December is almost here, which means the winter holidays are upon us. Most parents in Colorado want their child to have a good holiday season, but parents who are divorced may wonder what they can do to ensure that the animosity they may have with their ex-spouse does not tarnish their child's holiday memories. While the navigating the holidays as a divorced parent can be complicated, there are things that can be done now to ensure the holidays run smoothly.
Whether one is working the daily nine-to-five grind or climbing the corporate ladder, many people in Colorado are anticipating the day they can finally retire. To fund their retirements, they may have a 401(k), a pension, and/or individual retirement accounts (IRAs). If a worker is married, it is likely that they and their spouse are assuming they will retire together and thus share their retirement savings. However, what happens to these retirement accounts if a couple divorces?
Sometimes a couple could be married for decades, and then one day find that they have simply grown apart over the years. When these gaps become insurmountable, the couple may consider ending their marriage. The Pew Research Center reports that, since the 1990s, the divorce rate has increased two-fold for U.S. adults age 50 and up. Known as a "gray divorce," older adults who are divorcing may not face the exact same issues that their younger counterparts do. For example, with their children being grown adults, they do not have to worry about child custody or child support. One thing they do need to pay attention to, however, is how they will divide retirement assets.
One of the most acrimonious issues couples must address when they decide to end their marriage is spousal support (referred to as spousal maintenance in Colorado). In general, most people are not fond of the idea of having to pay a monthly sum to their ex-spouse. However, spousal maintenance is often crucial in helping the receiving spouse get back on their feet financially following a divorce. Therefore, any changes to spousal maintenance laws should be carefully considered when a couple is negotiating a divorce settlement.
Married spouses in Colorado do not always have the same financial resources. For example, one spouse may earn significantly more than the other, or one spouse may have exited the workforce altogether to take care of the family. While these arrangements can work when the couple is married, if the couple divorces this inequity in financial resources can become a problem.
Sometimes a married couple in Colorado with an entrepreneurial spirit and a great idea set out to establish a family business. Over the years, their business may grow and flourish, not only as a source of income but as their most valuable asset. Unfortunately, some couples may find that while their business is a success, their marriage is not, and they are facing a divorce. Therefore, it is important for couples to understand what choices they have when it comes to the family business and divorce.