Colorado High Income Divorce – What Changes?
A divorce can be a highly emotional affair on its own, but when it involves a high-net-worth couple, the issues can make for a lengthy and complex battle.
With more assets to divide, the divorce is more likely to turn into a contested one, which means that it’ll take more time to resolve.
Spouses with more assets will have additional considerations to take into account when it comes to child support, spousal maintenance, and property division.
How a High-Income Divorce Affects Child Support
Parents always have the option of creating a parenting plan instead of subjecting themselves to the one imposed by the court. If both parties are amenable, the court will sign off on their agreement to make it official. All parenting plans have to consider the child’s best interests. This is also the same standard that will be used when the court determines the amount of child support.
Here are some of the usual factors that take court considers when deciding child support cases:
- The standard of living that the child is used to
- The child’s physical, emotional, and mental health
- The custodial parent’s needs
- Each party’s financial resources
A high net worth divorce lawyer will be sure that assets are distributed according to the law.
How a High-Income Divorce Affects Spousal Maintenance
If both parties in a high-asset divorce make a substantial income, the court may not approve a request for spousal maintenance.
However, if their earnings are unequal, the spouse with a lower income may be awarded alimony after the Court first divides property and debts.
The amount will depend on a number of factors, including the following:
- How much each party earns
- The length of the marriage
- Whether one spouse had to give up their career to raise a family
- And other statutory factors as enumerated within §14-10-114, C.R.S.
It’s best to discuss possible outcomes with a lawyer who has extensive experience in handling high-income divorces.
How a High-Income Divorce Affects Property Division
Arguably the most controversial aspect of a high-income divorce, dividing marital assets can take a lot of time. If the spouses are unable to come to an agreement, the court will have to make a ruling on how their properties are to be divided.
In Colorado, properties are divided equitably. That means that assets and debts that were acquired during the marriage will be divided in a fair, although not necessarily equal, way. There are however certain exceptions. Below are some possible scenarios:
- If one party receives a gift or an inheritance before or during the marriage, it is usually considered separate property.
- If the gift or inheritance is deposited into the joint bank account of the couple, it may be considered marital property by the court.
- Retirement and investment accounts are also subject to division, even if the accounts were opened before the marriage or remain in one spouse’s name during the marriage.
Contact an Experienced Colorado High Net Worth Divorce Attorney Today
If you’re facing a high-income divorce, you need to have an experienced and capable attorney by your side. They’ll have the skills and knowledge needed to fight for your interests and secure the best possible outcome for your case.
At Goldman Law, we’ll help you make the right decisions for yourself and your family. Call (303) 656-9529 to schedule a consultation, or contact us by email.
