On behalf of Cooper & Tanis, P.C. posted in divorce on Friday, December 4, 2015.
Couples in Colorado may want to consider having a conversation about their shared and individual finances. It is important to have a good handle on the family finances in case of divorce, but doing so can also prevent divorce. Money is one of the main things that couples fight about, and by agreeing on a budget and setting financial goals together, it is possible that this conflict can be avoided.
Both spouses should understand anything they are signing including tax returns and loan paperwork. Both should be involved in financial decisions. It is also important to understand whether debt one person brings into the marriage counts as a joint marital debt as well as what assets are joint marital property.
Some couples may want to consider a prenuptial agreement or, if they are already married, a post-nuptial agreement. This will also necessitate a conversation about finances. If one member of the couple is staying home to care for children, they should keep their professional networks active in case it is necessary to return to the workforce.
Despite open communication about finances, some couples may decide that divorce is the best solution for them due to disagreements over money or over other issues. If this occurs, each person may want to speak with an attorney about their options. Having a good sense of marital finances from the start may make the process move along more smoothly. In addition to a shared home, assets such as retirement accounts and investments may need to be divided. One person may need to pay the other spouse support for a time or might owe child support.