On behalf of Cooper & Tanis, P.C. posted in divorce on Monday, July 10, 2017.
The financial costs of divorce might tempt people in Colorado to forgo legal representation, but the consequences could be costly. Well-meaning friends and relatives might offer advice, but they could easily be mistaken or unaware of how the law actually applies to an individual’s situation. Child support represents one arena where the services of an attorney could produce optimal results.
Publicly available information about the state laws and formulas that guide child support calculations could make people think that they know what a payment should be, but calculation is not necessarily simple. A support payment that meets the needs of children should be based on an analysis of income, health insurance, child care costs and other job benefits. Rules also exist that allow a judge to deviate from child support guidelines when necessary to produce fair results.
Care must also be taken when transferring ownership of a home from both spouses to a single individual. Trading away home ownership in a divorce does not automatically exempt a person from liability for a mortgage in the name of both spouses. To build in protection in case the ex-spouse stops paying the loan, the settlement needs language that assigns the debt to the sole owner and insists on repayment if the other ex-spouse is forced to pay the mortgage.
In addition to child support and real estate concerns, an attorney could provide advice to a divorcing client about retirement accounts, spousal support, custody, visitation and parental relocation during the divorce process. An attorney could inform the client about possible tax obligations of certain decisions, which might help avoid financial surprises.