There has been much discussion about the need for couples in the process of dissolving their marriage to finalize the process by the end of the year. Beginning in January, the paying spouse will no longer be able to deduct alimony payments from income taxes, which may result in smaller payments and less money for the two households once the divorce is completed. At this point most Colorado couples will run out of time to get their divorces finalized in order to beat the tax deadline, but for couples who wish to complete their divorce as soon as possible, there are some actions that may speed the process.
According to financial expert, Suze Orman, couples should pay close attention to the other's credit score before deciding to marry. Ignoring some important indications while dating and in the early years of a marriage may wind up costing both spouses during property division if they later file for divorce. Colorado residents who are facing an impending divorce may have concerns about how their spouse's debt could impact their finances.
The decision to end a marriage is seldom undertaken without careful consideration. Two of the most complicated issues of a divorce revolve around the custody of any children and how to approach property division in a manner that will be most equitable. Colorado families do have laws that help regulate these matters, though not every issue can be decided easily.
For the majority of married people, life starts out as being someone's child, and later, one becomes a significant other before finally becoming a spouse. In the event of a divorce, not only does one have to determine how to divide marital assets and resolve other issues, spouses may also lose a sense of their identity. Colorado residents may ease these changes by preparing for ways to counteract how life will change.
The end of a marriage is fraught with many emotions that can work against clear decision-making. When it's time to negotiate certain aspects of one's divorce -- such as alimony -- taking a calm approach may not feel natural, but it can allow one to reach the best terms. Colorado residents can seek assistance when attempting to make the best decisions without allowing emotions to rule the process.
There are many stresses that can eventually erode a marriage. According to financial professionals, debt plays a significant role when couples choose to file for a divorce. Colorado residents who are considering filing for a dissolution may worry about how accumulated debt can adversely affect their future finances.
With an estimated 50 percent of all marriages ending in divorce, it may come as no surprise that many couples simply want to get through the process as quickly as possible. However, if the division of marital assets is not undertaken with careful consideration, then the spouses may suffer the financial consequences later. Colorado residents who are preparing to file for a dissolution may benefit from thoroughly reviewing their assets first.
The end of a marriage is an emotionally and often financially draining time. While one will recover emotional well-being over time, careful planning can help avoid the loss of retirement hopes in the aftermath of a divorce. Colorado residents who are preparing to begin the dissolution process may choose to consult with professionals on how to preserve retirement goals.
The most often repeated statistic regarding the survival rate of marriages is approximately 50 percent. Though there are many factors that play a role in the demise of these relationships, financial management professionals claim that money is often at the root of marital discord. There are likely many Colorado couples who ultimately sought a divorce due to money-related issues.
For many Colorado residents, it may seem that the end of a marriage is the end of many things, including financial stability. However, a divorce does not need to destroy one's hope of a stable financial future. There are ways to manage finances throughout a dissolution and emerge on solid financial footing afterwards.