Although divorce is an emotional event in the life of a Colorado resident, it is also a major legal undertaking and may require significant financial planning in order to successfully execute. That is because the splitting of two married people results in the need for the parties to set up their own homes, provide for their own needs, and manage their own assets. If a party to a divorce is not financially equipped to take on these and other responsibilities, it may be very hard for them to move forward after ending their marriage.
Some married couples in Colorado believe when it comes to property, "What's yours is mine, and what's mine is yours." However, if a couple decides to divorce, determining who gets what can be challenging and contentious. For the division of assets to be fair, it is important to first understand the difference between marital property and separate property.
Getting a college degree is a dream for many in Colorado, but it comes with a price -- specifically, student loan debt. The student loan debt crisis has made the news recently, as more college graduates find themselves burdened with high student loan payments that prevent them from reaching their financial goals. And, if they are married, disagreements about how to pay back student loans can cause a rift between spouses that they may not be able to overcome.
One issue that is present in most divorces in Colorado is property division, and it can be a contentious one. This is because most people have either a sentimental attachment to many of their marital assets, or the assets may be very valuable and, thus, very sought after. Moreover, in Colorado, there is no guarantee that marital assets will be divided between the spouses equally.
As the old adage goes, "Home is where the heart is." But, when hearts break and divorce is on the horizon, couples have to make some important decisions on how to handle the home in the property division process. It is important that couples in Colorado facing this situation understand what their options are, so they can make informed choices that are in their best interests.
In the age of "conscious uncoupling," it may seem like co-parenting is preferable to other types of child custody arrangements. However, while co-parenting may work for some in Colorado, there are instances in which co-parenting is not in the best interests of the child or the parents, for that matter.
Over the past 25 years, the divorce rate for adults between the ages of 25 and 39 has gone down over 20 percent. However, Pew Research reports that the divorce rate for older adults, age 50 and up, has increased by nearly 110 percent. Called a "gray divorce," it is important to note that older adults in Colorado who choose to end their marriages face different legal issues than younger couples.
Sometimes, after a couple in Colorado is married, they decide to establish a business together. Having a family business can be an emotionally and financially satisfying endeavor. However, even if the family business sees success, a couple's marriage is not always so strong, and they may decide they are best off divorcing. When this happens, some important decisions must be made regarding what to do with the family business post-divorce.
Teenagers these days are often more comfortable sending a text message or video chatting to communicate with others rather than with their parents. However, parents in Colorado should recognize that these communication methods can help parents and teens develop a strong relationship with one another, particularly if the parents are divorced.