Divorce is a significant life transition that brings with it emotional, legal, and financial complexities. For individuals navigating this process in Colorado Springs, understanding the financial landscape is a key part of moving forward with greater clarity. While every divorce is unique, having a structured approach and working with professionals who are familiar with Colorado…
What Is Collaborative Divorce? Collaborative divorce is a process in which both spouses, along with their attorneys and other qualified professionals, agree to resolve their differences outside of court. This approach promotes open dialogue, mutual respect, and a focus on shared outcomes. It offers a path forward that seeks to preserve dignity while addressing the…
Divorce significantly impacts not just emotional and family dynamics, but also financial stability—particularly retirement plans. Understanding these impacts and strategically managing your retirement assets during divorce is critical to securing your financial future. How Divorce Affects Retirement Accounts During a divorce, retirement accounts are often one of the most substantial assets divided between spouses. Common…
Divorce is often an emotional and financially complex process, and one of the biggest concerns is: Who is responsible for the debt? Many couples accumulate debt together during their marriage, whether through credit cards, mortgages, car loans, or personal loans. But when the marriage ends, dividing that debt can become a major point of contention.…
Divorce can significantly change life and has considerable implications on taxes. Tax filing after divorce requires understanding new filing statuses, exemptions, child deductions, alimony, and property settlements, among other things. Here are the steps to help navigate filing taxes the first year after divorce. Understand your filing status Tax filing status largely affects how much…
Alimony and child support are critical financial componentsoften arising during divorce proceedings. These payments can significantlyimpact both parties’ finances, particularly during tax time. Understanding howthese payments are taxed may ease some concerns and provide clarity at taxtime. This article explains the differences between payments froma tax filing perspective. Alimonyvs. child support: What’s the difference? Alimony,…
Divorce is never easy, but it is important that estate planning continues to take precedence before and after a divorce. Depending on your situation and professional legal guidance, some estate planning items can be updated now, while others may need to wait until after the divorce is final. Be mindful that the divorce decree may…
Going through a divorce can be an emotionally charged and stressful event. Aside from the emotional toll, there’s often the challenging task of disentangling finances and assets, a process that frequently leaves many divorcees in a precarious financial situation. However, it is essential to remember that this is not the end of the road—with a…