In Colorado, spouses who get divorced find that there are many financial surprises waiting for them that they could not have anticipated beforehand. This is even more true for women who may not have participated in making any financial decisions before the divorce. Thus, it is essential to learn as much as possible before the divorce is final so that the best agreement possible can be negotiated.
For many people in Colorado, prenuptial agreements have long been considered the domain of celebrities or those with significant generational wealth. However, as people marry later in life with property, children and established careers, a growing number of people are interested in a document that could provide legal protections and a structure for asset division in case of divorce. One study conducted by the American Academy of Matrimonial Lawyers found that 62% of family law attorneys reported increased requests for help negotiating a prenup.
When people in Colorado are going through a divorce, they might hope to reach an agreement without going to litigation. However, there may be a point at which negotiations have stalled, and a person could wonder whether the best course of action is to settle or go to litigation. There are a few factors to take into account.
Ending a marriage can be an emotional process, and in some cases, individuals will say or do things that they aren't necessarily proud of. However, the way that former spouses interact with other during the divorce process could have an impact on how the case is resolved. It could also have an impact on their personal and professional reputations after the marriage comes to an end.
Colorado couples who get a divorce may face a complicated process when it comes to dividing property. This is the case for a New York couple. The man is from a prominent art-collecting family, and his wife alleges that he took $200 million worth of art from their home. Some sources say he has placed it in an offshore trust.
Many issues can come up in a Colorado divorce, including alimony, division of assets, child support and more. What can recede into the background, however, is what sparked the divorce to begin with. This information can be important for people who are thinking about a divorce but are not sure they want to move forward with it.
When older Colorado couples decide to divorce, they may want to keep in mind the way that the end of the marriage could affect their Social Security benefits. While these benefits may be insufficient to fully provide for retirement, many people who are divorced may be owed more than they think. By staying aware of the rules, people can help to make sure that they get all of the retirement income they are entitled to. When people are married, both spouses may be eligible for Social Security based on one spouse's work record.
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.
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.