Couples filing for divorce are obligated to provide an accurate list of all assets. This is generally the case, though some will do so more willingly than others will. Then there are those who succumb to the urge to hide bank accounts, stocks or other assets. This is never a good idea.
Coloradans are a down to earth bunch, but it is not uncommon these days to hear about big-ticket weddings or splashy destination weddings on a beach in Mexico or Hawaii. Another increasingly common sight is an expensive engagement ring. Whether it is celebrities posting on Instagram or professionals with successful careers, a big rock continues to be a popular statement.
Both parties in a divorce are obligated to provide a list of their assets and debts so that marital property can be determined and subsequently divided. Ideally, this is done in an amicable manner where the couple is comfortable with the tally and how it is to be equitably divided. But unfortunately, some spouses engage in attempting to hide or falsify assets. Hiding or failing to fully disclose assets in a Colorado divorce matter can lead to a case being reopened for up to five years after a decree enters. There is also exposure to paying the legal fees and costs of the wronged party.
The United States Supreme Court recently ruled in favor of adult children in a case where the non-probated insurance policy of a Minnesota man had listed an ex-wife as the beneficiary when he purchased it in 1998. The decedent, who died in 2011, had divorced his wife in 2007.
Millennials aim to be different than their predecessor generations in many ways. One of the most marked differences is the choices they make in relationships. It's no secret that many are putting off marriage or even long-term relationships entirely until much later in life.
Marriage is a partnership. Most couples marry for love, but once they settle into routine, it's also about managing day to day living. A marriage is a legal contract, after all, and couples share their assets, their home and their finances. One of the most challenging parts of divorce is addressing marital property and deciding who gets what.
As one of the top causes of divorce, financial stress can take many forms. Issues may revolve around a job loss, extraordinary expenses or simply different perspectives in whether to spend or to save.
Mary Poppins said a spoonful of sugar helps the medicine go down. But where divorce is concerned, things aren't quite so simple. Divorce can be upsetting and frustratingly complicated. If you happen to be a spouse married to someone in the military, the process of dissolving the marriage can become even more complex.
If you own a home and you are getting a divorce, the chances are that either you or your spouse will need to remove one person from the mortgage. This can present a challenge depending on your circumstances, but it is a very important step that many divorcing couples do not think about.
Divorce is fraught with emotion and stress. There is just no getting around that fact. When you are stressed, it is easy to avoid difficult financial decisions and considerations. That's why it is so important to hire experts to walk you through each step along the way. Hiring someone to do the heavy lifting is the best protection you can have against doing something that has long-lasting financial implications.