Parents are responsible for financially supporting their child, even if they are no longer in a relationship with one another. This means that, following a divorce, the custodial parent provides financial support to the child by having the child in their care, and the noncustodial parent will contribute to the child's financial needs by paying child support.
Prenuptial agreements may seem unromantic, or even worse, evidence of greed or a lack of commitment to the marriage. However, prenuptial agreements -- called premarital agreements in Colorado -- can be very practical. The fact of the matter is that not every marriage will last forever, and, moreover, executing a prenup can open the door to honest conversations about finances and married life, which can serve a couple well even if they never divorce. However, if not properly executed, a prenup may not hold up in court later on.
It may be surprising to people in Colorado when a friend or relative who has been married for decades announces they are ending their marriage. However, "gray divorces" -- that is, divorces among those age 50 and older -- are becoming more common, and, in fact, the rate of such splits has increased two-fold since 1990. Those going through a gray divorce may face different issues than their younger counterparts.
Some parents in Colorado who are divorced are still able to get along well enough to co-parent. However, to successfully co-parent, parents need to be able to communicate effectively, reach agreements together regarding the child's upbringing and even be able to attend important events together with their child. Ultimately, while co-parenting can be a positive thing, oftentimes parents are simply unable to communicate without fighting, have lingering animosity or anger following their divorce or simply want to have as little contact with one another as possible. In the end, co-parenting is not an option for everyone.
Spouses may come into a marriage with very different attitudes regarding their finances. For example, one spouse may be a saver, setting money aside for a rainy day, while the other spouse may be a spender. This can cause friction in a marriage that could ultimately lead to divorce.
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.