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Boulder County Divorce Law Blog

Marital property and debt division requires legal assistance

While Colorado divorces will often have a series of issues that can be difficult to negotiate, such as child custody, visitation rights, child support, spousal support and more, property division can also be a problem. For people who are trying to not just get beyond complex property division but are also trying to deal with debt division, it can grow contentious and result in extended disagreements that can slow the process to a crawl. Understanding how to divide debts is one of the key factors to a successful resolution.

Almost every couple, whether they are wealthy, middle class or have lower assets will accrue debts. This could be by purchasing the usual items that accompany starting a family like a home and a car. It can also extend to other important parts of life like a business. Or there can be random spending on individual items. This can accumulate debt. When the couple is parting ways, they will often try to shed as much debt as possible. With this will come a complicated disagreement as to how it should be split. For such a problem, legal help is a must.

High asset divorce couples could be impacted by pending law

Finances are often at the center of a Colorado high asset divorce. While that will often make for a contentious back and forth between the parties, the law can be taken for granted as a secondary issue. Now, with changes to the U.S. tax law set to go into effect at the start of the new year, those who have significant assets could have their circumstances impacted by the new law. With that, it is imperative to grasp how they can be affected and if there is anything that can be done about it. Having legal assistance is critical toward this end.

If people who are getting a divorce do not complete it before the end of the year, they will no longer be able to deduct alimony payments. This can be of significant concern to people who are wealthy as it could result in the loss of massive savings they otherwise received prior to the new law. This is serving as a catalyst for those in this situation to complete their divorce before the year is over.

What is the law for dividing Colorado public retirement accounts?

There are several issues that will come to the forefront in a Colorado divorce. Property division is one. When there is a public employee retirement benefit plan, there are certain rules that must be in place for it to be divided via written agreement. Both the spouse who has the job with the retirement account and the spouse who did not should understand this and act accordingly.

In the written agreement for the division of a public employment retirement account, there must be the name and personal information of the person who is receiving the account along with the alternate payee and his or her relationship with the person. If there is an agreement regarding a defined benefit plan, it must note how the distribution plan. When there is an agreement with a defined contribution plan, the amount the alternate payee is due to receive must be listed in a lump sum or via percentage at the specific date.

Understanding the decree in a Colorado divorce

Colorado couples who have decided to end their marriage and move on will have a lot to consider during and even after the process. The divorce is difficult enough with issues in dispute such as the division of marital property, child support, visitation rights and the emotional impact of a marriage reaching its conclusion. When the case is over, there will be a decree finalizing the divorce. Understanding facts about the decree is important and the parties should not ignore it.

Once the decree has been entered, the divorce is final. There is the right to appeal. When there is an appeal and it does not dispute that the marriage has been subject to irretrievable breakdown, it will not result in a delay in the divorce being finalized beyond how long the appeal will take. Therefore, if one or both parties want to remarry while the appeal is taking place, they can do so.

What if a child support dispute has parents in different states?

It is an unfortunate reality that when child support is ordered in Colorado, there will be situations where the supporting parent is late with the payments, does not make the payments in full, or does not make the payments at all. While there are steps Child Support Enforcement will take to get these payments, one child support dispute issue that is more complex is when the parents reside in different states. Understanding how CSE deals with this is key to getting those payments.

At the end of a marriage, it is not uncommon for one of the parents to move elsewhere. With child support, the parent who is not getting the payments has recourse to get those payments. The case will determine how it is addressed. For some, the state can treat it as if it is an in-state case. Other cases will require that CSE seek assistance from the other state for child support.

Financially secure people can also divorce because of money

A Colorado divorce can be complicated and difficult regardless of the financial circumstances of the parties involved. The factors that lead up to the divorce can also vary based on the situation. But it can be useful to understand what problems are known to precipitate a divorce. Those who have financial security might think that money woes that might otherwise upend other marriages will not affect them. However, as new research shows, having money is often the impetus of a divorce. Having legal assistance with a law firm that understands the inherent concerns with a high asset divorce is an important part of a case.

A survey by SunTrust Bank found that 35 percent of participants stated finances were a major problem that led to the end of their marriage. There were more than 2,000 participants. Other research has shown that people whose finances are on different levels with one partner having a good credit score and the other not having a good credit score are unlikely to last more than five years in a marriage. The higher the credit score, the better chance the person had of being in a steady, long-term relationship.

Key steps to take before filing for divorce in Colorado

Coloradans who have decided that their marriage is at its end will have a great deal to consider as the divorce process moves forward. Along with the emotional upheaval that inevitably accompanies a divorce, there are a litany of other issues that cannot be ignored. That includes children, support, asset division, marital property and much more.

Financial matters are critical and there are certain aspects that must be factored in regardless of whether it is a couple of more modest means or a prominent couple with significant assets. Knowing what to think about can smooth the entire process and enhance preparation.

What are extraordinary adjustments to child support in Colorado?

When a child support order is made in Colorado, it is not set in stone that it will remain the same for its duration until the child is no longer in need of support. Various changes can take place that will make it necessary for the child support order to be adjusted. For parents who are facing certain circumstances, there might be what is known as extraordinary adjustments to the schedule of basic child support. Knowing what must happen for this to take place will allow parents to be prepared and deal with it should it arise.

If there are expenses that are deemed necessary and reasonable for the child and the parties either agree or are ordered by the court to pay, the parents will divide the payments between them based on their adjusted gross income. This will include the following: expenses for the child to attend a special school or a private elementary or secondary school to meet his or her educational requirements; and if there are expenses to transport the child or the child and an accompanying parent if the child is younger than 12 and he or she is going from one parent's home to the other.

What must be in an interim custody agreement during deployment?

There are many people who serve in the military and reside in Colorado. Some have custody of children and will need to come to an agreement with the noncustodial parent when they are ordered to deploy. This can be a difficult situation to navigate especially if there are personal issues between the parties. The best interests of the child are paramount and, hopefully, the parents can put their lingering animosities aside and put that into perspective when deployment is on the horizon.

Even in cases where the parents are amicable, it is wise to understand how to go about formulating an agreement to grant custodial responsibility to another person when the custodial parent is deployed. With an agreement to grant custody during deployment, the following must be in place: it should be in writing and signed by the parents and, if there is a person who is not a parent taking custody, they too should sign it.

Property division when a business is at stake requires a lawyer

Any divorce in Colorado will be complicated with a litany of issues up for discussion. When there is a business at stake and the parties disagree as to how it will be divided and what the contributions were to make the business a success, it can explode into an outright dispute that will not only take time to navigate, but will cost a significant amount of money and capital.

For those who are business owners, having legal assistance to determine what is marital property and how to split the business is one of the most important factors in a reasonable resolution. Business valuation can be confusing. If, for example, one of the spouses started the business, the business was already in place or far along in the planning stages at the time of the marriage, that spouse will likely want to have the bulk of the business to remain in his or her possession.