Commerce City High Net Worth Divorce Lawyer

One way to keep the most money in any divorce is to have a clear understanding of your finances and assets. You should know:

• The value of your assets
• The assets that are your sole property
• The assets that are considered joint marital property by the state

An experienced divorce attorney can help you identify all the marital assets you have a legal claim to. These include any easily overlooked assets or accounts or those that a spouse acting in bad faith has tried to hide. While this can be a tense and emotional time, remember that divorce is not about one spouse harming or humiliating the other. It is about ensuring that everyone is treated fairly and in accordance with the law. That way, everyone can move on with their new lives.

That depends on when the 401(k) was established and the circumstances under which it was funded. In Colorado, a divorcing person may indeed be entitled to a portion of their ex-spouse’s 401(k) or other retirement accounts. However, the account must have been funded during the marriage. Therefore, an old, fully funded 401(k) from before the marriage and in one spouse’s sole name is not joint marital property, unless it had been:

• Restructured
• Switched to a joint account
• Added to from marital funds during the marriage

Other retirement accounts are indeed considered marital property. The court will consider several factors when dividing these sorts of assets. These include the length of the marriage and each spouse’s contribution to the account and the marriage.

In Colorado, the court will consider several factors when determining who gets a shared familial residence, and any other relevant real estate, in a divorce. These factors may include:

• The length of the marriage
• The financial resources of each spouse
• The contributions of each spouse to the marriage

In some cases, one spouse may keep the house while forfeiting certain other assets to the other. In others, the house may be sold off so that the proceeds can be fairly divided between the spouses.

One way to protect your retirement in a divorce is to ensure that you have a clear understanding of all your retirement accounts and assets. You will want to work with an attorney who understands both estate planning and family law. This can ensure that you are holding assets in the most beneficial form for your unique situation. They can also help you negotiate a fair divorce settlement that accounts for your personal retirement needs and goals. Additionally, you may want to consider a legal instrument called a qualified domestic relations order (QDRO). This can divide retirement accounts in a way that minimizes tax penalties and maximizes your share of the assets. A QDRO is a versatile tool that can also be implemented in cases where spousal support enforcement is needed.