On behalf of Cooper & Tanis, P.C. posted in divorce on Thursday, October 20, 2016.
When a Colorado couple, they may not have a good sense of what each of them is entitled to financially. For example, one man in Massachusetts made about $350,000 annually, and his wife did not work outside the home. Their $1.1 million home had been purchased with $300,000 the man got from his mother. The man’s wife wanted to move her new partner into the home and live there until the couple’s two children finished college. She also wanted her husband to pay alimony until he retired and wanted half the value of the retirement account.
However, the man had other options. One was to file for the children to be evaluated by a psychologist who might recommend that a new partner not be moved into a home with them for at least two years. Another was to sell the house and split the proceeds except for the first $300,000 that could be used for the children’s education.
Furthermore, since the woman had an MBA, it was likely that she would be able to find work. This would reduce the man’s child and spousal support obligations. His wife was entitled to half of the value of the retirement account at the time of the divorce and not his retirement.
People who have questions like these about their financial obligations during divorce or what they might expect from their spouse may be able to visit an attorney with information about their finances and get some idea of how property will be divided. However, this is also something that people might be able to negotiate instead of having a judge decide. If they are unhappy with decisions made during litigation, there might be little recourse. Negotiating a legally binding agreement with the assistance of their respective attorneys may result in a better outcome.