When you divorce, you may want to keep things amicable. Unfortunately, the process of divorce tends to bring out the worst in some people. Although you're hoping to keep things straightforward and fair, your former spouse may be trying to take advantage of you.
Are you faced with the divorce process? Are you concerned that the time and money associated with litigation will put you in an even worse situation?
So you're going through a divorce and you have an existing prenup. You might be thinking everything has already been decided, so there's no point in trying to change it. Or perhaps the terms of the prenup are keeping you in a marriage you'd prefer to leave. Or on the flip side - you think everything you want is guaranteed because of the prenup, so all will be well when you leave.
It is easy to rack up debt in a marriage. Between getting new cars, buying a house, finishing off student loans and credit card habits you might end up with a lot of debt when you file for divorce. The last thing you want is to walk away from a divorce paying for a spouse's bad choices. It is important to understand Colorado laws and how you can avoid getting crushed by unfair debts.
In Colorado, Courts will divide and transfer marital property between spouses equitably in a divorce proceeding, see /blog/2016/10/marital-property-division-in-colorado.shtml. Prior to the mid-1980's, Colorado along with many states applied the title rule, which was that whomever had title to property would receive that property upon a separation. As a result, trust assets were generally not included in the division of marital property. In the interest of avoiding unfair property distributions, Colorado has expanded the pool of assets Courts must divide to include all assets, regardless of title.
In Colorado, marital property is divided without regard to misconduct or fault. The Court does not necessarily divide property evenly, or 50/50. Colorado Courts consider "all relevant factors" in making the decision of how to divide marital property. The Courts attempt to make divisions based on what is fair for both parties.
A lot of the conversation around women and divorce revolves around helping women get back on their feet financially. This presumes, of course, that the woman relied on her husband for financial support.
In a previous generation, it used to be that men almost always paid some kind of financial support to their ex-wives after divorce. Now, things are different. It's more realistic to think that a woman would eventually be able to support herself financially after her marriage ends.
Dividing up marital assets is one of the many aspects of a divorce. In an equitable property state, such as Colorado, marital assets get divided according to what the court deems as fair, depending on the couple's personal and financial circumstances. In an effort to keep as many assets as possible, some people resort to hiding assets from their spouse.
Divorce is difficult at any age, but it can be particularly stressful later in life. This is especially true for women who stayed home to take care of their children or who worked but earned comparatively less than their partners.