The decision to file for a divorce can be a tough one. You may have come to the conclusion that it makes no sense from a financial perspective, but that in order to live a happy and fulfilled life, it is what you must do.
On the other hand, you may not have had any say in whether you had to deal with divorce papers since your partner was the one who filed. In this case, you may be forced to take the necessary steps in order to protect your assets quickly and learn about the best strategies to put in place.
Life events like these can be extremely stressful and it can be easy to lose perspective over the things that matter. A good strategy is to keep a vision of where you would like to be three years from now, and hold on to that vision while taking small steps today in order to lead you in that direction. Taking small, practical steps instead of despairing can mean the difference between success and failure in divorce filings.
Make an inventory to gain control
In order to know how to protect your assets, you must first work out what you have. Therefore you should make an inventory of all family assets, and clarify what is in your name, what is in your spouse’s name and what is undefined.
Know how the law works in Colorado
Colorado is an equitable distribution state, which means that the law requires that a fair, rather than exactly equal split of assets, is necessary. Many factors will be used to determine what is a fair split, but being organized on the status of your assets will always be to your benefit.
Secure liquid assets
When you know that divorce is inevitable, it is important that you protect yourself and envision every scenario. Therefore, if you are worried that your spouse may drain you of all liquid funds, it is wise to create a personal account and move certain assets over.
If you are facing a divorce in Colorado and want to protect your assets, it is important to act fast and put strategies in place that will pay off in the future.