Drawing the right line in the sand is one of many challenges in a divorce settlement.
Splitting a retirement fund or bank account is more straightforward, but valuing and then distributing assets if you own a business or your own practice is an abstract process.
Divorces can be amicable or tumultuous, but high asset divorces tend to be complicated with assets of all sorts at stake.
Colorado is not a “community property” state, it is instead an “equitable distribution” state. In Colorado, the only ground for divorce is “irretrievable breakdown” of the marriage.
When a couple is unable to reach an agreement on how to divide the marital property a judge will decide. If the divorce is presided over by a judge, the judge will assign a percentage of the assets to each spouse.
Divorce for those over 50 (often called “gray divorce”) is becoming more and more common. However, as older couples split up, it can pose a serious threat to their financial security.
This is particularly true for women.
So what should you do to protect your future? You can start by avoiding these four common mistakes:
Divorce is never easy, but at least financial assets can be split using general math.
When it comes to property, how do two people who lived in one house reach agreement?
Even after you’ve decided who will live where, there’s still the matter of house payments and value.