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Financial Advice for Divorcing Spouses

If you’re considering divorce, you’re likely worried about how it will impact your finances. Whether you’re in a high-net-worth marriage, you and your spouse work full-time, or only one of you works, your financial situation is certainly going to change. For some spouses, divorce changes their lifestyle more than others – every couple’s situation is different. There is consolation though: when people are in unsatisfying, unhappy, or hollow marriages, they usually feel that the divorce process, no...

Financial Tips for Divorcing Spouses

It’s no secret that one of the most difficult parts of divorce is the financial aspect. If the financial part were easier, we would probably see a rise in divorce filings. If you have put off a divorce because you were concerned about dividing assets, supporting two households, paying child and/or spousal support, or having to give up your standard of living, you are not alone. While a lot of unhappy spouses delay their divorce because of...

Which Parent Claims the Dependency Exemption?

With tax season quickly approaching, a lot of our clients, especially those with children, ask us about the dependency exemption. Which parent claims the exemption, and can the noncustodial parent ever claim the exemption? After all, they are the ones paying child support. The Internal Revenue Service is very clear about the fact that only one taxpayer can claim the dependency exemption for a child each year. As a general rule, the custodial parent is the taxpayer who...

Dividing Property in a Colorado Divorce

One of the reasons why divorce is so complicated is because spouses have to determine how to divide their assets and debts. By assets, we’re referring to all income, cash and property acquired during the course of the marriage, such as 401(k) accounts, family homes, automobiles, life insurance policies, etc. If you are headed for divorce, the thought of severing your financial ties may seem daunting, and it can be, which is why it’s so important that...

Divorce: Should You Sell Your House?

Ask any realtor, and they will quickly tell you that a significant portion of their business comes from sellers who are in the middle of a divorce, and there is a very good reason for this. Often, it makes the most sense for the divorcing parties to sell the marital home and go their separate ways, but not always. If you are headed for divorce and you and your spouse own a home, one of the...

Colorado Divorce Basics: What You Need to Know

If you are considering getting a divorce in Colorado, you will want to familiarize yourself with the terms and the process. Here is some basic information that you should know: For starters, Colorado uses the term “Dissolution of Marriage” in place of divorce. So, if you hear DOM or dissolution, know that it’s just another word for divorce. A legal separation is NOT a divorce. If you get legally separated, you are not divorced and you cannot...

Legal Separation vs Divorce

The Difference Between Separation & Legal Separation Many clients file for divorce after believing they are legally separated from their spouse since, many times, a separating couple will live apart from each other before initiating legal action. However, legal separation is not simply living apart from your spouse, nor is it a stepping stone towards divorce. Instead, it is an option couples have for severing their relationship through the courts. Legal separation, like divorce, is...

Father’s Rights

Do the Courts Prefer Mothers over Fathers? Historically, with parenting time following divorce, many believed children should stay with only one parent rather than jump back and forth between both parents. It was thought this was less impactful physically and psychologically on the child as a whole. Courts also tended to grant a majority of parenting time to the mother, believing she was better equipped to raise children. But today, a father’s right to parent...

Social Media & Divorce: The Rules

These days, the vast majority of adults have at least one social media account. While you may not log on to Twitter or Instagram, the odds are you at least have a Facebook account. So, if you’re headed for divorce, this post is for you. Once in a while we’ll come across or hear about someone’s post that will cause us to shake our heads, and think, “Why would they post that on Facebook?” In today’s...

What You Need to Know About Divorce & Taxes

As we enter into the holiday season, it reminds us that soon it will be New Year’s and once again, time to file our taxes. Naturally during this time of year, our clients have questions about how divorce impacts their tax obligations. If you’re getting divorced and the divorce will be final before the end of the year, you’re probably wondering, “What do I need to know about filing my taxes after a divorce?” Also, who gets...

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