It can take years for a Parker resident to pay off their student loans or save enough money to buy a house. They may hold off on remodeling their residence or buying a new car if they do not feel as though they are financially ready to make such a big expenditure. Many of the big costs that individuals take on throughout their lives are expected and can be planned for, but medical bills that result from emergencies and accidents can be the exception to this general rule.
How is debt division addressed during a divorce?
The division of property during Colorado divorce is based on equitable distribution principles. This means that marital property is equitably divided among the parties and that it is not necessarily split equally. Equitable distribution is generally based on fairness and will depend greatly on the circumstances surrounding the parties to a divorce.
Understanding the difference between legal and physical custody
Couples facing the prospect of divorce in Colorado may feel like they have entered a brave new world with an entirely different language. The legal jargon associated with divorce is confusing for most people. Misconceptions about what the law really requires as well as your rights and responsibilities as a parent can lead to people making mistakes in how they approach divorce and child custody.
Talk to a professional before filing for personal bankruptcy
When overwhelming debts begin to influence the decisions that Parker residents make about their finances and futures, it may be time for them to take big steps to remedy their economic woes. There are a number of ways that individuals may seek to improve their financial standing on their own, but when their problems are too big to manage on their own they may need to look into legal options like personal bankruptcy. There are two forms of personal bankruptcy that individuals often use to improve their debt situations: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Physical custody is only one aspect of parental responsibilities
Losing daily facetime with one's child can be the hardest aspect of divorce or separation for a Colorado parent. An individual may be used to picking their child up from school each day and having time to love and communicate with them in the comfort of their own home. When the end of a marriage threatens a parent's capacity to be with their child, they may worry about how they will maintain their connection with their kid.
