Couples who are working through divorce in Colorado and who also have 401(k) accounts may be surprised to learn that their spouses may be entitled to a percentage of the account balance. The portion of 401(k) accounts that accrued during the marriage are considered to be marital property subject to equitable property division in divorce proceedings.
Some problems may seem to be solved by money, but for divorcing couples in Denver, substantial assets may in fact lead to lengthier legal battles. Celebrities, for example, often have millions of dollars at their disposal, but in a high-asset divorce this could lead to contentious litigation over child support and alimony.
The division of marital property is often a contentious issue in Jefferson County divorces. This is especially true when it is a high-asset divorce because so much money is at stake, and each spouse may feel that they are entitled to a certain amount. It is understandable if parties become very angry or emotional during the asset division process, but some people become so outraged at the prospect of paying alimony or child support that they turn to illegal means to hide their true financial value. When this occurs, severe penalties can result.