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Tips to protect your assets from divorce

Imagine spending years building your wealth, investing in real estate in Denver, Aspen, and other places around the state and country. In addition, you have worked hard to create a strong stock portfolio and maybe even built a company from the ground up. Now, you are on the verge of divorce and you are worried about how it will affect your assets.

Asset protection is a major concern of most people who are contemplating divorce. One of the keys to protecting your assets is planning. The following tips can help you get through your divorce without becoming destitute in the process.

Keeping your high-asset divorce private

Divorce is never simple, regardless of who the spouses are or what issues the divorce entails. However, for couples with significant assets, divorce is far more complicated. Not only do these spouses face the difficulty of the divorce itself, they must consider ways to keep their divorce a private matter. As anyone who's gone through this type of ordeal before can tell you, high-asset divorces are always at risk of turning into high-profile controversies.

If you hope to keep your privacy intact throughout your high asset divorce, it is important to make this a priority from the start, for both spouses if possible. 

Knowing your lifestyle is important to your divorce case

Getting a divorce is hard enough without having to think about how it affects your future and lifestyle. As a divorcing woman, it's important that you take time to understand how your standard of living could be affected by divorce. If it's affected severely, it's possible for you to seek alimony and compensation to offset the changes.

Financial documents, known as financial affidavits, are extremely important when you're going through a divorce. These documents, when completed thoroughly, show your finances and the finances of your spouse together and separately. It shows your attorney your current lifestyle and the courts the lifestyle you wish to maintain.

Is your spouse hiding assets during your divorce?

Getting divorced can bring out the worst in many people. It's an emotional time, full of internal turmoil. In some cases, this can result in bad behavior and questionable choices. If your former spouse feels spurned or angry, he or she may try to hide some assets from the courts in an attempt to create an unfair division of assets.

Divorce involves the division of all assets, from houses and vacation homes to retirement accounts and valuables, such as furniture or fine art. The greater the overall value of your household, the more complicated the asset division process may become.

When divorce and business collide: Tips for business owners

Going into business with your spouse seems like a natural thing to do. As long as the marriage is going right, running your business together will likely be easy. If the marriage starts to go south, taking care of the business might not be easy.

You have a few ways that you can handle the business if you end up going through a divorce. You can close the business or sell it. One spouse can buy the other one out. The other option is that you and your ex can continue to run the business together. This would take some work, so consider these tips:

Does your inheritance count as marital property?

If you are thinking about divorce, you may be worried about how splitting from your husband will affect the property you acquired both before and during the marriage. You may be particularly concerned about a large inheritance you received when your parents passed away. Will your husband be entitled to any part of the money or real estate your parents left you?

Just like with other states, Colorado marital property laws can be complicated. Your best source of information when it comes to divorce is an experienced family law attorney in the Denver area. A lawyer that has experience with high asset divorces can help you take the necessary steps to protect your interests. Read further for more information on how divorce can affect inherited property.

Divorce is complicated - be prepared

Divorce is never easy. It is full of intricate details that you must address while going through an emotional time. Unfortunately, the legal and financial issues of your divorce will not wait for you. This is why it is important to have an experienced divorce attorney in your corner to help you protect your interests.

Before your first meeting with your lawyer, it is important to make certain preparations. By coming to the meeting prepared, you will save yourself both time and money. Your lawyer will need information concerning your finances, details of the property that both you and your spouse own, and anything else pertinent to ending your marriage. Read further for some of the items you should be prepared to discuss.

Who decides the value of your assets in a divorce?

When you're in the process of obtaining a divorce, there are a lot of details to worry about. In fact, other than custody and visitation of children, the division of your assets is probably the most important issue you face. If you and your former spouse are going through a contentious divorce, that can make the asset division process much more difficult. What if your spouse is hiding assets? What if he or she is lying about the value of non-financial assets, such as fine art? 

Asset division: Am I going to lose my Aspen Mountain ski house?

It's a dream come true, owning an Aspen mountain home. Every time you fasten on your skis at the doorstep and downhill over fresh powder to the ski lift, you pinch yourself to make sure it's real.

You live for your Aspen Mountain weekend escapes, but with your impending divorce, the future of your ski house is in question. Who's going to get it after the dust settles? Are you going to lose your winter get-away?

Friend or Foe: Who is following you on Facebook?

Those engaged in the divorce process know how it's possible to feel alone when surrounded by others. Acrimonious meetings between spouses paired with legal representatives may span hours. Divvying up assets and property may prove exhausting. Those who are successful know when to compromise and when to become adamant. Those who aren't adept in articulating their wishes expend more energy and emotions. Although the discussions and debates take place with an audience of attorneys and an antagonistic spouse, most people are likely to feel isolated in this company. 

McGuane and Hogan, P.C.
3773 Cherry Creek North Drive Suite 950
Denver, CO 80209

Toll Free: 800-574-3771
Phone: 303-691-9600
Fax: 303-691-9900
Denver Family Law Office

Aspen Office
215 South Monarch Street
Aspen, CO 81611

Toll Free: 800-574-3771
Phone: 970-920-7878
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