As you prepare for marriage, one topic that is likely uncomfortable for you and your future spouse is the idea of a premarital (or prenuptial) agreement. Few people want to think about the possibility of divorce before they’re even married, but preparing for the possible reality that the marriage may end one day can be prudent for both you and your future spouse. It may remove underlying concerns about what each spouse contributes to the marriage, the effect of your new marriage on children from previous relationships, etc. Premarital agreements can be an estate planning tool as well. A premarital agreement may not be right for you, but there are a few factors you should consider first. Continue reading →
In many divorces, car loans are on long-term payment plans and cannot be refinanced into just one party’s name very easily. If your spouse is retaining as his/her sole and separate property a vehicle with a debt owed against it, and your name is on the debt, you should have concerns about how to protect yourself if your spouse defaults on the loan. Your divorce decree is, among other things, a contract between you and your ex-spouse, but it does not govern your creditors. Thus, a joint car loan continues to be joint in the eyes of your creditor, even if your former spouse is the party ordered by the court to maintain responsibility for the loan.
You do have remedies to protect your credit, which you may be able to incorporate into a divorce decree. Each jurisdiction has different requirements for enforcing the below options, so consult your attorney about these possible remedies. Continue reading →
At some point during your case, you and your spouse may wish to try to reconcile your marriage. Divorce is a big decision, and many couples question that decision during this difficult and emotional process. Clients often ask what to do about their pending divorce matter if the parties have second thoughts before the process is complete. Below are a few considerations to make when determining whether to dismiss your divorce case, or place it on hold while you try to reconcile. Continue reading →
Colorado maintenance law is about to undergo a significant change. After lengthy and involved debate, the Colorado legislature passed a new law that will go into effect on January 1, 2014. One of its primary goals is to promote consistent maintenance awards across judicial districts by implementing “advisory” maintenance guidelines. These advisory guidelines utilize a formula for both temporary and permanent maintenance awards and also suggest how long maintenance should be paid. While lawyers in the area are uncertain how these advisory guidelines will be utilized from district to district, there is a lot of potential to have Colorado maintenance determined by simple mathematical equations.
Per the new advisory guidelines, the Court first determines how much each party earns, the marital property each party is awarded, the financial resources available to each party, and reasonable financial need. After making this determination, the Court then goes on to consider the amount and duration of the award (this is where the formula comes in). After doing so, the Court then considers if, and shall only award maintenance if, the spouse seeking maintenance lacks sufficient property to provide for himself or herself, is unable to support himself or herself through appropriate employment, or is the custodian of a child whose condition or circumstances makes it inappropriate to seek employment outside of the home. Continue reading →
Business owners face some unique circumstances when proceeding through a divorce. The situation can be especially complex if the divorcing spouses are co-owners of a company. There are three main options for resolving a dissolution and shared business interests, as outlined below.
One party keeps the business and pays a property settlement amount to buy out the other party’s business interest.
- This approach prevents a forced liquidation of the company, and allows one party to retain his or her ownership interest in the company. A professional business valuation would likely be necessary to determine how much you and your spouse’s respective ownership interests are worth, so that the appropriate buy-out amount could be determined and negotiated. Continue reading →