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.
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.