The end of a marriage can bring serious changes for both Colorado spouses, especially regarding their finances and plans for the future. Money is one of the most complex and contentious issues to address in a divorce, and it’s prudent to consider long-term implications when making any important decisions. Protecting financial interests is an important concern during and after a divorce.
During the divorce process, it is helpful to keep careful notes of all conversations related to the finances. It will also help to track spending and organize all documents related to accounts, savings and finances. This will make it easier to negotiate a fair divorce settlement and know if the other party is attempting to hide assets. Before and during divorce is the time to change passwords on online accounts, close joint credit cards and gather tax returns.
Financial changes don’t stop once the divorce process is final. A Colorado spouse will likely have to make and stick to a budget that is appropriate for post-divorce circumstances. It may be necessary to open new accounts, refinance the home and/or change beneficiaries on insurance policies. The terms of the final order will determine what financial circumstances will be for years to come.
Divorce is a financially complex process. When walking through this process, it is beneficial to have the assistance and support of an experienced family law attorney. Whether it is around the negotiating table or in court, it is helpful to have an advocate who understands how to pursue terms that allow an individual to have a strong and stable financial future.