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Boulder County Divorce Law Blog

Is a spouse is hiding assets during a divorce?

Though divorces are rarely considered easy, some divorces proceed with fewer complications than others. A divorce between individuals who have not had children and who have not comingled their assets may be completed with fewer negotiations and disagreements than one where custody, support, and property division battles are likely to occur between the divorcing parties. The presence of money and significant assets does not necessarily mean that a divorce will be hard, but often, Colorado residents who enjoy lucrative lifestyles may find that there are challenges in identifying and dividing their property.

While it may seem strange to imagine that a husband and wife are not aware of each other's assets, one must only consider second marriages or later in life marriages where individuals may come into their marriages with money and property from their prior years of living. Spouses may own retirement accounts, savings plans, offshore holdings and other investments, without their spouses' knowledge or participation.

Mortgages and liabilities present property division problems

When a Colorado couple works through a divorce, they must manage many difficult legal matters. The parties must determine if and how they will seek spousal support. If they have kids, the ex-spouses must establish a child custody schedules that will meet their kids' best interests and support payments that will be sufficient to pay for their children's needs. They must also decide how they will separate their marital property and handle the debts they took on as a couple.

Often, when couples buy a home, they have their names placed on the mortgage. However, when they divorce, they must work out who will keep the home and be responsible for the mortgage. They may even establish how payments will be made on the mortgage, and if one of the parties will be absolved from financial responsibility for the home.

A separate inheritance may stay separate during divorce

Often, individuals may consider if and how they should pass along gifts of money or property to those loved ones who will outlive them. When a Colorado resident receives money or property during the probate process, it is considered an inheritance. Although particular facts and circumstances may shift an inheritance from the sole property of an individual to the marital property of a couple, inheritances generally are considered separate property when it comes to dividing property during a divorce.

Inheritances that are acquired by a party prior to their marriage will remain the individual's separate property, so long as they do not mix it with property shared by both partners to the marriage. Similarly, an inheritance received by one spouse during a marriage will stay that spouse's separate property, unless the recipient comingles it with property held jointly by both of the spouses.

One may pursue financial maintenance from an ex

A flood of questions and concerns can dominate a Boulder County resident's mind when they decide to file for divorce. For example, they may wonder how their kids will take the news of their ending marriage or if they will be able to manage on their own. They may have concerns about their soon-to-be ex-spouse causing problems for them during the divorce process.

Divorce is a difficult process, even when the partners to the ending marriage agree that dissolution is the right path for both of them. They may not agree on how to divide time with their kids or how to separate the property they acquired during the tenure of their relationship. They may argue about money, which is a critical divorce topic for those who will require financial maintenance in the wake of their ending marriages.

Does child support include paying for college education?

Parents do not want their divorces to derail their children's dreams, and neither do the courts. For this reason, the best interests of the children are given incredible weight when matters, such as custody and child support, come up during Colorado divorces. A parent, who does not have physical custody of their child, often is required to pay support for the maintenance and care of that youth. And, they may have questions regarding just what that money may be used.

Generally, child support is used for a child's basic needs, such as food, housing, clothing, medical care and educational expenses. It may be used for extracurricular activities, as well as for entertainment and vacation costs. While in some cases, child support ends when a child turns 18, it can extend beyond that age by either agreement of the parents or an order from a court.

Kidnapping and abduction: serious problems in child custody

A recent news story about the alleged abduction of a teenage girl by her high school teacher made headlines all across America, and left many Colorado parents wondering how such a horrific event could happen. While cases of kidnapping and abduction do not always garner as much attention, they do occur at an unfortunate rate. In many cases, however, the parents are the kidnappers.

Parental kidnapping violates not only the child custody orders under which parent-child relationships are governed, but also a host of federal laws. A case of international abduction in which a parent crosses the United States border against the regulations provided by their custody order can implicate international laws and create significant legal problems in bringing the child back home to their custodial parent.

Do you know what will happen to your assets if you divorce?

Coloradoans have spent their entire life working for their future. Every paycheck, every investment and every sacrifice that they made has been toward the dream of someday retiring and living their life without the daily commitment of a job. It is a common story and for those who have made it happen, it can be a dream come true to experience.

However, there are varieties of life events that can occur, which can derail this dream. One such event is divorce because during a divorce, a person may see their assets and wealth evaluated and divided, sold off and split, in the difficult process of untying one's life from that of their spouse.

Television star files for divorce from spouse of four years

Keeping a marriage together can take a lot of work and while only the partners to each ending marriage know exactly why their union must dissolve, it is important to remember that a divorce can strike relationships between individuals of all socioeconomic levels. In fact, while money can be a factor that causes stress and concern, some Colorado marriages may be a factor that brings down other committed marital unions.

Recently, a popular actor from the television program, "Grey's Anatomy'" chose to file for divorce from his wife of four years. Jesse Williams cited irreconcilable differences in his divorce paperwork, a no-fault divorce option available in the jurisdiction where he chose to pursue the dissolution of his marriage. However, Williams enjoys notoriety from his roles on a successful television program, his personal life succumbed to divorce, just as many others have before him.

What property is subject to division during a divorce?

As previously discussed on this divorce and family law blog, Colorado recognizes the common law and equitably divides property between divorcing parties. While a party generally will keep the separate property that they acquire before and during their marriage, they will see their marital property divided in a manner that the courts deem fair and equitable.

During a high asset divorce though, it can be difficult for individuals to keep track of the extensive property holdings they own jointly and separately with their soon-to-be ex-spouses. The remainder of this post will touch on some of the items of property high income couples may own and that may be subject to division during their divorces. Readers are cautioned that this post does not provide a comprehensive list of property and items couples may have to divide, and as such, readers are asked to discuss their divorce-related property questions with their lawyers.

Length of alimony commitment can vary

When two people divorce, they can begin their lives as single individuals in different financial circumstances. Particularly when one of the partners to the ended marriage worked outside of the home and the other elected not to earn an income to support the family at home can the differences in their incoming wealth be exacerbated. In Colorado, a disparity in income between two formerly married people may result in an award of alimony to the lesser-earning person.

Alimony, also called spousal support, provides a person with money to support them in the wake of their divorce. In most cases, alimony is not intended to last forever. Instead, it is only intended to provide a person with the financial means to get back on their feet. Alimony may be used by a person to meet their basic needs, or it may be used to get training or education to become more capable of finding a job.