Typically, when people get married, they intend to live the rest of their lives together. No one gets to their wedding day and thinks about a lengthy divorce with messy asset division complications.
Getting a divorce after being married overseas
What happens when one parent is moving away?
Divorced parents are no stranger to the idea that life can be unpredictable. Whether you are the parent who needs to relocate, or your co-parent is suddenly talking about moving across the country, the news reminds you that your plans can change quickly, and, often, without your permission.
Common myths about asset division
Going through a divorce can be a stressful experience. Even when the relationship has been falling apart for a long time, negotiating and dividing assets can be exhausting.
In addition to being emotionally challenging, there are many myths when it comes to asset division. Whether you have heard them from an acquaintance or the media, it is always best to talk to a professional about your divorce, so you have the most accurate information.
Is my trust fund safe from divorce?
A trust fund can be part of a legacy from one generation to the next. When your loved ones name you as a beneficiary of a trust, they hope that you can benefit from their careful planning. Estate and financial planning professionals frequently advise that a trust represents a good way to protect assets from the claims of creditors as well as a way to keep assets safe from the claims of potential future spouses.
Unfortunately, such advice is often incomplete or sometimes totally incorrect. As well, such trusts were often created by parents, grandparents or other remote relatives who had no idea where or when their future descendants might marry or later divorce. Other times you or your spouse may have believed that transferring assets into a trust provided tax or estate benefits. Such advice may not have been totally accurate. Depending on the type of present trust benefit or future trust entitlement you might have, that trust interest could be classified as an asset to be considered in your divorce.
Can you divorce in Colorado if you were married out of state?
You and your spouse may have relocated to Colorado for a variety of reasons. However, regardless of where you got married, your relationship could face insurmountable challenges anywhere.
Although the dissolution of marriage is a common concern throughout the United States, you might wonder whether you can pursue your divorce after your move to Colorado from another state or country. Although reaching a settlement takes time, you can file for divorce once you meet the state's residency requirements.
Potential tax liability: Divorce decisions and your business
No matter how tumultuous a marriage is, divorce comes after thoughtful consideration. Yet, that is not to say no questions about the future remain.
Points of contention are common among affluent couples. Entrepreneurship can further escalate disagreements about support and division of assets.
Children suffer the trauma of a split between their parents as well
Ending your relationship with your partner is likely one of the most emotionally challenging processes of your life. You probably hoped for the best and devoted yourself to creating a fulfilling future with your partner. Now, you wonder what kind of lifestyle you will have, how much time you can spend with your children and whether you will be able to remain in your home.
In addition to your individual concerns, ending a marriage can have a devastating effect on everyone involved. Children are resilient, yet in the midst of an escalated battle with your partner, your kids still rely on your support to navigate their perceptions, fears and feelings about what is happening with their family.
How can you protect your financial interests during divorce?
Many of the decisions you and your spouse must make as you dissolve your marriage involve finances. Like, how you will divide real estate or investment accounts. If there's a need for monetary support arrangements, there will be pressures on each side: what can the primary breadwinner afford to pay and still be able to live. Conversely the dependent spouse worries about how much is needed and how to make ends meet.
During a divorce, emotions can run high. You may feel overrun by the toll your divorce is taking on you and your children. Processing your thoughts and feelings is undoubtedly vital to moving forward. Yet, sound financial planning can also help ease long-term worries about moving forward on your own.
What do you do when your spouse files for divorce?
Being served divorce papers can create a wealth of emotional responses. No matter how happy you have been in your marriage or whether you were waiting for the appropriate time to leave your partner, you might feel everything from rage to despair, jealousy and defeat.
You must generally respond to a marriage dissolution petition within 21 days if you wish to retain your right to protect your interests. While three weeks may seem like a short timeframe in which to make your case, there is no need to panic. Do you know what information you should provide to the court?
Is it wise to buy or help pay for a home with your significant other?
When you are dating, it is natural to want to be around your boyfriend or girlfriend. Regardless of your age or past relationships, you likely desire to share as much time and space as possible with your new love interest.
You may believe that purchasing real estate together is a sound financial decision, especially if you plan to get married in the future. However, is it possible to buy a house together before marriage, while also protecting yourself?
