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Denver Family Law Blog

A high-asset divorce may also mean a large amount of debt

If you find yourself preparing for a high-asset divorce, it's important to fully understand what the process entails and how you can protect yourself along the way. Just the same, you'll want to learn more about any debt you're carrying, as this also comes into play when divorcing your spouse.

Many people who have a lot of assets are also carrying quite a bit of debt. For example, you may live in a $500,000 home with your spouse, however, you still owe $200,000 on your mortgage. This is something you must take into consideration when divorcing.

Do you know the difference between marital and separate property?

Getting divorced in Colorado can be a new start to life, but it can also have a profound impact on your financial circumstances. Unless you have a thorough prenuptial agreement, you will either have to agree to terms regarding how to divide your property or allow the courts to handle asset division for you.

One of the most confusing aspects of the asset division process is the system by which the Colorado family courts classify property. Any asset or debt you currently own must either be separate property or marital property. The courts will do their best to divide your assets in a fair and equitable manner.

Could your divorce sink your business?

Divorce is rarely a simple process, even when all the parties involved want to end the marriage and agree to work together amicably. In most cases, divorce drags up deep emotional conflicts and often drives otherwise reasonable people to their breaking point.

Business owners who are considering divorce face a number of potential complications that many others never experience, especially if an owner did not protect their business with a prenuptial agreement. It may come as a surprise to some that businesses qualify as marital property in the same way that homes or savings accounts do.

Keep time with your child protected after your divorce

After divorce, parents often struggle to make the transition to coparenting, especially if the divorce was particularly painful. While most parents do not want to make their child suffer because of parental conflicts, in many cases, that is exactly what happens. It is common for parents who do not understand the seriousness of their custody orders to use child custody conflicts as a way to punish the other parent or feel as though they "won the divorce."

We are all fallible humans, so it is wise to have some grace for others who are going through a difficult season. However, is also important to understand your rights as a parent and the tools you have to protect those rights. If you allow your child's other parent to establish patterns of bad behavior, it is difficult to push back and regain ground you've already lost. Be sure to use your resources to keep your rights secure throughout your child's upbringing, even if it may make things uncomfortable at first.

The emotional stages of marital issues and divorce

If you are struggling with marital issues in the state of Colorado, you will know that deciding whether to file for a divorce is not a black and white decision. You will go through times of believing that the marriage can be fixed through working on your relationship, but you will have other times when you think of how free you will be without the emotional burden of a marriage.

At a time when your are not sure whether to take the leap and proceed with a divorce, it is important to learn more about the psychology behind marital issues. By understanding your different emotional states, you will be better equipped to know how to proceed most constructively.

How a prenup may get disputed during a divorce

People often look at a prenuptial agreement as if it is some sort of ironclad agreement that will stand no matter what. Both people signed it, after all. Doesn't it have to stand up in court?

Not always. Never assume that you cannot dispute a prenup -- or that your spouse will not dispute one that you actually wanted to stand. It happens all the time. Here are a few reasons why:

Is uncontested divorce realistic for high income couples?

In the modern world, couples considering divorce are increasingly aware that the process does not have to be a long, draining experience if both parties agree to end their marriage amicably. While this is almost always easier said than done, it is true that divorce does not have to be full of frustrating conflicts. If keeping the process civil is a priority to a couple, approach it with this goal in mind.

For many divorcing couples, this means filing their divorce uncontested. This is often a good fit for those who simply want to put an end to a particular chapter in their lives and move on, or who hope to keep their private lives out of the public eye.

Debunking the divorce myth that an affair impacts asset division

Divorce is a common experience in our culture, but many people remain woefully uninformed about the realities of divorce. Myths and urban legends seem to dominate public opinion about what happens in a divorce. From the belief that court systems are inherently biased against fathers to the idea that infidelity has a direct impact on the outcome, many people believe wildly inaccurate things about divorce.

When they seek to understand their own marriage, they may attempt to use those inaccurate beliefs as a baseline for how they approach the process and their expectations of the divorce. Understanding that the courts generally do not care about infidelity is an important first step toward adjusting your expectations when you end your marriage.

Things to include in a property division checklist

One of the biggest challenges of divorce is deciding who gets what. Both individuals are hoping to secure as many assets as possible, so this can lead to a variety of challenges that are difficult to overcome.

You can ease the pain by creating a property division checklist. Not only does it provide guidance through your divorce, but it also ensures that you don't overlook anything of importance.

Is your business ready for your divorce?

When you realize that it is time to begin building your divorce plan, there are many aspects of your personal, financial and professional lives that you must consider.

Before a court approves your divorce, you must reach a property division agreement with your spouse, and this may involve more than just savings accounts and family heirlooms. As a business owner, your business itself may qualify as marital property, meaning that your spouse may have a valid claim to some of its value.

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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