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Careful preparation can make divorce less taxing

The decision to end a marriage comes with many tasks and emotional upheaval. While the process of getting a divorce can take a toll, there are steps one can take that may ease some of the stress. Colorado residents who are well-prepared may find the divorce process less taxing when it comes time to work out a settlement agreement.

One of the first tasks that will save time in the long run is compiling all relevant financial documents. This includes all information that helps form a complete picture of the marital assets. Tasks such as including all documents related to the home, such as property taxes, home improvements and loan information, will make accessing information easier. It will be helpful to also gather all documents relating to insurance policies, bank and investment accounts as well as long-term care insurance or pre-paid funeral arrangements in addition to bank and credit card information.

Once financial information is gathered, it may be most beneficial to sort all documents into appropriate categories. Having information related to employment and future income in one folder will make providing information for professionals much easier when it comes to assessing one's net worth. Once assets are arranged by category, determining whether an asset should be considered marital or separate will further aid the settlement process.

Colorado's divorce laws will help determine whether an asset will be considered marital or separate property. An experienced attorney can provide guidance in working out a settlement that will provide for one's future financial stability. While a divorce is never an easy process, taking the time to prepare while enlisting the assistance of the right professional can ensure that the proceedings are not unduly stressful.

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