Couples who are in the entertainment industry likely face many pressures on their marriages that the the average family does not face. However, there are many reasons why any marriage may not survive, and then the former couple may struggle to determine the best approach when it comes to the division of marital assets. Whether a family resides in Hollywood or Colorado, a prenuptial agreement may prove to be a valuable document in the event of a divorce.
A healthy marriage can be difficult to maintain under the best of circumstances. Add in the stresses of certain careers and other factors, and it may not be surprising that some relationships are more likely to end in a divorce. As many Colorado families have learned, it is better to leave an unhealthy relationship than to remain in a broken marriage.
Every state has its own approach when writing its laws concerning the dissolution of marriage and the division of assets between the spouses. When it comes to divorce and the ensuing property division, a state is either a community property or equitable distribution state, with most falling into the equitable distribution category. Colorado is an equitable distribution state.
In the past, deciding who gets custody of the children and who will get the house were two of the biggest decisions when a couple realized their marriage was no longer working. While those issues continue to be important, there is a relatively new issue that is gaining traction in divorce proceedings. It concerns the family pet.
The results of a divorce depend on several factors, but the process itself is almost always stressful for all parties involved. It is not uncommon for one of the greatest sources of stress for people to come as a result of uncertainty regarding how they are going to provide for themselves once the marriage is dissolved.
For many couples, the happily ever after is not realistic. When a marriage is not sustainable, it is important to make sure that one is able to survive and even thrive after a divorce. Colorado residents who are considering this step may be interested in reading a few suggestions concerning financial tips to prepare for a newly single life.
Most people in Colorado, as well as other states, enter marriage hoping to remain united to their spouses for the rest of their lives. The reality is, however, that this is not always possible. For reasons that may vary according to individual circumstances, spouses often choose to divorce at some point.
Anyone in Colorado who has gone through a marital split likely understands the financial strain such circumstances can cause. For someone who had been at home raising children full time before a divorce, suddenly being thrust into the workforce and responsible for primary income can be a little overwhelming, to say the least. Setting small, attainable goals may prove quite beneficial toward regaining financial stability.
When preparing to end a marriage, many Colorado residents feel overwhelmed by the sheer number of decisions that must be made. Divorce is a tumultuous time, both emotionally and practically. Understanding how one's tax obligations might be affected by divorce can seem like a low priority when compared to reaching property division or child custody decisions. In reality, however, changes in taxation can have long-lasting effects and deserve consideration during this busy time.
For many Colorado parents, setting aside money to fund their child's education is a top priority. A great resource for college savings are 529 plans, which are incredibly flexible accounts. They allow parents to build savings that their children can use for higher education. When a family goes through divorce, however, it is important to remember that these accounts are assets, and need to be treated accordingly. Without proper planning, it is possible that these savings may not be used for their intended purpose.