What Should I Know about Financial Issues Related to My Divorce?

Financial issues are one of the most contentious during divorce proceedings. Understanding the laws regarding financial matters and divorce is essential if you want to protect your rights and your assets. What do you need to know?

First, consider the various issues tied to financial matters in a divorce. Most financial issues fit into one of three broader categories:

• Property
• Spousal support
• Child support

Judges use the Colorado Revised Statues, as well as basic logic, when determining how financial issues will be settled in a divorce. In most cases, property division issues are addressed first because the arrangement allows the courts to better assess spousal and child support needs. In order to know how much is deserved in support payments, it must first be clear how much each spouse now has in his or her possession based upon the property division. Child support is typically the last financial consideration in the permanent orders, after maintenance (spousal support) is determined.

The C.R.S. § 14-10-113 addresses property division in four phases:

• Identification of the financial estate
• Valuation of the estate
• Categorization of assets and liabilities as separate or marital property
• Equitably dividing the property determined to be marital

Spousal Support

For information about spousal support in Colorado see our blog post.

Child Support

C.R.S. § 14-10-115 includes a set of guidelines addressing child support payments. The intention of the guidelines is to bring objectivity and consistency to child support awards. Payments are based on the relative gross income of both spouses from all sources not specifically excluded by statute.

Financial issues related to divorce are often the most complicated aspect of creating a divorce settlement. If you have questions about your financial situation and how it will affect your divorce or you are concerned about receiving a fair settlement, we can help. Contact Montgomery Little & Soran, PC at 303-773-8100.