A primary concern in all types of divorce is the classification of property and its division. This process can be more complex in high-asset divorces as well as marriages that began later in life, but asset division is a common factor in most divorce agreements. Jefferson County courts are required to craft an equitable division of assets, excluding non-marital property, when divorcing parties cannot reach an acceptable agreement.
Colorado couples who are in the midst of a divorce may face hardships regarding the settlement process. Especially in high-asset divorces, couples can overlook some important financial aspects. Understanding these aspects may help avoid complications during divorce proceedings.
For divorcing couples in Colorado, deciding how to handle proceedings may prove to be difficult. Divorce rates involving couples over the age of 50 is on the rise, according to some reports, and older couples might need to focus on different aspects of divorce when planning for financial stability after the proceedings are over. Many people consider their homes to be an important asset to consider when involved in negotiations, but Social Security benefits and retirement accounts might also be effective assets when considering the future.
Whether couples in Denver enter into their marriage with assets and properties, or they acquire assets and properties throughout the course of a marriage, those resources must be divided in the event of a divorce. In the absence of a prenuptial agreement spelling out how assets should be split a family law judge will divide up the couple’s assets, including bank accounts, retirement accounts and even artwork based on a number of factors, like valuation of the assets and earnings of the individual parties.
Celebrities and other high-profile couples not only have to deal with media attention during divorce proceedings, they are often also involved in multiple, drawn out hearings in order to divide assets and reach settlements. Marital property, non-marital property, business assets and retirement accounts are among the numerous types of assets that often must be valued and distributed in divorce settlements.