High Asset Divorces: Colorado’s Marital Property Laws and Implications
September 12, 2023READ THE POST
While every divorce is as unique as the marriage is dissolving, some divorces are more challenging than others. When many assets are involved in a divorce, it can add another layer of complexity to an already complex circumstance.
If you are considering getting divorced and have many assets or high net worth, you must understand what this might mean as you aim to end your marriage. Here is what you should know about high asset divorce in Colorado, how it differs from other divorces, and how you can best prepare yourself for what lies ahead.
A high-asset divorce is one in which you and/or your spouse have significant assets. Generally, high asset divorces involve millions of dollars and include things such as businesses, retirement accounts, properties, and investments.
All of the assets in a high asset divorce must be carefully considered to be divided in a way that is fair to both parties.
Several aspects of high asset divorces make them different from other types of divorces that don’t involve a high number of assets. First and foremost, the stakes in a high asset divorce are often much higher for the parties involved. There is more to lose, and the things decided upon during the divorce can have a huge impact on the future of both parties.
Also, the complexity of high asset divorces sets them apart. More assets to think about and divide can lead to very complicated negotiations. Additionally, high asset divorces involve those who often have much power and influence in the community. That can make the entire process more contentious and make it difficult for both parties to reach a fair settlement.
If there is a prenuptial agreement, then you need to have an attorney represent you with extensive experience in high asset divorces so that they can navigate this issue and others.
It’s not uncommon for people facing high asset divorce to make a few basic mistakes that could cost them a lot.
Never try to hide your assets in a divorce. This only serves to complicate the entire process and could even have the result of costing you more in the end, both in penalties and in taxes. Also, you should never forego hiring an attorney with extensive experience in a high-asset divorce. They know the special issues surrounding high asset divorce and can help to make the entire process smoother for you.
Once you’ve decided on a divorce, you must take steps to ensure you’re in the best position to start the process. You should have a clear and concise understanding of all your finances as you start this journey. Gather documents related to your financial situation, such as tax returns, investment records, bank statements, and anything else that lays out your liabilities and assets.
Also, think about your goals so you can share them with your attorney. What is your objective in the process? What would your best outcome be? If you know what you want out of it, this can make the entire process much easier.
About the Author:
Andrew Bryant is a well-respected Colorado Springs criminal attorney practicing in the area for years. A Colorado native, he returned to the home he loves after graduating from the University of Kentucky College of Law. Now, he uses his knowledge as an El Paso County District Attorney to fight tirelessly for his client’s rights. He is AV-Preeminent rated, has been recognized for his work by The National Trial Lawyers, and has been named to Best of the Springs lists by The Gazette for years.
Contact The Law Office of Andrew Bryant today for a free consultation concerning your criminal or family law case. You are just a click away from a top-rated and respected team with the experience and tenacity to ensure you get the best legal services offered in Colorado Springs – call or email now.