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Financial aspects of a Colorado divorce

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.

Unfortunately, sometimes one spouse is kept in the dark financially. Then, when the marriage begins to fall apart, the other spouse is not forthcoming with financial information. For this reason, when one begins to suspect that a divorce may be in the future, he or she will want to begin gathering financial information. The best place to start with this is by creating a list of all marital assets, including real estate, bank accounts, investment accounts, retirement accounts, insurance policies and more. Then a similar listing of all debts should be compiled.

Another important financial aspect to consider is the cost of living once the divorce is finalized. If one spouse earns significantly more than the other, alimony may be appropriate. Additionally, if children are involved, child support will likely need to be considered.

Prior to making important financial decisions in the midst of a Colorado divorce, the individual will want to review this information, and more, with experienced legal counsel. In addition to offering advice on how to best structure the divorce agreement, one's attorney may also be able to recognize discrepancies in information and help determine if all assets and liabilities have been accounted for. A divorce will most likely have a financial impact upon each party; however, there are steps that can be taken to minimize this impact.

Source:, "4 Financial Musts When Planning Divorce", Jacqueline Newman, Oct. 19, 2017

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