Going through a divorce takes a toll on your finances. Not only do you have the filing fees and attorney costs to deal with, you also need to think about the drop in income. Many household budgets are based on two incomes. When you divorce, you rely on your income alone.
Parents in Colorado and elsewhere who are dealing with divorce face many pressures. It's not easy learning to handle child custody arrangements and payments and parenting time. Finding ways to move forward financially after a marital separation can also be tricky.
Colorado parents may be confused when they first encounter the child support system. For many parents, child support first comes up at a difficult time such as a divorce, separation or breakup. Most people know that non-custodial parents have an obligation to provide financial support to their minor children, but they may not know how child support decisions are made and how the obligation is established.
When it comes to the process of divorce, states can differ considerably regarding the timeline and the way that assets are divided. When considering filing for a divorce, make sure to research how the law works in the state in which you will be filing for divorce.
Settling disputes in court can be costly in Colorado and around the country, and this can be especially true when the individuals involved are divorcing spouses who harbor deep resentment toward one another. Family law attorneys may seek to avoid court battles by resolving delicate and potentially contentious matters like child custody, spousal support and property division at the negotiating table, but this can be difficult when the spouses involved become entrenched in their positions and unreceptive to new ideas.
Statistics show that more Americans are getting divorced nearer to retirement age. It's important to note that these "gray divorces" can present unique considerations for the spouses involved. Instead of child custody, this age group may be concerned about losing half of the assets they have spent a lifetime building. Annuities can be particularly complicated to divide, and some couples in Colorado may opt to trade them for other assets since they could lose value when split.
While only five states in the United States recognize common law marriages, Colorado is one of them. If you are a resident of Colorado and currently navigating the law around marriage, divorce and annulment, it is important that you take the time to understand how common law marriage comes about, and how it works.
Debt following a divorce can mount up fast. People may find supporting a household on one income is tough when they're used to a spouse sharing this responsibility. Add in child support and alimony, and some Colorado parents may find themselves facing a heavy financial burden. When this happens, it's easy to get behind on child support and alimony. Non-custodial parents who get behind in these last two items could end up back in court or, even worse, be sentenced to jail, further exacerbating their financial issues.