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property division Archives

Managing the marital home in a divorce

When Colorado couples decide to divorce, the family home can be one of the most difficult items to divide. It is often a family's largest single asset, while many owners also carry substantial mortgages. The home often also carries a significant amount of emotional weight. The question can be more complex when children are involved, as parents may be concerned about displacing their children at the same time they are dealing with the changes that accompany a divorce. Still, there are several primary ways that people can handle the family home when separating.

How to detect whether a spouse is hiding assets

When couples in Colorado get divorced, one spouse may try to conceal assets from the other person. One way to do this is to hide portions of one's income, such as bonuses, commissions and dividends. For example, a person may receive a year-end bonus but ask an employer to hold on to it until the divorce is final, so it is not included in marital assets. This might be detected if the individual's spouse knows when the bonus is paid and notices that it is not included in the list of assets for the year.

Prenups and other ways to safeguard finances in case of divorce

Some people may assume that if they keep their marital finances separate, a court will not require them to split any of that property in case of divorce. In an equitable division state like Colorado, the assets that individuals earn may be considered their own separate property, but people should not count on this being the case. An attorney for a spouse may successfully argue that these assets should be shared. If this is the case, the assets will be divided equitably.

Infidelity may also be a financial secret

When people in Colorado suspect infidelity, they may not first think of the financial side of the issue. However, carrying on an affair is often an expensive project. People buy gifts, rent hotel rooms or go out to fancy dates. In some cases, individuals may establish entire lives with apartments and basic daily items. The costs of infidelity can add up, and many people first learn of their spouses' affairs due to the changes in spending and saving habits that accompany the extramarital relationships.

The pros and cons of keeping the house after a divorce

Colorado residents going through a divorce have likely seen firsthand how difficult it can be to separate two lives that have been together for a period of time. The biggest challenge that they may face is dividing their assets. This is especially challenging if they have a co-owned house.

Avoiding mistakes with a 401(k) transfer

According to a 2016 American Academy of Matrimonial Lawyers survey, retirement accounts were among the assets fought over the most in a divorce. For those in Colorado and elsewhere who are splitting a 401(k) in a divorce, it is important to do so correctly. Otherwise, a taxable event may occur, which could reduce the value of the account. Transferring funds from a 401(k) in a divorce is done through a qualified domestic relations order (QDRO).

Your divorce should not derail your retirement plans

Divorce happens to couples of all ages. While many couples divorce in their 20s, 30s and 40s, the rate of people divorcing after age 50 is higher than ever. The Pew Research Center states that the divorce rate has doubled for American adults ages 50 and over.

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When faced with divorce or a child custody dispute, you may feel paralyzed as you grieve the loss of a relationship. But you need to take action. Once we take over the legal issues, you will be able to move toward a new normal.

To schedule a free initial appointment with one of our skilled lawyers, please call 720-739-1770. Sending us an online message is another easy way to get started.

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