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February 2016 Archives

A child support primer for Colorado parents

Whenever one parent in Colorado is granted custody of a child, the other parent often has to pay child support. This can happen if the parents divorce or separate. It can also happen when only one unmarried parent has custody of the child. It's helpful to think of the right to child support as belonging to the child, and the parent with custody receives the support for the child's benefit.

Some basics about how divorce can affect a retirement plan

Saving for retirement can be a good idea, and many people in Boulder County use various ways to save money for retirement and realize tax benefits. These ways include pension plans, 401(k) plans and other kinds of retirement plans. Usually creditors cannot touch these plans. But what if the owner of the plan is a spouse going through a dissolution of marriage? Can the other spouse or children receive some of these funds?

Will alimony be a negotiated factor in your divorce?

As readers of this Longmont family law blog may know, a divorce does not necessarily mean that the lives of two former marital partners are completely split. If they share children, former married couples may endure long-term contact with each other in order to execute the custody and support arrangements they create for their kids. If they share business assets, their lives may remain intertwined due to their shared business dealings.

Divorce presents extra challenges when a couple owns a business

It is not uncommon in Colorado for a business to be owned and operated by a husband and wife. However, if the couple gets divorced, they will have to work through some complex property division issues and make some major decisions about the future of the business. Sometimes, divorced couples continue to run their business together after a divorce is finalized, but many, if not most, would find this situation too uncomfortable. For those who feel they can no longer work together, one option is to sell the business and split the proceeds.