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high asset divorce Archives

Preparing financially for an upcoming divorce

Planning for divorce can be a tricky and difficult process for many people in Colorado and elsewhere around the country. While the emotional and logistical issues can seem especially overwhelming, the financial aspects of divorce are among the most challenging. This is especially true in situations where significant high-value assets are at stake, including investments, businesses, homes and other properties.

Taxes and fees in dividing a retirement account

A Colorado resident who is getting a divorce and who has a retirement account or whose spouse does may need to divide that account. This will require a document known as a qualified domestic relations order. Because this document may be both complex and costly, people might want to work with a certified divorce financial analyst to help ensure they understand how they will be affected by fees and taxes.

Protecting a family business in the case of divorce

When Colorado residents own or run a family business, they may have no intention of dividing up the associated assets if they ultimately end up getting a divorce. Because approximately 50 percent of marriages end up in a split, those who are considering marriage should take the steps to properly protect their family business.

Older adults divorcing in higher numbers

Some Colorado couples may be joining celebrities like Al and Tipper Gore or Danny DeVito and Rhea Perlman in divorcing after decades of marriage. According to the National Center for Marriage and Family Research, divorce among older adults is rising. In 1990, people 50 and over were half as likely to get divorced as they were in 2014. There has been an even greater increase for people older than 65. This trend may be attributed both to divorce growing increasingly acceptable and to women over 60 setting divorce in motion because they see the opportunity for a fresh start.

Angelina Jolie files for divorce from Brad Pitt

Colorado celebrity watchers may already be aware that actors Brad Pitt and Angelina Jolie are getting divorced. Jolie filed for divorce from Pitt due to irreconcilable differences. The couple is one of the wealthiest and best-known in Hollywood, and they have six children.

Retirement accounts and divorcing baby boomers

Baby boomers are aging, and as they do so in Colorado and throughout the country, they are also divorcing at higher rates than previous generations. People older than 50 were twice as likely to divorce in 2014 than people that age in 1990, and those over 65 were three times more likely. As a result, a major concern in some divorce cases has become protecting retirement accounts. Older adults do not have decades ahead of them to recover from a financially ruinous divorce.

Preparing financially for divorce

Colorado couples who are contemplating divorce must think about how to secure themselves financially. The first step is for them to understand both the family finances and their needs. The former means listing family assets and their value and ownership. This includes pension plans and other retirement accounts as well as stock options. The next step is identifying expenses. This may include a range from the bare bones amount needed to survive along to a more generous budget. Each person must consider their own income. People who have not been working outside the home may need to be more concerned about asset division and might also need to focus on finding a job.

Splitting retirement accounts in a divorce

When a couple decides to get a divorce, it could impact their finances for years to come. As more people over the age of 50 opt to dissolve their marriages, it also means that their retirement accounts could be divided as part of a settlement. However, because there are a variety of such vehicles available, it may be difficult to determine the procedure.

How divorce affects a business

Assets a person owned before a marriage typically aren't considered joint property and subject to division in a subsequent divorce, but a spouse might be entitled to a portion of assets like a business if it was developed after a marriage. Dividing property is often difficult for those in Colorado and other states, but there is some information that entrepreneurs might find useful when getting married or going through a divorce.

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Cooper, Tanis & Armas, P.C.
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Broomfield, CO 80020