In a Colorado divorce involving a couple with significant property, accurate valuation of assets is critical for a just distribution. If your spouse offers to let you keep the house as long as they get to keep the art collection, you'll need to know what both are worth before you can respond to the offer.
In Colorado, when a couple divorces their marital property is split according to principles of equitable division. Marital property is all property obtained during the marriage by either spouse, with the exception of property acquired by one spouse as a gift or testamentary bequest.
For Colorado spouses going through a divorce, property division can be a complex and stressful process. But the equitable division of property is not just about dividing assets; it's also about dividing debts. When joint accounts are involved the process can be challenging. But it can be done, and done fairly, if some sensible steps are followed.
The number of couples getting divorced after age 50 is climbing. According to the National Center for Family and Marriage Research in Ohio, since 1990 the divorce rate for that age group has doubled. For many Colorado spouses who are splitting up after a long marriage, retirement plans may have to be put on hold.
Boulder County residents who've been through a divorce know that it can be an exhausting experience. Among the most stressful parts of the process is the division of assets. In many cases the property division is negotiated, sometimes during a long and grueling mediation session. It can be tempting to cave in and give the other party what they want just to get the process over with. That may cause a feeling of relief in the short run, but the negative financial consequences can last for years.
Many Colorado dog owners view their pets as part of the family. But in the event of a divorce, those owners might be surprised to learn that most courts don't see things that way. In most cases, a family court judge will view the family pet as personal property, its fate to be decided along with the family car, the house and the furniture.
Many couples contemplating marriage are uncomfortable bringing up the topic of a prenuptial agreement, also known as a premarital agreement. After all, it isn't exactly romantic. But in the event of divorce, a carefully prepared prenuptial agreement can save a great deal of time, expense and bitterness when the issue of property division comes up.
Divorce can be a stressful experience and in some cases can make people do irrational things. Recently a Colorado man claimed in his divorce case that he threw half a million dollars worth of gold into a motel dumpster rather than let his estranged wife have any share of it. If his story is true, it has to rank high on the list of stupid things divorcing spouses have done.
In Colorado, as throughout the United States, the increase in the divorce rate over the last century or so is generally viewed as an unfortunate development. But as a recent article pointed out, in the developing world the increased availability of divorce is associated with positive trends in society. In Africa, Latin America and Asia, liberalization of divorce laws goes hand in hand with improvements in the equality and economic status of women.
There is nothing romantic about a prenuptial agreement. But more and more couples are entering into them nonetheless. Once the exclusive domain of the very wealthy, prenups are fast becoming accepted by middle class couples. A recent survey showed a 73 percent increase in their use over a five-year period. They are enforceable under Colorado law.