A divorce can impact your life in many different ways, but the financial aspect of a divorce is oftentimes the focus of many divorcing couples in Colorado, particularly those who are older and, maybe, have more assets. The fate of retirement accounts, especially, can become a contentious issue in a divorce case in Colorado. So, how will your retirement plans be impacted by a divorce?
Well, as a recent news article noted, divorcing couples need to be prepared for the potential of significant changes to their overall financial situation, both during and after the divorce case. First of all, the article noted that it is important to have a full understanding of your financial circumstances – inventory your assets, understand outstanding debt and be fully cognizant of your liquid assets.
Pensions can also play a large role in retirement plans and, as a result, can also come up in a divorce case. If you have to split your pension with your soon-to-be ex-spouse, that could come as a shock. And, of course, your IRA or 401(k) may come up as well during the property and debt division part of a divorce case.
Working with Colorado residents
At our law firm, we understand that working through a divorce case can become complicated in a hurry. We do our best to help our clients understand their options and the potential long-term impact of the decisions they make. For more information about how we might be able to help with your legal issues, please visit the divorce and family law overview section of our law firm’s website.