Divorce is a complicated process, and like most people facing the end of their marriage, you probably have serious concerns about what this process will mean for your financial future. Money and division of marital property are some of the most hotly contested issues in a divorce, and you may feel overwhelmed just thinking about it.
You and your spouse will have to divide marital property, but how this process will actually work depends on your individual situation. If you go to court, the court and state laws will dictate what will happen to your property. If you are able to reach a settlement out of court, the terms of your final agreement will decide how you deal with marital assets. No matter what, it’s prudent to think about your long-term interests in order to avoid unpleasant financial surprises that could affect your future.
Factors to consider
It’s easy in divorce to make decisions based on what seems best in the moment. However, what seems good now may not reflect what will actually be best in the future. There are certain factors that can significantly impact your financial health in the future, and it’s smart to take these into consideration when you are pursuing a fair property division order:
- Taxes may change after you divorce, and you want to be sure that you can pay what you owe on one income. For example, if you want to keep the family home, can you afford the property taxes on it?
- Consider housing costs, and figure out what you can afford after your divorce is final. You may have to move or downsize in order to live within your means.
- Parents also want to think about the cost of raising children and future college tuition needs. Don’t leave these details out of your divorce order, or it could lead to disputes over who pays what in the future.
Every situation is different, and you have the right to pursue a final order that allows you to have a strong and stable future. An evaluation of your case can help you understand what that means for your situation and how you can fight for your rightful share of marital property.
Start with the end in mind
You don’t have to walk through your divorce alone. You have the right to pursue a final order that allows you to have what you need to look to your post-divorce future with confidence. When you have the assistance of an experienced Colorado legal advocate, you will have the guidance you need to make smart, practical choices that will work for your family long-term.