When a Colorado couple has reached the point when they can no longer remain together and would like to divorce, the emotional issues and other factors that have led to the dispute will often take precedence over practical matters such as when they should move forward with the proceeding. However, the timing of the when to file can be important, especially for couples with significant assets amid the new tax laws that went into effect at the beginning of the year. For people in this situation, understanding the best possible timing for the divorce can be key.
While ending a marriage should not be taken lightly, certain circumstances might make it more urgent to move forward with a case than at other times. This is especially true when it is a high asset divorce. Since those in Colorado with significant assets will want to ensure their property interests are protected, it is imperative for those who are thinking about a divorce to understand how the new tax plan might spur them to move forward with it more quickly.
Colorado couples who have one or both spouses being of significant means will often want to have a premarital agreement as a means of protection if the marriage does not last. The premarital agreement must adhere to the law when it is written and completed, otherwise it could be declared invalid. There are certain foundational requirements for a premarital agreement that should be considered when there is a divorce and the validity of the agreement is in dispute. Understanding the law when it comes to a premarital agreement is imperative.
People in Colorado who are in an unhappy marriage will often decide to move on from it and get a divorce. While it might seem like a simple process on the surface, there are certain issues that can be complicated and problematic. Such factors as the residency requirements, how long the couple must wait before they can divorce, if there are grounds that must be met to get a divorce, and if one party does not want to get a divorce are all part of the process. Understanding these points is a foundational aspect of getting divorced.
Most people in Colorado who decide to divorce are not in the "high asset" category. Therefore, their divorce will not have the same litany of issues as a divorce in which there are significant assets. But for people who are in the middle of a high asset divorce, there are multiple factors that must be considered as the process moves forward. These factors are not in place with a more modest divorce. It is imperative for people who are wealthy to have legal assistance from a law firm that understands the challenges presented by a high asset divorce.
Let's continue our discussion of complex asset division and related issues at the end of a marriage with a look at some other considerations for wealthy Boulder County residents. For example, how could a divorce affect each partner's taxes? We present the information as general in nature only, not as legal advice.
Last week, our blog took a look at the case of a multimillionaire couple involved in contentious, ongoing litigation over the end of their marriage. However, we want to remind our Boulder County readers that these issues can affect anyone, not just celebrities and business tycoons. Any high asset divorce or a normal divorce can quickly become a legal quagmire.
The end of any Colorado marriage is a difficult time. As much as both partners may want to move on and start their new lives, sometimes, challenges in the divorce take time to work through. This is particularly true when the issues are contentious and require complex litigation. And, the scenario is compounded for couples in a high-asset divorce.
Important financial considerations can sometimes overlooked during a stressful divorce. Divorce can be a difficult process, so it isn't surprising that both parties may just want it to be over with as soon as possible. While many people going through this emotional process focus on the present, it can be easy to lose sight of the future, and this is especially true with retirement plans. Retirement, after all, may be a long way away for some, and when it comes to the division of marital property and asset valuation, it is often the family home that gets the attention.
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.