|
Hire an Attorney You Trust
You and your attorney will be spending a great deal of time together during the divorce process, so it is important that you hire a lawyer that you trust. The dissolution of marriage can be emotionally exhausting, so choose someone with whom you are comfortable discussing the details of your situation. Consider interviewing several lawyers before you hire counsel and remember that many reputable and seasoned attorneys often charge a consultation fee. It is worth paying a nominal fee to obtain an experienced lawyer.
If you discover that you are not able to communicate with your lawyer, seek to obtain a new family law attorney right away. If you change counsel well into the case, it will be expensive, and may not even be feasible if the court refuses your request to draft substitution of counsel.
Know Your Bottom Line
If you have not paid attention to the details of your family’s financial planning, seek to discover and understand your investments and the approximate value of your debts and assets.
Know the Value of all Retirement Assets
Consider the value of your and your spouse’s retirement assets including IRA’s, 401k’s, pensions, etc. Although they may not seem significant now, they could be worth a great deal more in 20 years.
Insure Settlement Assets and Ongoing Payments.
If you receive child support, maintenance, and/or a continuing property settlement, insist that your former spouse maintain life insurance on the amount owed so these payments will not cease in the event that he or she dies. You can also purchase your own life insurance on your future ex-spouse to ensure that you are protected.
Register Separate Property in Your Name Only.
If you wish to keep pre-marital or inherited assets separate from marital property, make sure that the assets are registered in your name only. Do not use marital funds to maintain your separate asset and do not comingle with marital funds. If you title real property and other titled assets in your spouse’s name, they could be considered marital property and the Colorado courts could determine that they be divided in an equitable manner.
Create a Highly Specific Parenting Agreement
The more specific you can be regarding parenting time, i.e.: vacation times, holiday times, etc., the easier the process will be. Your relationship with your spouse regarding the children will change after you divorce, and the plan you agree on now can prevent misunderstandings in the future. A specific parenting plan is also beneficial to your children because it will create a routine and prevent unnecessary chaos.
Consider Paying Maintenance Instead of Child Support
Paying maintenance instead of child support, or to decrease a property award, can be financially beneficial to the payor. Maintenance is tax-deductible to the payor, and tax-inclusive to the recipient. Increased maintenance payments may also lead to decreased child support payments. Child support is not tax-deductible to the payor.
Take Your Time
Even though the divorce process can be lengthy and stressful, remember that you will likely regret it if you make unfavorable agreements regarding your children, or your property, just to get it over with.
Comparing Notes with Your Friends.
When you discuss your divorce with your divorced friends, you will discover that everyone’s parenting plan is a little different, and everyone’s marital property was divided in a different manner. The amount for child support and maintenance will vary as well. Keep in mind that child support is highly specific and is calculated based on a formula devised by the Colorado legislature, and the amount depends on the income of each party, maintenance paid, daycare costs, etc. Maintenance awards, however, can be highly subjective and judges rule only after considering many factors that include health, age, educational levels, years out of the work force, length of the marriage, etc.
Maintain Accurate Records of Child Support Payments.
It is the payor’s responsibility to prove that child support has been paid, so you must maintain accurate and ongoing records of all child support payments to avoid the possibility of duplicate payments. Maintain receipts, cancelled checks, and/or photocopies of all of your child support payments, or make your payments via the Family Support Registry, so that they can keep track of the payments for you.
Filing for Modifications with the Court.
After your divorce is final, make sure that you file any additional or subsequent agreements regarding the allocation of parental responsibilities with the Court. Verbal or written agreements signed by both parents, will not necessarily be upheld later and will not supersede Court Orders.
|
