When considering a Colorado divorce, does timing matter?
Those who find themselves considering divorce may wonder if timing matters. According to experts, the answer depends on each unique situation. A recent article in The Wall Street Journal addressed this issue, and provided three main areas to consider that may impact when a couple chooses to file for a divorce. The issues discussed included:
- Insurance. Insurance is expensive. Even a healthy individual can end up paying $1,000 a month for insurance coverage. As a result, it may be wise to wait until a job is secured that offers health insurance benefits before moving forward with the split.
- Business. This can cover two different areas: owning a business together or if one spouse is expecting a windfall. It may be best to avoid divorcing during or just before the company is sold. Also, it is smart to wait until after a spouse receives a bonus or other extra income from work. Funds received during the marriage are considered marital property and likely split during the asset division portion of the divorce proceeding.
- The bigger picture. It may be wise to take a step back and look at the relationship. Are there any life events in the near future that would be negatively impacted by the divorce? If, for example, there is a wedding or graduation in the near future it may be a good idea to postpone the split a few months.
Although these tips can provide food for thought, the final decision on when to divorce is up to the couple.
Colorado divorce basics
When the decision to split is made, it is helpful to have a basic understanding of state laws. Colorado is an equitable distribution state. Essentially, this means that if a couple cannot come to an agreement on how to split their property the court will do so in what it deems equitable or ‘Fair’.
In some cases, the court may also award spousal maintenance. The level of support granted will depend on a variety of factors, including the length of the marriage, the incomes of the parties, the standard of living that each spouse was accustomed to during the marriage as well as the age and physical condition of the spouse seeking support.
These are just a few of the issues that may be discussed during a divorce. Additional areas that may need to be considered include child decision-making (“child custody”), parenting time (“visitation”), and child support. As a result, those who are going through a divorce should seek the counsel of an experienced Colorado divorce attorney to help better ensure their rights are represented during a divorce.