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.
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.