Many Denver, Colorado, residents have serious questions and concerns about their personal finances and future financial security as they begin the divorce process. Some people assume that they will be forced to split their assets 50-50 in property division, while others underestimate the kinds and amounts of marital property they may be entitled to. That is why it is so important for anyone facing the prospect of divorce to be acquainted with Colorado property division guidelines before entering into negotiations.
Colorado residents may be interested to learn that Pamela Anderson's divorce from poker player Rick Salomon has finally concluded. The divorce had become nasty in March when Ms. Anderson filed for a restraining order against Mr. Salomon, claiming he was abusive to her.
Those who live in Colorado may spend a lot of their time on Facebook to stay connected to others. In recent years, it has become a tool that some people have used to serve divorce papers to their spouses. However, serving papers through the site is generally considered to be a last resort for those who cannot provide service through traditional means.
According to the U.S. Census Bureau, seven million unwed couples lived together in 2013, which was up nearly 2 percent from the previous year. It may be worthwhile for couples living together to create a financial plan before deciding to share a residence. The first step in the process is to plan a time to have a talk about finances before agreeing to split expenses.
When an individual gets divorced, he or she may be able to revert to their old last name. The issue is trickier when it comes to determining whether or not children can also take their mother's maiden name. Traditionally, children are expected to take their father's last name regardless of whether the mother is still married to that man.
Colorado is an equitable distribution state when it comes to dividing property in a divorce. Unlike community property states, there is no assumption that marital property is owned by both parties at the time of a divorce. Therefore, property is divided in an equitable manner, and the higher-earning spouse may be awarded more of the marital property.
Colorado residents may be interested in some of the latest data on the divorce rate in the United States. While many have cited a statistic that around half of marriages end in divorce, trends over the past several decades show signs that the percentage of couples divorcing could be on the decline.
Any Colorado resident who is interested in dissolving a marriage may be curious about how divorce works. The process can be confusing, so it is important for individuals to gather some basic information before getting started. Divorce is the legal procedure that severs a marital relationship. The judge declares that the parties are no longer legally bound to each other, divides any jointly-owned property, determines custody of any minor children born from the marriage and enters appropriate child support or spousal maintenance orders.
Colorado couples who are divorcing will need to consider how to divide assets. That division will depend upon a number of factors including the debt burden, the present needs of the individuals, retirement and more. Many people do not realize that when debts are divided, approval by the court of the property division does not necessarily remove the party who is not taking them over from liability. Before the divorce is finalized, individuals need to work with creditors to ensure that debts have been placed in the proper name. Otherwise, even if a court assigns debt to one individual, if the other spouse's name remains on the obligation, that individual can still be pursued for payment.
Colorado couples may be interested in an article looking at how property division works with a home owned by both former spouses. When one party keeps the home, the other party should take steps to ensure that they are no longer financially responsible for it.