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Broomfield Family Law Blog

Could a forensic accountant be an asset to your divorce team?

If your divorce is going to involve splitting considerable assets and debts -- particularly if it involves a complex financial portfolio, you may benefit from having a forensic accountant on your team to work with your attorney and financial advisor.

There are many reasons why you might retain a forensic accountant. For example, if you're the spouse with the bulk of the assets, a forensic accountant can help if the divorce goes to court. As one family law attorney explains, "If a divorcing client must go to court over complex assets, income determination or some other financial issue, a forensic accountant can often testify on behalf of the party about particular financial issues."

A spring break close to home still takes planning

With your kids' spring break coming up, maybe you've decided (like many Americans) that getting on an airplane or driving to a crowded theme park isn't the best idea in the midst of worldwide public health advisories. However, it's important to have a plan in place even if you and the kids are staying close to home.

It's wise to include spring break in your parenting time schedule so that you and your kids will know which parent they'll be with or how they'll divide their time while they're out of school. This can help you determine whether you need to schedule time off work or arrange for child care for your kids if you can't.

Social media infidelity in Colorado is increasing

Many people are on at least one social media platform every day. Facebook, Twitter, Instagram and more have made it easy to connect with people we otherwise wouldn't meet -- and reconnect with people we haven't seen since high school or college when we were younger, thinner and more carefree. All of these connections can cause problems in marriages.

One Colorado licensed marriage and family therapist (LMFT) says that "social media is used as a tool to cheat." She adds that based on the clients she sees in her practice, "things have accelerated in the last five years or so." One Colorado Springs attorney says that he's also seen an increase in social media infidelity.

Why you need your own financial advisor if you're divorcing

If your divorce involves the division of a significant number of assets, having a trusted financial advisor is just as essential as having an experienced family law attorney. However, too many people make the mistake of sticking with the same financial professionals they and their spouse have shared for years. That can be a big mistake. So can not having a financial advisor at all.

If you're going to be determining what happens to one or more homes, investments, retirement accounts, artwork and other valuables, you want sound financial guidance. That's typically something your attorney will recommend that you seek out in a financial professional that works for you -- not you and your spouse.

How can a receiver help preserve your assets during divorce?

You are planning to divorce your spouse. The two of you own a business together. However, your marital problems have caused the business to suffer badly. Maybe your spouse has gradually pushed you out and taken greater control -- only to completely mismanage it. You just want to keep the business from losing any more value before you can get your fair share of it in the divorce and move on.

That's one example of how receiverships are used in divorce. They're not common. However, a court-appointed receiver can help preserve assets and property as a couple determines how their property will be divided.

Divorce and legal separation: the separation agreement

For some Colorado couples, the decision to end a marriage is not as simple as getting a divorce and moving on. Some will want to separate for a time to see if they are happier outside the marriage or would like to try to repair it. This is one situation in which it can be beneficial to have a separation agreement. There are other reasons why a couple might want to separate. Certain legal factors should be considered in the context of a legal separation. This is why understanding divorce and family law can be critical to a case and whether a legal separation leads to divorce or not.

With a legal separation, there can be an agreement between the parties as to how maintenance will be handled, property division, parental concerns, child support and parenting time. When negotiating a separation agreement, the terms will be binding except for parenting time, parental responsibilities and support. The economic factors of both sides will be assessed as part of the agreement. The court will also consider evidence that is presented. This is to decide if the agreement is unfair (unconscionable).

Certain assets require skilled handling in a divorce

A previous post on this blog talked about how it can be difficult for Colorado residents going through a divorce or legal separation to put an accurate value on their investment real estate.

As this prior post discussed, a number of factors come in to play when valuing property that is not used exclusively as one's private residence. Because of the complexity, there can also be serious disagreements about how this property should be divided.

Review of how holiday parenting time works

Many residents of Broomfield and the greater Denver area are no doubt preparing for the major holidays that are upcoming in the next several days. Likewise, this is the time of year when Colorado parents may start looking ahead to 2020 and planning vacations, holidays and the like. For those who are parents raising children separately, this time may be a good opportunity to review how holiday parenting time works in Colorado.

It is always a good idea for parents to have a clear plan as to who is going to have the children on what holidays. Otherwise, what is supposed to be a happy time with family and friends can get marred by conflict, which could even result in a trip to the courthouse.Because everyone's family has different needs and circumstances, coming up with the details of a holiday parenting plan is really a task best discussed with one's child custody and parenting time law firm.

Grey divorce rates have doubled in recent years

The impact of going through a divorce can be difficult for anyone to deal with. It can be even more challenging if you are getting divorced later in life. While older adults might have more nuanced relationships, they also tend to end their marriages for the same reasons as younger couples.

Common legal traps to avoid during a divorce

Many people may still have the image of a divorce as a court proceeding in which lawyers duke it out to see how much of the marital property their client can take at the other person's expense. In real life, much of a family lawyer's best work is done behind the scenes, helping his or her client make smart legal decisions in the midst of what is no doubt a very stressful time.

With that in mind, there are some common legal errors that a Colorado resident may make during their divorce or legal separation. These errors frequently prove to be costly. For example, some people make the mistake of trying to ignore the fact that splitting up has profound financial consequences for which they will need to adjust.

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