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Is Alimony Tax Deductible in Colorado?

You’re probably familiar with the term “alimony,” which is called “spousal maintenance” in Colorado. Spousal maintenance is financial support a higher-earning spouse pays to a lower-earning spouse during or after a divorce. The purpose of alimony is to help a dependent spouse become self-supporting after a divorce. For decades, alimony was tax deductible for the paying spouse and counted as income by the receiving spouse, but as of January 1, 2019, the laws changed. Effective January …

Can I Get a Divorce When My House is Upside-Down?

If you’re fortunate, you’ll head into a divorce with equity in your home, money in the bank, and a couple retirement accounts. This way, once the marital assets are split according to Colorado law, you’ll be comfortable. But, not everyone is that fortunate. For a lot of jaded spouses, there never seems to be a “good time” to divorce. And, if unhappy spouses delay their divorce because they’re waiting for the real estate market to heat up, …

How to Have a Mindful Divorce

We’ve all heard the divorce horror stories. The ones where a spouse drained the couple’s bank account, racked up the credit cards, alienated the children, or drove the couple into bankruptcy. These types of stores abound, but that doesn’t mean that all divorces have a bad ending, or that your divorce story has to end the same way. “Is it possible to achieve a mindful divorce?” Absolutely, but to have a mindful divorce, the spouses must be respectful …

Can Prenuptial Agreements Determine Child Custody in Colorado?

Prenuptial agreements can be valuable legal instruments for high net worth individuals, business owners, and spouses with children from a previous relationship. A well-crafted prenuptial or postnuptial (created after marriage) agreement can impact alimony, property and debt division, and it can even disinherit a spouse where a will or trust lack such power. But what about child custody? Can a spouse waive or reduce their rights to child custody in a prenuptial agreement before their child is even born? Can …

Is it Better to File Bankruptcy Before or After Divorce?

Adultery and financial problems are two leading causes of divorce, but for the purposes of this article, we’re going to focus on the latter and the issue of bankruptcy. As you can imagine, money problems often lead to divorce and ultimately bankruptcy. And because divorce and bankruptcy are often interconnected, we’re frequently asked, “Should I file bankruptcy or divorce first?” and “Does it matter?” Yes, the timing definitely matters but there isn’t a “one-size-fits-all” approach to …

2019 Changes to Spousal Maintenance Law

For decades, spousal maintenance (alimony) has been tax deductible for the paying spouse and counted as taxable income for the receiving spouse, but as of January 1, 2019, sweeping changes in the law took effect. Effective January 1, 2019, spousal maintenance in Colorado and all 50 states will no longer be tax deductible for the paying spouse, nor will the recipient spouse be taxed on it. Prior to January 1, 2019, the money paid to a former spouse under …

When Does Child Support End in Colorado?

When Does Child Support End in Colorado? Each state has enacted its own laws regarding child support – how much it is, how it ends, and when it can be modified. Generally, child support ends when a child reaches the age of 18, 19, or 21 (in New York) in the United States. While many states require that a noncustodial parent pay child support until their child turns 18 or graduates high school, in Colorado parents …

Cheating Spouses Leave Behind Digital Trails

Cheating spouses and criminals seem to have something in common…leaving behind evidence. “Students of human behavior have speculated that people take ridiculous chances or are extremely careless while committing crimes because, on some level, they actually wanted to get caught. Such thinking seems to stem from writings by Sigmund Freud, who wrote about an unconscious desire to get caught and punished,” Stanton E. Samenow, Ph.D. wrote in Psychology Today. Later in Mr. Samenow’s article, he concludes …

License Suspensions for Failure to Pay Child Support in CO

Do you hold a professional license? If you’re a real estate agent, an accountant, a doctor or nurse, a veterinarian, a teacher, a notary, or the possessor of another professional or license, you may not know it but your livelihood may be at risk if you fall behind on your child support payments. You see, all 50 states have enacted laws that cancel, revoke or suspend the licenses of non-custodial parents who fail to pay child …

Should I Divorce After the Holidays?

Each year between the months of October and December, our clients ask us, “Should I wait to divorce until after the holidays?” The answer, “It depends on your circumstances.” Is domestic violence an issue? Is one spouse verbally abusive and controlling? Is one spouse currently having an affair? Are there minor children involved? In the absence of domestic violence, it’s not uncommon for couples with children in the home to hold off on their divorce until after the …

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Our team includes attorneys licensed to practice in multiple states including April D. Jones in California, Patrick G. Barkman in Texas, the Cherokee Nation, the Northern District of Texas, and the District of Colorado (United States Court of Appeals 10th and 5th Circuit), and Stuart Wallace in Illinois.