Many successful Colorado couples are between the ages of 25 and 40 with one or several children in their families. If you're a spouse that fits this category, and you happen to be headed for divorce, then you can likely relate to others in similar situations who are most concerned about protecting their finances. Whether you've been married five or less years, or have been with your spouse for a decade or more, you've worked hard to get what you have.
It is a fact that divorce costs money. However, there are definitely ways to keep costs low. What may be even more important is thinking of the long run and not only of making sure you get all that you're entitled to during property division proceedings. You can take steps to protect yourself financially throughout the divorce process.
How to do that
Colorado operates under equitable property rules in divorce. This means the judge in charge of your case will decide a fair division of marital property. The following list provides helpful information regarding such issues, as well as ideas about how to protect your finances:
- The good thing about living in this state, which does not operate under community property rules, is that it means your spouse does not necessarily own half of everything you own. If your name is on it, it's yours, meaning, it's your separately owned property.
- Do you have a bank account in your name only? If so, the money in it belongs to you and you alone in divorce.
- If you've always had a jointly owned bank account, it's a good idea to begin your independent life by removing your name from it and opening your own account.
- Funds you deposit in a private account belong to you.
- Establishing a date of separation is also a way to protect your finances in divorce.
- Child custody and child support issues can greatly affect your finances in divorce, as well.
You can discuss such issues with a trusted family member or friend who has already gone through the divorce process. This type of free advice can be a good thing because you might glean from their ideas about what to do or not do to avoid breaking the bank.
Divorce, finances and the long run
While it's free to talk to family and friends, many Colorado spouses would rather invest in experienced, skilled legal representation. It does cost money to hire an attorney; however, in the end, it pays to do so because an experienced attorney can review a case and make recommendations on how to protect assets, minimize legal fees and create a co-parenting plan that doesn't strip away every penny you own.