Statistics show that more and more older Americans are choosing to walk away from untenable marriages. Even so, many other spouses remain in unhappy marriages for many years due to simple fear of the unknown. Understanding how divorce will impact one's financial future is an important consideration for Colorado spouses nearing or beyond retirement age.
Deciding what to do with the family home is a top priority for many Colorado couples who are ending their marriage. For most, their house is their most valuable asset, and not something to be taken lightly. Determining how to handle the division of this important asset can be a challenging part of the greater divorce process.
According to research, certain occupations have a higher rate of marital success than others. A statistician recently compiled data from the 2015 U.S. Census Bureau's community survey and found that where spouses earn a paycheck could have a direct effect on their chances of filing for divorce. That may come as a surprise to many Colorado residents.
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.