision for their particular set of needs.
When most Colorado spouses decide to end a marriage, there are very few obstacles in place to prevent that process from moving forward. For those who are incarcerated, however, it may be considerably more difficult, if not impossible, to file for and complete a divorce. This is an issue that receives very little attention, but can be incredibly harmful to people who are serving time.
Part of the process of ending a marriage involves both parties completing financial disclosure forms. For some Colorado families, this is a simple and straightforward process. For others, it can be quite complex, either due to the reluctance of a spouse to be forthcoming about money matters, or a complex asset portfolio. Either scenario can be addressed by the addition of a financial adviser to the divorce team.
Many Colorado residents are familiar with the term collaborative law, but are unsure exactly what that means. Collaborative law offers spouses the ability to work together to iron out the details of their divorce settlement. Both parties enter the process with a shared commitment to resolve their issues on their own, outside of a court of law. Both parties are able to retain individual legal counsel, but the role of those attorneys is to facilitate a collaborative solution, not to take an adversarial stance on various divorce issues.
When a Colorado spouse is considering ending his or her marriage, financial matters are often a top priority. The financial landscape for both spouses will invariably change once a divorce is made final. Being able to correctly anticipate and plan for those changes is the key to achieving financial stability in the months and years to follow.
The way that society views broken marriage has changed over the years. It wasn't that many decades ago when a divorce meant almost certain social scrutiny, and in some cases, difficulty moving on with a healthy social life. Things have slowly changed, and people have come to terms with divorce as a tool for people to move beyond a failed marriage and toward new endeavors. According to recent research, divorce has never been more socially acceptable than it is today, which may come as a relief to Colorado spouses who are considering ending their own union.
Property division is a primary focus for most divorcing spouses in Colorado, and for good reason. The outcome of the division of marital wealth will shape the financial lives of both parties for many years to come. That is why it is so important to account for all asset types during the early stages of a divorce. Failing to recognize or account for assets could mean that the value of those assets is lost. A prime example lies in health savings accounts, (HSAs) which are very often left out of the property division discussion.
Very few people expect to receive marital advice from a legal professional whose line of business is processing the end of marriages. In reality, however, very few divorce attorneys relish the thought of ending a marriage that could possibly be saved. Most approach their role as facilitating a fair and favorable divorce for couples who have exhausted all efforts to remain happily married. To that end, the following advice is offered in the hopes of giving Colorado spouses the tools needed to determine if divorce is truly the best course of action.