On behalf of Cooper & Tanis, P.C. posted in divorce on Friday, October 28, 2016.
Colorado couples who are thinking about separating may be interested in knowing more about the top financial issues that could potentially impact their lives after divorce. According to some experts, the division of assets and debts, tax issues and financial conflicts involving the children are the most common barriers that might be encountered when navigating a split.
Although the general goal in the division of assets is for the parties to be able to maintain a lifestyle similar to the one that they enjoyed before the divorce, it may take the combined effort of mediators, attorneys and the court to hash out just how to accomplish this. The division of marital debt could be comparably problematic. The final determination of responsibility may depend on whether the divorce is amicable, how assets are split and if both parties have sufficient resources moving forward. Following the divorce, tax implications that could notably impact the finances of one or both parties include a change in filing status, capital gains taxes and the dependency exemption, which will come into play in the event that the marriage produced any children.
For separating parents in Colorado, child support may be the biggest continuing cost following a divorce. In many cases, the parent with the greater income will foot the better part of the financial burden of raising the children.
In some situations, a divorce attorney may be able to help the parties reach a sustainable separation agreement. The lawyer could address child support and other common financial issues that could otherwise adversely impact the parties’ lives long after the marriage has ended.