In most Colorado divorce proceedings, one of the main problems that must be solved is how to split up the marital property. If the couple has a prenuptial agreement, division of property may be predetermined. But a lot of couples did not create a prenup, or one spouse may dispute the document.
College education in Colorado and around the U.S. has become so expensive that it could be decades before many recent graduates pay off their student loans. Students who took out loans to help pay for their education had an average of $29,400 of debt upon their graduation in 2012, according to one source. For a married couple, it may not be unusual for the household to have a total of $100,000 or more in student loans.
In many marriages, one spouse handles all of the finances. This can be part of a division of labor within the relationship, and may be a relief for a husband or wife who does not enjoy keeping track of important assets, such as retirement accounts, bank balances and so on.
Readers may recall our last post, in which we discussed how a small business is often part of the marital property in a divorce, even when only one spouse was involved in the business.
For small business owners in Virginia, going through divorce may have an added complication that most other couples will not have to face. Like any other asset owned by one or both spouses, a business may be considered part of the marital property. In other words, in order to keep your business, you may have to pay your spouse part of its value.