Although the divorce was final in 2011, the battle between Apple executive John Sculley and his ex-wife may not be over. The former Mrs. Sculley has recently filed a lawsuit that claims her ex-husband hid millions of dollars in assets at the time of their divorce. If these claims are true, that would mean that their divorce agreement, particularly regarding spousal support, property division and other financial terms, may not fairly reflect an equitable distribution of marital assets.
When a married couple decides that they want to get a divorce, they may underestimate the scope of what assets there may be conflict over. For example, while the separating Colorado couple is focused on the larger, more apparent assets in the divorce proceedings -- such as the house, the car, etc. -- they may overlook assets such as artworks. In an effort to avoid disputes over who gets which artwork, there are a two vital steps the couple can use to help settle the issues.
Some Colorado ex-spouses may feel that they are paying too much money to the other party in the form of spousal maintenance. A divorce can cost one or both parties more than just emotional turmoil. When the dust settles and the divorce is final, some people discover they have an uphill battle financially.
As Colorado residents are likely aware, marital debt refers to any debt accrued during a marriage. The parties usually split these debts in the settlement negotiated during divorce mediation. Many couples think that when a divorce is final, any debt they do not agree to assume after the divorce is no longer his or her responsibility. Unfortunately, this may not be the case.
Sometimes options such as counseling no longer work, and it seems as if no other option but divorce is left. Most Colorado couples know that divorce can be a scary concept. There is no magic handbook to help guide anyone though this emotional time. Men are generally not equipped to deal with their feelings as women are.
When a couple makes the decision to end their marriage, the potential for something to be overlooked is high. Colorado couples that are getting a divorce and have children might have plans for property division, child support and possibly even visitation rights. However, one aspect that is sometimes overlooked is how the non-custodial parent will be able to meet the financial obligations of their children.
As the economy continues to slowly recover, many in Colorado are still facing lower incomes and higher levels of debt than in years past. For couples with marital troubles, financial difficulties could affect their ability to end their marriage and move forward in their lives. Uncertainties about what it will cost to process a divorce is a legitimate concern, but worries about the financial side of divorce should never be the deciding factor in whether to stay or go.
When divorce is on the horizon, many Colorado spouses worry about how to cover their litigation costs. This is an issue across the socioeconomic spectrum, as even wealthy spouses can find themselves on the receiving end of a controlling partner who seeks to limit their access to marital funds. Not being able to adequately litigate for one's rights can lead a spouse to settle for far less than is deserved during a divorce, which can have a lasting negative effect on their future financial stability.
At the end of a Colorado divorce, many spouses receive a windfall in the form of a cash settlement. This can come from the sale of marital property, or could be a one-time payment in lieu of alimony. Regardless of where the money comes from, where it goes is of top concern. By wisely investing the proceeds from divorce, newly single spouses can build toward a stringer financial future or secure their retirement needs.
When it comes to divorce, many Colorado spouses bemoan the negative impact that the change in family structure will have on their finances. Issues of property division can decimate one's savings and investments, and issues surrounding alimony and child support can also pack an expensive punch. However, according to one recent report, some high-earning couples could walk away from divorce with significant tax savings.