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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.

The unspoken issues with collaborative divorce and mediation

The idea of collaborative divorce has become increasingly popular in recent years. Many celebrities have been public about their attempts to divorce amicably with a focus on their children. That has certainly rubbed off on the American public, which now looks into mediation and collaborative divorce in many cases of divorce.

Collaborative divorce is more than just trendy. It can be beneficial for people in very specific circumstances. Unfortunately, too much media hype about the benefits of mediation and collaborative divorce lead people to seek this approach even when it isn't going to benefit their family.

Considering divorce? Make sure your business is safe

Getting divorced is much more complicated and time-consuming than getting married, and may require property division that you did not expect or protect against. Business owners are often particularly vulnerable in divorce because a business may count as marital property. Without careful planning and willingness to make sacrifices, a business owner's divorce can end the marriage as well as the business.

If you are considering divorce and own a business, you cannot afford to put off building a strong legal strategy. Owning a business can sometimes help you recover from divorce's financial ramifications, but not if the business doesn't survive the divorce process.

Can my marital struggles be overcome?

All married couples go through struggles, both due to external factors and due to issues within the marriage. It could be said that the way these issues are handled is the key to whether a marriage will be successful. You can only control the way you handle the situation, and you may feel frustrated by your spouse's lack of effort and support.

If you are going through marital struggles and are contemplating divorce, it is important that you consider how your marital struggles could possibly be overcome before filing for a divorce. Some issues, especially externally rooted ones, can be fixed. But other problems can be irreconcilable.

Should you worry about financial infidelity when divorcing?

It is common for people to stop worrying themselves about the behavior of their spouses once they make their minds up to seek a divorce. After all, you won't be accountable for their decisions for much longer. However, that sort of dismissive attitude could end up costing you some of your financial liquidity in the future.

Some people change their spending or saving habits when they know they are about to divorce. In some cases, people take it too far by racking up debt intentionally or transferring money into hidden accounts to try to hide it from the courts and their spouse.

The biggest barrier to divorce could be an emotional one

All marriages are uniquely challenging, and it is simply impossible to predict the difficulties that you and your spouse will face in your relationship. Some relationship tensions are caused due to incompatibility and personality differences, but others are tensions that have arisen from circumstances beyond your control, such as a loss of a job or an illness.

Many people spend years contemplating divorce, but they do not know whether they should take action. Many wonder about how filing for divorce will affect their reputation, and they may fear that they will be crippled with guilt as a consequence of giving up on their marriage. Additionally, it is very common for married parents to worry about how a divorce would affect the emotional well-being of their children.

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

Toll Free: 800-574-3771
Phone: 303-691-9600
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Aspen, CO 81611

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