Most people work their entire lives to build up their wealth, save for the future and then enjoy their retirement years without having to worry about where their money will come from. When they plan for the future some Colorado residents are able to build significant nest eggs that can not only allow them to maintain their standards of living but also enjoy the freedom that comes with retirement without employment. A well-planned retirement strategy can withstand many financial storms but one legal issue can hit a person’s accumulated wealth like a Category 5 hurricane: divorce.
During a divorce a court will require the parties to the legal process to recognize their property as marital or separate. If an item of property is deemed separate then it stays the property of its individual owner. However, if it is determined to be marital property then it may be subject to the laws of division and may be liquidated, sold off or given exclusively to one of the divorcing parties.
Many married couples own joint bank accounts, joint investment portfolios, hold title to property jointly and otherwise share in the ownership of the tangible and intangible goods they acquire during their marriage. While this plan can make it easier for each to access their wealth during their relationship it can make the division of that property more complex should the couple choose to end its marriage.
Shea Burchill, a family law attorney based out of Longmont, Colorado, understands the financial complexities of divorce and the problems that money can create for those who wish to end their marriages. Her firm is currently accepting new divorce clients and she and her team of legal professionals are ready to attend to the needs of those who require their legal support.