One of the important parts of Estate Planning in Wheat Ridge and Jefferson County is creating a durable financial power of attorney. This document allows you to choose another person to manage your finances if you become incapacitated or unable to do so yourself. Let's look at the different tasks the person you choose in your durable power of attorney will be responsible for.
When considering elder law and taking care of loved ones as they get older, plans must be made for when a loved one becomes incapacitated. In Wheat Ridge, Golden, and Arvada, there are two options for when a loved one can no longer handle their finances: durable power of attorney and conservatorship. Let's look at the differences between these two options.
Here are 5 important things you should know about bankruptcy - many fighting common misconceptions about the bankruptcy process and how it will affect your life.
When people think about divorce in Wheat Ridge, Arvada, or Golden, they usually are overcome with the financial stress that a dissolution of marriage can cause. However, there are some financial benefits to divorce that you may not be aware of. It's not all losses and spending! While the idea of getting divorced may bring up other negative emotions and reactions, there are a few positives that can come out of it.
While Wheat Ridge and Jefferson County prenuptial and postuptial agreements often have a bad reputation, they can be very helpful in protecting you, your children, and your assets.
Maintenance was formerly called alimony. Starting on January 1, 2014, Colorado's statute concerning maintenance will be changed. The judges will have a formula based on the number of years of marriage to determine the amount of post divorce maintenance. You should also consider asking that the court require your spouse to carry Life Insurance so that if he or she dies, you will not be at risk to lose out on maintenance (or child support). In a divorce, the court has authority to order husband to maintain his life insurance policy for benefit of his children. See In re Anderson's Marriage, App.1975, 541 P.2d 1274, 37 Colo.App. 55
Most people think that all assets in the divorce process are divided exactly 50/50. However, property does not have to be divided equally, just equitably and justly. The relevant statute (Colorado Revised Statutes § 14-10-113. Disposition of property) says, in part:
There are two types of property in Colorado: 1) Separate Property and 2) Marital Property.
A very common error in divorce settlements is comparing pre-taxed assets to after-taxed assets or comparing assets that are immediately available to assets which are not. Consider all tax implications or you may not be receiving a fair settlement. Consult with your attorney and financial advisor.
There are many requirements for disclosing information in your divorce process. Missing one could be catastrophic when it comes to division of the assets in your final agreements. Read on to find some strategies to try and mistakes to avoid.