Many residents of the greater Denver area have a lot of wealth tied up in their retirement plans. While even happily married couples should understand how their 401(k) plans or pensions work, those going through a divorce or legal separation in Colorado in particular need to pay attention to such issues.
A previous post here discussed the divorce of a couple who both owned large portfolios of commercial real estate. Commercial real estate can include a number of different types of properties, including rental homes, apartments or office spaces, including high-rise buildings. Those who hold interest in commercial real estate could have properties worth millions or even billions of dollars.
The divorce of two giants in the world of commercial real estate recently became public knowledge. The couple's marriage lasted for over 10 years. Both of the parties in this high-profile couple held millions in commercial and investment real estate and had been involved in a number of major real estate transactions.
There are occasions when a resident of the Denver area will have to take a divorce or another family law matter in front of a judge. Often, the decision these judges make will have a huge impact on the lives of parents, as they can pertain to things like child custody and visitation.
Although they are getting rarer these days, many employees in the Denver area still get the benefit of a retirement pension from their employers. Depending on the terms, a pension can one of a person's most valuable assets.
Many people in the greater Denver area recognize that being a doctor is a prestigious and potentially very lucrative career. Many if not most doctors get compensated quite well. Those in private practice also have the benefit of owning their own business and being able to sell that business for money when they are ready to retire.
One of the unique features of a Colorado divorce or separation involving a couple where one or both are high-profile executives or professionals is that there may be a lot of complex assets in play.
The fictional worlds of Hollywood and the novelist John Grisham, and sometimes even the real world as reported by the press, sometimes portray offshore accounts as something mysterious or even inherently a little edgy, as if they are a telltale sign that someone is skirting the law.
Becoming a licensed physician is a huge accomplishment. To become a doctor in Colorado, one must go through years of schooling to earn a medical degree, complete a residency and obtain a license to practice medicine. It is not easy to complete all these steps, but oftentimes one's hard work pays off when they are able to earn a high salary as a practicing physician.
Couples going through a wealthy divorce in Colorado may face issues that other divorcing couples do not. For example, property division becomes more complex when a couple has significantly valuable assets, such as real estate, investments or a business. It may be necessary to have their assets professionally valued, especially if one party does not have much -- if any -- knowledge of the extent of their marital estate. In addition, sometimes it is necessary to employ forensic experts in a high-asset divorce, particularly if one spouse is trying to hide assets from the other spouse.