One of the hardest parts of getting a divorce is making smart decisions. Smart decisions often start with a couple who is willing to mediate their divorce and find areas of compromise during this process. Sometimes couples will fight over things of little financial value because of sentimental attachment, or, worse, they know the other spouse has an emotional attachment. But even in the most civilized divorce negotiation, there can be times when a spouse has to draw the line about what is acceptable and what is not.
Marital agreements, also known as prenuptial or postnuptial agreements, have become increasingly common in recent years. While some see them as pessimistic, these useful tools can provide a guideline of how a marriage and potential divorce will look. Typical details often involve rights and obligations for financial support, responsibility for liability or debt, property ownership, and other details unique to the marriage. They must be put in writing and signed before the wedding if it is a premarital agreement.
Negotiating the division of assets during a divorce is commonplace. As many are aware of, Colorado is a state where marital assets are divided in a fair and equitable manner that need not be half. Examples of non-marital assets that are often not divided included inheritance, assets protected by a prenuptial agreement, or assets that were not co-mingled after marriage.
It is typical that one spouse handles a family’s finances, but it is great time for the other to get involved now with tax season in full swing. While it does not hurt for the non-bill-payer or finance person to understand the family’s financial plan, it becomes almost crucial when a spouse is contemplating divorce or has concerns about the family finances.
Countless studies have found that couples are either waiting to get married or not looking at it as the endgame for a committed relationship. However, love is unpredictable and sometimes undergraduate and graduate students will find that they are the exception to this new rule. If marriage is indeed on the horizon for a student, they might want to consider a prenuptial agreement even if they live on a shoestring budget or do not work full time.
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.