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til death do us part, we meant it or so we thought. When you feel all attempts at reconciliation have failed, and it is clear that you are faced with irreconcilable differences in your marriage partnership, it is time to get organized and become knowledgeable about the financial aspects of your divorce.
As the holiday season quickly approaches, many families are busy decorating the house, buying presents, and planning for out of town guests for the holidays. Many American families share in these common traditions. One other common tradition is spending more money than we have during the holidays.
The financial ramifications of divorce can be quite devastating! However, with proper planning and expert help from a Divorce Financial Planner, a divorcing couple can create a financially equitable divorce settlement and make sure they have the knowledge and tools to rebuild their financial security after the divorce is final.
The increase in value of the husband’s separate property, as a whole, in arriving at the value of the marital estate. From the figure representing several assets’ increase in value, it subtracted the decrease in value suffered by several other assets and considered this "net" increase in all of the assets in determining the value of the marital estate to be divided.
Typically, the standard of value used to value a business for divorce purposes is either: Fair Market Value, which is based on the value in a hypothetical purchase or sale transaction.
Under Colorado’s Uniform Dissolution of Marriage Act, separate assets are not subject to equitable distribution. Therefore, a spouse who can establish that assets are separate, to the court’s satisfaction, gets to keep them.
The time period between the filing for divorce and the permanent orders hearing is often six months to several years.
While most people are not inherently dishonest, divorce sometimes brings out the worst instincts in some spouses. The average financial crime is motivated purely by the perpetrator’s desire for financial gain.
Crafting an appropriate settlement of the financial issues in a divorce can be a complicated task. Based on my experiences as a mediator and expert witness in divorce cases, couples are often overwhelmed by where to start the process and how to sort through a complicated maze of financial information and competing financial needs.
Almost all divorce property settlements are affected by current or deferred income tax liabilities.
Retirement plans often constitute a material asset to be divided in a divorce.
Within 40 days of the Petition for Dissolution being filed, the Colorado court holds an Initial Status Conference, where it is determined if there should be a formal hearing on temporary issues while the divorce is pending. The hearing on temporary issues usually deals with occupancy of the marital home, alimony, child support and custody.
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