McGuane & Hogan, P.C
Protecting Your Assets.
Protecting Your Relationships.
303-416-5697
Call our offices in Denver & Aspen
We wrote the book on
Colorado Family Law

Denver Family Law Blog

Should parents keep their kids out of custody proceedings?

Changing a family dynamic is incredibly challenging - for both children and their parents. However, there are circumstances when families must evolve, including times when parents divorce or separate. The need to sort out separate living arrangements will arise regardless of whether the parents were ever married to each other or not.

Shifting the family living arrangements easily leads to significant tension between parents. Parents may even be tempted to involve their children in the proceedings. But should that happen?

Should I bring friends to a meeting with my attorney?

Divorce proceedings are incredibly complicated, especially when children are involved. It makes sense that you need to find an attorney who balances legal skills with the right demeanor.

Many people rely on friends and family for emotional support and to help find the right lawyer for their specific situation. However, should you bring a friend or relative to an initial consultation with a lawyer?

How to get a reasonable settlement in a divorce

Divorce is a challenging experience, and it's easy for a divorce to become much worse if it turns into a legal battle. It makes sense that most couples would try to find a reasonable settlement for both parties without taking the battle to court.

However, you need to know how to identify realistic expectations before negotiations even begin. But what is a reasonable settlement? And how do couples settle on a reasonable solution?

The significance of "assets" in divorce

Divorce is always more complicated than couples expect, especially when you start hearing legal terms such as property division, equitable distribution or parental rights. However, there is one legal term that most couples do not deeply analyze – the word “asset.”

In most situations, asset means property owned by a person or company and is associated with having value or use. However, in a divorce context, asset takes on a more significant meaning because everything a couple “owns” may not be considered an asset in the eyes of the court, and even if it is, it may not be considered a marital asset and subject to division.

Could Your Prenup Be Invalid?

You had the idea for the prenuptial agreement long before you and your spouse got married. You knew what you wanted: financial protection. You had a lot more wealth than your significant other. While you were dating, you didn't worry about it that much. Getting married was a serious step forward, though, and you knew you needed to protect those assets.

So, you got the prenup. You have assumed ever since that it would protect you during a divorce. It gave you peace of mind.

Putting a price on business during a divorce

Entrepreneurs are under a massive amount of stress. Between managing employees, balancing accounts and providing services, business owners have to maintain everything to keep their company from sinking under the competition.

It’s even more stressful under the weight of a pending divorce.

What is marital or separate property in a Colorado divorce?

One of the first steps you need to take when trying to figure out how the courts will split up your assets in a Colorado divorce is to determine which assets are marital property and which ones are separate property. Your marital assets,  which may include your family home, are usually subject to division under Colorado's family law statutes, while in most cases your separate property will remain yours even after the divorce is over.

Figuring out what is your separate property and which assets are marital propertycan sometimes be confusing.

Divorce and property division: How to stay financially secure

Once you decide to divorce, matters of property and debt division will take over your life. It's not the only thing to think about during the divorce process, but it will definitely require quite a bit of your attention.

Your goal is to make decisions that allow you to remain financially secure during and after your divorce. While no two people are the same, there are some steps every divorcing individual can take to lessen the impact on their finances.

  • Create a post-divorce budget: With your financial situation changing, a post-divorce budget is a must. You should have a clear idea of your income and monthly expenses, as this will allow you to make the necessary changes. Also, consider anything you may need to purchase after your divorce, such as a home, car and/or medical insurance.
  • Create a property and debt division checklist: It's critical to have a clear idea of the property that's subject to division. The same holds true of debt. For example, you may have both separate and marital property and debt. Defining the two will help prevent errors that cost you money.
  • Close joint accounts and open individual accounts: Leaving joint accounts open is inviting trouble. This allows your soon-to-be ex-spouse to make purchases that both of you could be responsible for. Once the wheels are in the motion, close all joint accounts and open individual ones that you can personally use.
  • Update documents: There are many financial documents that require your attention after divorce. These include but are not limited to titles on real estate and motor vehicles, estate planning documents, security passwords, and beneficiaries on life insurance and retirement accounts.

Determining the real value of art in a divorce

For a decade, you have collected art. Your collection has grown and the value of each piece has also gone up. You didn't necessarily do it as an investment -- you did it because you love it -- but you feel like it was a wise financial move, as well. You spent probably $5 million on the collection, but you now value it at nearly $20 million.

Here's the problem: Your spouse just filed for divorce. And the two of you don't agree on the value of the artwork at all. How are you supposed to split it up?

Don't allow outside influences to make your divorce stressful

Going through a divorce isn't a journey that has to be traumatic for everyone involved. With some effort from both adults, it is possible for the process to be handled in a manner that doesn't involve tearing important relationships to shreds.

The work that you put into having an amicable divorce is beneficial to everyone, including family members close to you and your children. Not only can this help to keep the stress down now, it can also be beneficial for child custody situations because it sets the tone for the parenting relationship.

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

Toll Free: 800-574-3771
Phone: 303-416-5697
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: 303-416-5697
Phone: 970-920-7878
Map & Directions

Super Lawyers ALM Legal Intelligence - More research, More insight, More business
Contact Firm

Let Our Team Help You Make an Appointment Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy