Getting a divorce at any age could have significant long-term financial implications. However, Colorado residents and others who get divorced at age 50 or older may face unique challenges that may be harder to recover from. For instance, there is a chance that an individual will no longer be covered by a former spouse's insurance plan. Therefore, that person might need to account for this additional expense when creating a long-term budget.
When you and your spouse decided that it was time for a divorce, you found yourself most concerned over the welfare of your children. You don't want to see them unhappy, but you're not sure how to manage this relationship with their other parent.
Married people in Colorado should have some understanding of the family finances even if they do not handle those finances on a day-to-day basis. According to a study by Fidelity Investments, people who are not involved with these finances have the hardest time recovering financially after a divorce.
Not all Colorado couples have the foresight or desire to set up a prenuptial agreement. As financial situations change during the life of a marriage, however, spouses might be interested in signing a postnuptial agreement. Like a prenup, a postnuptial agreement can provide many benefits that can help a couple not just manage finances at the moment but also in the future if the marriage ends in divorce.
Children are often caught in the middle of a Colorado divorce. Among the most complex factors that must be considered and decided as part of the divorce process, allocation of parental responsibility is at or near the top. Both parents will want to serve the child's best interests while spending as much time as possible with the child. This is true in an amicable divorce, a contentious divorce or a case that is somewhere in between. It is imperative for the parents to understand the law for parenting plans and how the responsibilities will be shared.
It was not long ago that the legality of same-sex marriage was a source of intense debate. This was true in Colorado and in many states across the U.S. Now, however, it is legal for people of the same sex to get married. As with most marriages, there is a chance that the couple will decide that the marriage is not working and they will choose to get a same-sex divorce.