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.
We will continue our discussion of common-law marriage this week on our Boulder County divorce law blog. With an understanding of the background of common-law marriage and how it generally works, let's look at what happens when challenges arise in a common-law marriage.
Last month, on our Boulder County divorce law blog, we spent some time on a story about unexpected complications following a common-law marriage. One former partner did not anticipate having to deal with property division issues because she and her former live-in boyfriend were never formally married. The story may have raised some more general questions for our readers about common-law marriage. Likely, the two most common questions were, "What exactly is common-law marriage, and how does it work?"
Many couples in Boulder County are taking longer to tie the knot than previous generations. Some spend time living together, perhaps commingling their finances or even raising children together before marrying. However, even without a traditional marriage, these partners may have to deal with property division and other divorce legal issues after they break up.
Divorce can be a draining process for the unprepared. From the events leading to the divorce to the years following, the effects of divorce could ripple into every aspect of a person's life. Unfortunately, even confident couples that are intent on handling the process peacefully can turn hostile over one common area: the division of marital property. The division of marital property can be a chaotic sea to navigate through, and the most difficult part of the journey is how to handle the family home.
When a Longmont resident takes a tally of the many items of property they own, the list may look something like this: a family home; one or more automobiles, furniture, artwork and other decorative household items, clothing and jewelry, musical instruments, books and hobby supplies and miscellaneous items that do not fit into other categories. Some of those items may have been acquired by them prior to marrying, while others may have only been purchased after the individual wed themselves to their spouse.
Property settlement agreements and negotiations can be difficult to work out as Colorado couples end their marriages through divorce. They may disagree about how to divide or dispose of major assets and pieces of property.
When a Colorado couple works through a divorce, they must manage many difficult legal matters. The parties must determine if and how they will seek spousal support. If they have kids, the ex-spouses must establish a child custody schedules that will meet their kids' best interests and support payments that will be sufficient to pay for their children's needs. They must also decide how they will separate their marital property and handle the debts they took on as a couple.
Coloradoans have spent their entire life working for their future. Every paycheck, every investment and every sacrifice that they made has been toward the dream of someday retiring and living their life without the daily commitment of a job. It is a common story and for those who have made it happen, it can be a dream come true to experience.
Last week, this Longmont family law blog discussed the importance of understanding the value of one's marital and separate property prior to filing for divorce. The failure of a party to understand the scope of their assets may limit them from leaving their marriage with adequate financial power to thrive on their own. However, as many readers may know, not all property is valued with a price tag. There are some items of personal property that may not monetarily be worth much, but mean much to the hearts and sentiments of their owners.