When a Colorado couple is in an irretrievably broken marriage, one or both spouses may decide divorce is a better option than staying together. It is important for any spouse about to go through divorce to understand what divorce can and cannot accomplish.
Consider that two people have shared roughly half their lives together; what kind of things may they have acquired? In 25 years, a married couple could acquire property, art and 401ks, just to name a few things. However, when it comes to splitting up their valuables, it can be difficult to discern what belongs to whom. Recently, a recent article discussed a family court decision that shows how state laws may dictate more than one may think.
Going through a divorce can be an emotionally wrenching time. Unfortunately, it is also a time when spouses need to make some important financial decisions that may affect them for years to come. Some of the most important financial decisions arise in the property division process.
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.
When a high-profile couple gets divorced, it reminds the rest of us that wealth and fame don't necessarily bring marital happiness. The rich and famous, it turns out, have troubles just like everyone else. The latest example of this is James Caan, who recently filed for divorce from his wife Linda. The couple has been married for 19 years.
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.
When couples divorce in Colorado, one of the big questions is who will get the marital home. The answer is not always an easy one, and will depend on each individual couple's circumstances.
Colorado readers of this blog may recall previous posts which have commented on the high asset divorce of oil billionaire Harold Hamm and his wife. Earlier this month, and after a three-month trial, an Oklahoma judge issued a long-awaited order in the hard-fought divorce case. Under the judge's ruling, Hamm must pay his ex-wife a total of $995.5 million. About one-third of that total must be paid by the end of this year. The remainder is to be paid in monthly installments of about $7 million each. The court had previously awarded Hamm's wife about $25 million since the case was filed.
A high asset divorce can be particularly challenging, especially for a spouse who does not have as much income as their partner. For a spouse in this situation, divorce can bring the fear of a significant drop from the lifestyle they enjoyed during the marriage.
Ending a marriage in Colorado can require tying up many loose ends. Support plans must be finalized for children and former spouses. Paperwork must be filed to effectuate the divorce. Additionally, the many articles of personal and real property that individuals own must be divided and assigned when single households split.