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Denver Family Law Blog

Do you need to divide farm or ranch assets in a divorce?

Imagine you and your spouse own a ranch or farm together. Now imagine that members from both of your extended families tend to the estate, taking care of farming tasks, managing the livestock and so forth. Now imagine that you and your wife want to get a divorce.

When a couple owns a farm or ranch together, it will complicate the asset division process. These proceedings are particularly unique because the property considerations are different from the usual divorce. As such, they require a unique approach.

Honest spouses gain the upper hand in divorce proceedings

Colorado law dictates that spouses must honestly report all of their assets, debts, expenses and income during divorce proceedings. However, it's very tempting for a spouse to squirrel a little bit -- or even a lot -- of cash away that they don't reveal during divorce proceedings.

The cash hiding could go unnoticed and the dishonest spouse might even get away with it. However, if the other spouse is careful and diligent to hunt down all hidden assets, the dishonest spouse could pay the price in a very big way.

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.

Who gets the family home in a divorce?

The divorce process is full of twists and turns, all of which can cause quite a bit of stress if you don't know which steps to take and how to protect yourself.

While there is no definite way of knowing who will get the family home in a divorce, this is something you need to think about early on.

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.

Divorcing with a ranch in the family

Divorce can take a complicated turn for those who own a significant amount of real estate, especially if it is a ranch or other large tract of land with significant value. Here in the West, many families own hundreds of acres of land stretching out across America's majestic middle, and when divorce comes knocking, it's not as simple to divide up this type of asset as it might be to decide who keeps the family work truck.

If you are facing a divorce that involves a ranch, you have a hefty task ahead of you. Regardless of the details of your marriage, it is important to understand the scope of the assets and liabilities your marriage holds and find a truly fair way to divide these so you can go your separate ways.

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

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215 South Monarch Street
Aspen, CO 81611

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