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.
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.
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.
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.
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.
You become so familiar with your family house that you never even want to entertain the idea of living anywhere else. But if you decide to divorce, you may soon come face to face with the realization that you need to find a new place to call home.
Questions of "who gets what" during the divorce process are extremely common. While you're fighting tooth and nail to get everything you're entitled to, your soon-to-be ex-spouse is taking the same approach. This can result in disagreements, negotiations and compromise along the way.
It's a common misconception that the only couples that create a postnuptial agreement are those concerned about the strength of their marriage.
When you get married, the farthest thing from your mind is divorce. Instead, you're hoping that your marriage lasts forever.
Your spouse may not have legal justification for hiding assets, but he or she may break the law in an attempt to keep those assets from you. It happens. People take a lot of risks where money is concerned. This is especially common in contentious divorce cases, as your spouse may also do it to cause you direct financial harm.