Divorce is notorious for being a huge financial burden. However, the impact on credit scores can be particularly harsh for women in Colorado. While divorce proceedings don't have a direct impact on credit history, the resulting financial difficulties can cause women to miss payments or even default on certain accounts. These circumstances can significantly lower a person's score, making it much harder to buy a car, purchase a house and secure independence after a divorce.
Where and how a parent lives can play a role in a child custody decision, and this is generally true in Colorado and most other states. However, there is no one standard used to determine if a parent's lifestyle is conducive to raising a child. For instance, if the parent and child are not the same gender, it may be best for a parent to provide as much privacy for the child as possible.
These days, fathers in Colorado are more likely to get joint custody. This is a big change from what was commonplace for much of the prior century. Mothers were granted sole custody in roughly 80% of cases in 1980. Nearly three decades later, this was true about 40% of the time.
Every Colorado couple faces a different type of divorce after the decision is made to separate. Different factors may affect how long the process takes or how contentious the legal path becomes. Couples with children may face more complications than those without, and people who co-own businesses or other high-value assets may have more to fight over. At the same time, people conclude relatively amicable divorces while co-parenting or dealing with significant wealth on a regular basis. Every divorcing spouse needs to develop an individual approach to the process.
Colorado couples who decide to divorce are often concerned primarily about an array of emotional and personal factors that led to the end of a marriage. However, divorce is a financial and legal arrangement that can have significant consequences for many aspects of a person's life. While people are often aware of the impact of property division, they may not consider how their income taxes might be affected by the choice to divorce. Of course, people will have to file as single rather than married after the divorce is final.
Couples who have been married for a long time have been getting divorced or splitting at an increasing rate over the past decade. What many citizens of Colorado may find surprising is that this increase is going on while the total number of divorces happening annually throughout the United States has been decreasing.
Colorado business owners who are married generally don't think that their marriages will come to an end. However, it is important to have a plan in the event that a divorce takes place. This is because the end of a marriage could have implications for the company as well.
People in Colorado who got married in their 20s and 30s may not have been overly concerned about completing a prenuptial agreement; they may not have had substantial assets, so getting a divorce may have seemed to carry little risk. However, for people in their 50s or 60s who are getting married for the second time, a prenuptial agreement can be an important legal document to have.
Colorado parents who are ending their marriages have many things to negotiate and worry about. One of those issues can be how to pay for their children's college expenses when there are two households to maintain. Before sacrificing a child's college education, however, parents can try to reach an agreement on how to handle this matter.
Starting in 2019, alimony will no longer be considered income to the person who receives it. Furthermore, it will no longer be a tax deduction for the ex-spouse who makes the payment. For Colorado couples who cannot get their divorces finalized in the final few days of 2018, there may be other ways to avoid the ramifications of the new tax rules.