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Denver Family Law Blog

Placing a fair value on non-financial assets before your divorce

During your marriage, you and your spouse will generate income and acquire assets, as well as potentially acquiring debt. You each have a share in those assets and debts, regardless of whose income purchases what or whose name is on which account. If you choose to divorce, the courts in Colorado will have to divide both your assets and your debts unless you have a prenuptial agreement in place.

Certain possessions are much easier to split than others, as they have a clear and provable value. Other assets can be harder to place a fair value on, but it is of absolute importance that you take the time and invest the effort into determining the fair market value for non-financial assets, which can often represent a substantial amount of the total overall value of your marital estate.

Can you contest that prenup?

You ask for a divorce, and your spouse reminds you of the prenuptial agreement that you have in place. It severely limits your ability to seek what you consider a fair property division solution. Your spouse tells you that there is nothing you can do and that, if you want to get divorced, you have to abide by the prenup.

Is that true? It may be. A prenuptial agreement is a legally binding contract. It does carry a lot of weight.

Myths about uncontested divorce in Colorado

There are so many horror stories about modern divorce that many couples who want to end their marriage are eager to avoid what they perceive as a dangerous or volatile process. In their desire to avoid embarrassment or conflict, many couples rush into processes like mediation or decide to file an uncontested divorce without really considering all of their options.

Court-based divorces have become the standard for a number of reasons, including the help of a neutral court system to resolve issues and more transparency with the financial outcome. Uncontested divorce has a number of shortfalls. The most common myths about uncontested divorce can make it seem a lot more attractive than it really is, particularly in high-asset divorce scenarios.

Do you need to use a qualified domestic relations order?

You never planned to get divorced, and so you never really planned for retirement. Your spouse has an incredible benefits package as a CEO, after all. You know you do not have to worry about retirement. That pension is going to pay for a very high standard of living, even when he or she is not working anymore.

Then, about two years before that time, your spouse files for divorce. The marriage falls apart quickly.

Is it time to get another family law attorney for your divorce?

When you are going through a divorce, your primary ally and advocate should be your Denver family law attorney. But in some cases, the relationship between you and your lawyer may have gotten off on the wrong track.

Or maybe you lost faith that your attorney was working for your best interests. You may believe that they lack the fire to go toe-to-toe with your ex's pitbull of an attorney. Either way, you no longer have confidence in the way that your counsel of record is handling your divorce.

Business owners face difficult decisions in divorce

If you own a business in or around Denver, you face some additional concerns when divorce comes knocking. A poorly planned divorce can easily destroy a business, which may impact many more lives than those of the owner and their spouse, so you must begin thinking carefully about the property you want to keep and the assets you are willing to let go.

Divorcing spouses must divide up their marital property, which may be a wide range of assets and liabilities, including a business. Although businesses are much more complex than most other assets, the law views them as essentially the same as a portfolio of investments when it comes time to divide property for a divorce settlement. Many owners overlook this as they head into divorce and their businesses never recover.

Take your time before deciding if divorce is right for you

It is never easy to think that divorce may be the way your marriage ends. You went into the marriage loving your spouse, and although you still do in some ways, the situation has changed.

If you are considering a divorce, there are a few things you should do before moving forward. The first thing is, of course, to make sure that a divorce is really the right choice for you. Ask yourself what you've tried to do to make the marriage work. Did you go through counseling? Did you try new things or cut back long work hours? Make sure you're certain that the divorce is the right choice.

How do you split your Colorado real estate holdings in divorce?

The real estate market in Colorado has shifted drastically in the last decade. Properties that you may have purchased long ago are likely worth far more than what you initially paid for the property. The change in property values poses unique issues to couples considering a divorce in Colorado.

One of the most pressing concerns in the asset division process for most couples is how to fairly split up the family home and other real estate holdings the family has. Even for the wealthiest family, real estate is often one of the largest assets in the marital estate.

Can you challenge your Colorado prenuptial agreement?

You may have signed a prenuptial agreement because you thought that the document would protect you. Alternatively, you may have agreed to sign the document because your spouse wanted you to, and you didn't see any issue with that. Now, after years of marriage and earning your own income, you have to face the reality that divorce may be in your future.

Looking back at your prenuptial agreement, you realize now that the terms really don't benefit you very much. You may wonder if you have any options for contesting the prenuptial agreement in court. Depending on your circumstances, it may be possible to challenge the terms of your prenuptial agreement.

Divorcing? Protect your assets against your spouse

Finding out that your spouse was not faithful to you was hard enough, but then hearing that they wanted to take most of your marital assets was shocking. Not only did they impact your emotional state, now they want to hurt your finances, too.

Colorado is an equitable distribution state, which means that your assets may not be divided evenly. This can put a lot of pressure on you, especially if you feel threatened by your spouse's comments that they'll be seeking as much as possible from your marital assets.

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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