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.
Protecting Financial Interests During and After a Divorce
Know this point about divorcing with a family-run business
A stay-at-home spouse often has complete dependence upon their partner for financial support. When the source of income is a family business, both spouses may play roles in the company, but only one might have a working knowledge of what's going on with the finances. This can work well as long as the marriage is on a good foundation, but it can pose a problem if things shift and the marriage becomes rocky.
How to get through a divorce during financial struggles
The decision to file for a divorce is likely to be an emotional one rather than a financial one. Therefore, even if you are not sure that you can afford to go through a divorce or if you are uncertain about how it will affect you financially, you may decide to file anyway. Alternatively, you may have decided to file for a divorce before losing your job and entering a tough financial situation.
Life insurance is important to consider during divorce process
Going through the marital break-up process can present financial challenges just as it can pose emotional challenges. One financial matter that divorcing individuals in Colorado often forget to address is how to handle life insurance. Here is a look at how an attorney can help with tackling life insurance policies during the divorce process.
Will your divorce cost you your company?
If you are a female entrepreneur who owns her own business, you probably have successfully passed many hurdles to your success. But one particular obstacle may have you worried about the viability of your business -- divorce.
Have the 20-year itch? You're not alone
Being married over 20 years has made you appreciate your spouse in many ways. They've generally been there for you and provided for you when you needed support. You did the same.
Debt and divorce: Don't lose sight of your liabilities
Divorce prompts you to answer many questions while addressing a variety of concerns. While property division is likely to take precedence over debt, you can't lose sight of your liabilities.
Preparing for the financial ramifications of divorce
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 making. Four out of 10 of the spouses surveyed who told researchers they did not involve themselves in financial matters said that they had yet to recover from their divorces.
What you can do about joint credit card debt in divorce
When you are married, it's likely that you'll make purchases alongside your spouse. And when you use a credit card to do so, it's possible that you'll begin to tally a balance.
Beware of these property division mistakes in divorce
Preparing for divorce means preparing for property and debt division. As a result of your negotiations and compromise, as well as the other person's approach, you're not likely to get everything you want. However, when you understand your legal rights and the mistakes you need to avoid, it's much easier to come out the other side with a clear understanding of your situation and what the future will bring.
