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Real estate and other marital property can complicate a divorce

On Behalf of | Aug 31, 2018 | Uncategorized |

It is especially true for Colorado high profile couples that end their marriage can be a complicated and costly matter. On a smaller scale, this is also a reality that people must face regardless of their financial circumstances. When a marriage is no longer working, the idea of divorce can be intimidating and worrisome. However, after children, financial matters are commonly the biggest problem that must be dealt with. Having a basic grasp over the financial sticking points in any divorce can help move the process forward and allow the couple to part ways with as little lingering bitterness as possible.

Real estate can be of immense financial and sentimental value, so it is no surprise that both parties will want to retain the family home. An error that is often made is failing to account for such issues, such as how the property will be paid for and maintained. When people marry, they might have two incomes and this helps with the upkeep of a property. When a single person lives in the same property, it can change the dynamics of how basics are paid for. Once the cost is understood, it might be necessary to sell the property.

Retirement accounts are also a source of rancor. When there is a contribution to these accounts during the marriage, it could be considered marital property and subject to division. Having account statements from the time the couple was married is useful as it can serve as a guideline as to how much was put in during the marriage and it can help with splitting it up. If there are shared accounts, it is obviously better if the parties can agree to split it evenly, but if not, the judge will be forced to decide.

Debt could have been a source of tension during the marriage and contributed to the divorce. This can overlap with the divorce as it proceeds. If one of the spouses accrued the bulk of the debt and it was on a joint credit card, this can be a problem that must be addressed. Taxes have been frequently discussed as a concern as the new tax protocol will change how spousal support is calculated not just for the paying spouse, but for the receiving spouse as well.

For couples who are getting a divorce, these matters will come to the forefront and be a challenge to get through. Having legal help to sift through these and other issues can be one of the most important decisions a person can make. A law firm that specializes in all areas of divorce can provide guidance and advice for the entire divorce process.