Divorcing couples in Colorado and around the country are often unprepared for the financial consequences of ending a marriage according to a study published on Jan. 14 by Fidelity Investments. After surveying 1,107 divorced Americans between the ages of 25 and 75, the Boston-based financial services company discovered that it takes about five years on average to recover financially from a split. However, getting back on track can take much longer when spouses are not involved in day-to-day financial decision…

Colorado residents who are considering divorce should begin financially planning as soon as they consider the split. Planning financially ensures preparation for a healthy financial life post-divorce and might help residents ensure they get a fair settlement. The first step toward financial planning is understanding assets and liabilities. To do this, the person should make a list with all their accounts and assets, including pay stubs, savings and investments accounts, loans, bank statements and credit card statements. They should also…

Your wedding day is closing in and you’ve yet to discuss the potential of creating a prenuptial agreement. It’s your hope to talk this out with your partner, but you have concerns about bringing your thoughts and feelings to light. It’s natural to have these concerns, among many others, as asking for a prenuptial agreement is a big deal. Not only will it affect your partnership now and marriage in the future, but it could give the other individual reason…

Divorce can lead to many financial challenges, and this is true for women in particular. Women already make less than men on average, and after a divorce, their incomes are more likely to drop than men’s incomes, which often increase. At 27%, the poverty rate for divorced women is three times higher than it is for men. Women are also still awarded custody the majority of the time, and this can cause additional financial worries. Women can prepare by making…

The divorce process requires you to review the finer details of your financial situation. From the money in your bank account to your family home to your retirement savings, any and all assets will come to light. Depending on your age, it’s easy to look at your retirement savings and assume you have better things to focus on. After all, you’re many years away from leaving the workforce for good. However, if you take this approach now, you may regret…