While divorce marks a certain degree of finality, spouses in Colorado and throughout the country may continue to be intertwined well after the decree is entered. Such a situation can occur when one of the spouses owes taxes. In general, the Internal Revenue Service will hold both spouses on a joint tax return accountable, even in the event of a divorce.
After fourteen years of marriage, media extraordinaire Rupert Murdoch and his third wife, Wendi Deng Murdoch, have decided to call it quits. Their divorce has nearly been finalized. While most Colorado couples likely will not have to battle over the same level of divorce, they must also reach a settlement on their own or through court intervention before they can cut ties.
Most people consider pets to be beloved members of their family, but courts usually treat dogs and other household animals as personal property during divorce proceedings. In a href= "http://www.harkess-salterfamilylaw.com/Practice-Areas/Property-Division.shtml> divorce, a judge can award custody of a pet to one spouse even though it may be close to both individuals. Judges in Colorado and other states have begun to change the way they have treated pet cases and begun to look at owner suitability and relationships.
One of the most important steps to take as a divorce finalizes or is the process of being finalized in Colorado is to close all joint accounts. This protects each party from the other's financial irresponsibility. A personal story illustrates the necessity of closing joint credit card accounts immediately after the divorce is finalized.
Colorado couples who divorce often have disputes over who will be entitled to real estate, expensive vehicles and valuable works of art that they owned. However, divorcing couples often forget about other items that may have high monetary or sentimental values when making decisions about property division.
A jointly-owned home is often one of the primary assets that a married couple owns. Homeowners who are contemplating a divorce need to ensure that they have their plans to deal with the house adequately documented to keep from encountering problems later on.
Colorado women getting a divorce later in life might be interested in learning how reverse mortgages can be a useful financial planning tool. More and more older couples are getting divorced, and they often have different personal and financial issues to consider than do younger couples.
According to a recent piece on the subject, there are five primary reasons why hiring an attorney may be beneficial to a person filing for divorce in Colorado. In all, the counsel of a lawyer helps ensure that proceedings don't go awry on account of obscure or unforeseen technicalities.
Experts consider taxation on retirement accounts to be the biggest issue facing couples going through a divorce in Colorado and elsewhere. Even though property division is a process most people want to put behind them as soon as they can, spouses may do themselves a disservice by not addressing taxation issues that may surround the division of retirement assets, the experts add. This could be a big mistake, however, because money could be lost to taxes that didn't have to be.
The legal news analyst for 'Fox and Friends" offered viewers a variety of tips concerning prenuptial agreements. According to the segment, nearly half of all first marriages end in divorce, and most first marriages do not have prenuptial agreements. According to the analyst, most of the time, the people who do opt for prenuptial agreements are those who have already been through one divorce or those who are entering into marriage at a later age in life.