Business owners in Colorado who decide to divorce may have specific concerns that arise about their situation. After all, some of the longest-lasting effects of divorce are financial, and these issues may linger long after the emotional and practical issues have faded away. In particular, business owners may want to think about the tax implications as well as the impact on their companies of any decisions they make about property division in a divorce. However, business owners can work with professionals and take steps to allow their companies to emerge successfully after a divorce.
When people in Colorado decide to divorce, financial conflicts are often some of the primary issues that lead to the end of a marriage. These issues can derive from a range of disputes, and some are more common when one partner earns significantly more than the other. While this can cause problems in a relationship of any kind, one survey found that couples were particularly likely to divorce when the wife made more than the husband. There are several social reasons why this may be the case, but it is also important to note that the problem is far from universal.
If parents in Colorado who are getting a divorce must go to court to reach an agreement on child custody and visitation, it is likely that the judge will be amenable to both shared legal custody and an arrangement that allows the father far more time with the child than he might have had in the past. This is part of a shift over the past several decades toward fathers spending more time with their children after a divorce or separation.
When spouses in Colorado decide to divorce, they may wonder how the end of the marriage will affect their income tax filings. Of course, people will begin filing again as single rather than married, but claiming dependents can be a more complicated process. In some cases, both parents want to claim a child as a dependent on their taxes. The parent who can claim the child as a dependent will access credits like the Child Tax Credit, the Child and Dependent Care Tax Credit and the Earned Income Tax Credit as well as be eligible to file as the Head of Household.
A business can represent a significant emotional, financial and time investment for its owner, so protecting it in case of a divorce can be important. One way a business owner in Colorado can do this is with a prenuptial agreement. A prenup that specifies that the business is separate property can mean the intrusive and expensive process of valuing the business for property division purposes can be avoided entirely.
In 2017, $24.4 billion in child support payments were collected through payroll deductions in Colorado and throughout the country. During that year, a total of $32.4 billion in support payments were collected from all sources. The agency collects $5.33 for every dollar it spends to operate its internet portal program, according to the Office of Child Support Enforcement's (OCSE) office commissioner. However, the OCSE is looking for other ways to become even more efficient.
Even though plenty of individuals in Colorado go through a divorce every year, the entire process can be a very different experience based on how much a couple is worth. The simplest case in point is that wealthy soon-to-be divorcees have very different concerns than what might ail the everyday individual.
When parents in Colorado move toward divorce, they may be particularly worried about how their time with the children will be affected. Fathers could be especially concerned as beliefs have traditionally favored sole or primary custody for mothers. It has even been stated that overnight custody for fathers with infants and toddlers could be harmful to young children. However, this era of thinking is over; most states and family court judges tend to prefer joint custody or shared parenting as a default.
After a divorce, holidays can be difficult for both the parents and children. Since emotions such as anger, sadness, fear and betrayal can emerge, the loss of traditions could be devastating. Despite these feelings, parents need to focus on their children during this time.
Based on national trends, more and more Colorado seniors are deciding to divorce. Since 1990, the divorce rate has tripled among spouses in the 65-and-older age group.