Complex Property Division
Divorces are always complicated – not only will you need to make family-based agreements, but you’ll also need to divide your property. If you’re someone who has a considerable net worth or a complicated property arrangement, this can be an arduous process. It might seem easier to give into your ex-spouse’s demands, no matter what they are, but it’s essential to protect yourself during the divorce process.
Divorce can cause significant financial harm to you and your family long into the future. It’s essential to understand the consequences of your actions when you begin dividing your property. An experienced family attorney can help you better approach the property division process so you don’t get taken advantage of.
What’s Up for Grabs?
If you’re getting divorced, you may not realize how many of your assets are subject to the process. Many people are naïve about what the court will divide. Below, we’ll take a look at some of the primary assets you should expect to split with your ex-spouse.
Commercial and Residential Real Estate
Real estate is usually one of the most contentious aspects of a divorce. Considering a lot of residential real estate has sentimental value attached to it, the process can often get quite emotional. Since a house cannot be split, a good deal of calculation goes into determining an arrangement that is fair to both parties.
In the case of commercial real estate, you’ll also need to consider the value of your family business. In most cases, the court will order a business and professional practice valuation in order to ensure a fair split. You may want to hire an independent evaluator if you’re worried about bias.
Retirement Benefits Including 401K
Retirement benefits, including your 401K, military retirement, other kinds of IRAs, and defined benefit pensions are all typically included in the divorce settlement. This means that a judge may award a portion of future payments to your spouse.
Dividing these benefits can be extremely costly. 401Ks can get particularly expensive to separate during a divorce. It’s essential to work with a lawyer to reduce the financial cost as much as possible.
Allocation of Debt
It’s not all assets you’re fighting over – you also have to consider any financial obligations that you and your spouse have. If you and your ex-spouse are carrying any debts, these will need to be divided between you as well. If you want to avoid being left with a large amount of debt, you need to ensure your attorney fights to divide this as fairly as possible.
Stocks, Stock Options, and Other Types of Semi Liquid Investments
Another complex thing to divide are securities such as stocks, stock options, and other semi-liquid assets. Fortunately, these won’t always need to be sold if they are easily divisible. Regardless, you’ll still want to work with a team that can help you prevent huge losses on stocks or stock options.
Items such as vehicles, cash, and expensive jewelry are all typically considered fair game in a divorce proceeding. In fact, it’s illegal for a spouse to purposefully conceal these assets.
Court cases can often get extremely messy. If you want to avoid drama in the courtroom and the associated expenses, it’s essential to consider some form of mediation before you go straight to a judge. Our firm also provides mediation and resolution services to make it much easier for you to sit down and negotiate property division.
Using a mediation process can often prevent further damage to a relationship, which is especially important if you have children or other family members that have an emotional investment in your divorce.
Additionally, once a trial goes to court, the price of the case can skyrocket. While this is often necessary, it’s still essential to understand that you can resolve things without a significant legal battle.
Colorado Springs’ Favorite Complex Property Division Attorney
If you’re looking for a Colorado lawyer that understands property division, Dailey Law, P.C., is one of your best options in the Colorado Springs area. Our team of highly qualified attorneys understands the unique intricacies of this specialized legal niche.
We fight for your assets – we don’t want you to face economic hardship in the future because your spouse successfully took you to the cleaners. If you want to speak to someone about your specific case, please don’t hesitate to get in touch with our team today. We have what it takes to win your complex property division case.