Many couples opt to start a business together during a relationship. For some, this is a chance to get involved with something together. Both parties might take a hands-on approach to running the company. This may work as long as they're in a relationship, but it can lead to problems if they opt to divorce.
The process of going through a marital dissolution in Colorado can understandably feel unsettling from the start. In fact, divorce can be emotionally draining even in what appears to be a relatively amicable divorce. Unfortunately, making momentous financial decisions can be difficult when one is trying to juggle the emotional challenges of divorce as well. For this reason, hiring a Certified Divorce Financial Analyst, or CDFA, is a wise move prior to getting a divorce.
Business owners have unique issues to consider when ending a marriage. For many Colorado small business owners, a business is the most valuable asset that exists in the marriage.
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.
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.
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.
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.
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.
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.
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.