The Top 6 Tips to get the Best Results from your Colorado Divorce
Divorce carries both emotional and financial tolls. The emotional stress of any family law matter makes most people upset and vulnerable to exploitation. The idea of a divorce may come as a shock to a divorcing party easier to exploit. Below are some tips to avoid common mistakes
Do not assume your spouse is going to be "fair" or "reasonable"While a good divorce attorney will do their best to help encourage collaboration, sometimes this is not possible. While hoping for the best, it is important to prepare for the worst in the adversarial system. Preparation is your best tool overall, and will help your divorce attorney in evaluating your goals. Prepare a summary of key issues and concerns and have a consultation with an experienced family law attorney. If your resources are limited, you can always obtain limited , "behind the scenes" help if you cannot avoid full representation by an attorney.
As soon as you feel your spouse may be considering separation or divorce, protect yourselfMake copies of all important financial documents including bank accounts, credit card statements, credit reports, stock and insurance account statements, investment and business records, income documents such as tax returns, W-2s, 1099s, K-1s, safety deposit boxes and any information that relates to your lifestyle, such as charge account statements, proof of travel, entertainment or hobbies. Any expensive collectibles and supporting documentation is helpful.
Open an account in your separate name with adequate funds to support yourself for 90 days - the time it may take to get before the court.
A spouse may try to liquidate assets shortly before filing a divorce or legal separation. If a legal action for divorce or legal separation has not yet been filed, you may wish to consult a Colorado divorce lawyer regarding closing accounts to further charges. Cash in joint checking and brokerage accounts, home equity if in your spouse's sole name and cash value of life insurance policies are also vulnerable. Protect assets in advance.
Inventory personal property. Take photos or videos before you move out.
Keep a journal to remember important events. Memories fade with time.
Investigate what it will cost to live on your own.In a divorce, most folks are taking the same income they used to use on one joint household and having to spread it amongst two separate households. Most people know how much they earn each month, but are less aware of how the money is spent. In fact, most people tend to underestimate expenses significantly. Take the time to write down everything you spend, from your morning cup of coffee to vacations, and develop a realistic monthly budget.
Look at all assets and obligations before making decisions.Financial decisions often affect one another through the interaction of interaction of taxes, capital gains, investment losses, timing issues, inflation, and more. A fair settlement begins by looking at a comprehensive picture of your finances and then determining suitable courses of action that work for you.
Not all assets are created equal.Don't assume it is best to keep the house. You cannot buy groceries with home equity! Be sure you can afford both the monthly payment and the upkeep. There are tax consequences relating to taking the marital home over retirement or other assets. To assure you are evaluating options to your best advantage, it is best to consult with an experienced family law attorney in Colorado
Have reasonable expectationsLitigation is costly. Consider what it will cost to argue about an issue. If the argument will cost more in attorney's fees than it would cost to buy a new replacement item, it is time to reconsider your position.