The divorce procedure can often be trying for all parties involved. Frequently, issues such as child custody, property division and business ownership may be highly contentious. Occasionally, the pressure of divorce proceedings may lead to some big mistakes. Outlined below are three common mistakes to look out for in divorce proceedings. Attempting to hide assets or earnings Frequently, a spouse may be under the impression that hiding assets or earnings may be of financial benefit. However, Colorado marital property laws require…
Financial disagreements are often an issue in divorces. The more property a couple shares and the longer they stayed married, the harder handling those financial issues can become. Gray divorces involve those near retirement age or those who have remained married for many years deciding to go their separate ways. People divorcing later in life and after decades of marriage will have specific financial issues, including the three below, that will likely dominate their divorce proceedings or settlement negotiations. How…
A gray divorce might be in your best interests if you and your spouse don’t get along or no longer want to be together, but a later-in-life divorce could hurt your retirement plans. Why are your plans in trouble? The reality is that you are going to be less likely to recover economically because you have fewer years of work-life left after a gray divorce. If you divorce at 60, you may only have six or seven years of work…
It often takes quite some time to rebuild your life after a divorce. You no longer have a spouse to rely on for household needs and financial support, and you may find yourself trying to stay away from places and experiences that remind you of your marriage. Whether you have family in Idaho or a job offer in Texas, you may decide that leaving Colorado is the best way to move on with your life. However, if you share parental…
It used to be that males made up the majority of employees in the workforce. Even in instances in which both males and females worked in the same workplace in a similar role, the men were the ones who brought in a higher salary. Things have changed a lot in recent years, though. Data from the U.S. Department of Labor for 2019 shows that an estimated 38% of wives brought in more income than their husbands that year. This trend…
