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.
It is not uncommon for Colorado couples who are embarking on a divorce to think they have a basic grasp of the process, only to be surprised when it is more complicated and difficult than they believed it would be. This can stem from a misplaced reliance that television, films and even news stories are giving the scope of what the divorce process entails. While some divorces are relatively amicable and the couple can agree on child custody, asset distribution, maintenance, property division and other factors, many are more contentious.
For many Colorado couples, a premarital or postnuptial agreement is part of the marital process. They have the agreement as a condition of the marriage, and do so understanding the potential ramifications, if the union does not work out. When there is this type of agreement, there are certain criteria that must be adhered to for the document to be legal and enforceable. While these have been discussed previously, one that is important and should be considered on its own is the waiver of rights.
No one gets married in Colorado with the idea that the union will end, but this is a reality every couple must face, as the national rate still remains around 50 percent. And, when a couple becomes one of the 50 percent, it is important that divorcing spouses fully understand the process and what they can do to help ease this often challenging and emotional process.
The brave men and women who serve in our armed forces deserve praise for their bravery and commitment to our country. These individuals sacrifice a lot in their service to our country. While they often put their own safety in jeopardy, they also sometimes put their marriages on the line. Long-term deployments can cause couples to grow apart, and mental health issues related to active duty can make matters complicated. Sadly, these disruptions often lead to divorce.
When it comes to divorce and child custody disputes, women are often given preference as a child's custodial parent. Whether or not fair, this is simply the truth of matter. Oftentimes, fathers accept this reality and take a backseat in their children's lives. Little do these fathers know that their diminished role in their children's lives may have a profoundly negative impact.
Divorce is rarely an easy endeavor. After all, the marriage dissolution process can reshape not only your day-to-day life and your financial position, but it can also affect the relationship you have with your children. This latter issue is the reason why child custody and visitation is often hotly contested in divorce proceedings. When the parties can't come to an agreement on custody and visitation, then a judge will need to decide what sort of arrangement best supports a child's best interests.
Colorado is an equitable property state which means that property is equitably divided if the couple decides to divorce. This means that property will be divided by the family law court with the goal of dividing property as fairly and possible.