Coloradans going through a divorce will have many considerations to think about as the case moves forward. For those who were involved in a family-owned business, the division of the business assets can be complicated and difficult. Since this property often has significant value, having legal assistance from the beginning is one of the most critical factors in reaching an acceptable resolution.
Most Colorado divorces will have their ups and downs, but when property division is a factor because there are business concerns, it can turn into an extended dispute. Since owning and building a business frequently takes a lifetime of hard work and support, it is natural that the spouse who might not have started the business will want to receive an equitable division. In some cases, it was a family business that both parties played a significant role in. No matter the situation, understanding how to handle these issues is critical and a legal firm experienced in dividing business assets can help.
In a Colorado divorce, the main issues that must be navigated generally involve support of a former spouse and children. Property division will also come to the forefront. Much of that involves tangible items about which it is relatively easy to formulate a monetary value. This can include motor vehicles, residential properties, investment properties and businesses. Other items are not so easy to assess. That includes collectibles, artwork and more. When couples are in dispute during their divorce and are unsure of how to value and adequately split properties in this category, legal help is vital.
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.
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.
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.
Whether it was a marriage that lasted decades or just a few short years, spouses bring a lot to a marriage. And for each year of marriage, spouses bring more and more into the relationship. Because of this, property division can be a very contentious issue. No one wants to walk away from a marriage feeling like they do not maintain ownership of what is rightfully theirs. Thus, divorcing spouses in Colorado and elsewhere should take the time to explore their rights during this process.
The emotional and personal factors that are part of a Colorado divorce are frequently the most talked about issues, but property division is something that can be a bigger problem over the long term. As part of property division, the separation of assets can be complex and worrisome. Retirement accounts are a notable concern, as the chance of not having enough to retire on increases after a divorce. Understanding how finances are affected and, in certain categories, not affected is key when ending a marriage.
After issues regarding children, one of the biggest reasons for an ongoing dispute in a Colorado divorce is property division. Items that both parties believe they have a right to can range from expensive purchases like a home or a vehicle and extend all the way down to items of sentimental value that might have been a gift and both sides want to keep. Understanding the law when it comes to disposition of property is one of the key factors in settling a dispute over non-marital property, marital property, and property that might fall into the gray area as to whom it belongs.
The question of who is going to get the house after a marriage ends is commonly one of the biggest ones to resolve. Sometimes, it makes sense to fight as hard as possible to keep the house in a divorce, but this is highly dependent on a couple's circumstances and other assets. It is important to understand what other options are available during property division and what advantages and disadvantages they offer.