The Bruntz Law Firm, LLCParker Bankruptcy Lawyer | Broomfield Family Law Attorney2024-02-23T03:44:21Zhttps://www.bruntzlaw.com/feed/atom/WordPressOn Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=497712024-02-21T03:44:30Z2024-02-23T03:44:21ZMarital vs. separate property
One significant aspect of property division in Colorado divorce cases is distinguishing between marital and separate property. Marital property includes assets acquired during the marriage, while separate property typically includes assets owned before the marriage or acquired through inheritance or gift.
However, what happens when separate property becomes co-mingled with marital assets? This can occur when couples use separate funds to purchase marital property or when separate property increases in value due to contributions made during the marriage.
Tracing and equitable distribution
Tracing is a method used to identify and separate co-mingled assets back into their original categories. Courts use the principle of equitable distribution, meaning asset divisions are fair but not necessarily equal. With co-mingled property, tracing becomes essential to ensure each spouse receives a fair share.
For example, if one spouse uses inheritance money (separate property) to renovate the marital home, you may need to trace the increase in the home's value back to the separate funds to determine how to divide it.
Retirement accounts and pensions
Another property division issue that often arises is the division of retirement accounts and pensions. These assets are subject to division, and spouses may qualify to receive a portion of the other's retirement benefits earned during the marriage.
This can be a complex process, requiring the valuation of retirement accounts and the preparation of Qualified Domestic Relations Orders to facilitate the division of pension benefits.
When couples can not agree
If divorcing couples are unable to agree on who gets what, the court steps in to decide for them. The judge looks at things like each spouse's financial situation, how much they contributed to the marriage and what they need. The goal is to divide things fairly, which might not mean splitting everything exactly in half.
This process can take a long time, cost a lot of money and might not make either person completely happy.
Work it out
While you may think a division is fair, the court may not agree. It is usually better for both spouses to try to work out a deal they both like before going to court.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=497692023-12-27T19:42:15Z2023-12-27T19:42:15Z1. Income calculation
The cornerstone of Colorado's child support determination is the calculation of each parent's gross income. The median household income in Parker is $126,615. Divorce can cause a household's income to drop considerably.
Gross income includes wages, salaries, bonuses, dividends and other financial resources. This comprehensive approach aims to create a fair and accurate representation of each parent's financial standing.
2. Child support guidelines
Colorado uses child support guidelines that consider the income of both parents and the number of children requiring support. These guidelines, established by state law, help in calculating the basic child support obligation. The idea is to ensure that the child receives financial support proportionate to the parents' combined income.
3. Adjustments for expenses
While the guidelines provide a baseline, the court may consider additional factors that could affect a parent's ability to pay child support. For instance, extraordinary medical expenses, child care costs or special educational needs may warrant adjustments.
4. Parenting time impact
Colorado acknowledges the importance of both parents in a child's life. The amount of time each parent spends with the child is a factor in child support calculations. The more time a parent spends with the child, the less financial responsibility they may have to bear.
5. Modification options
Life is dynamic, and financial situations can change. Colorado allows for child support modifications if there is a substantial change in circumstances, such as a significant income alteration or changes in the child's needs. This flexibility ensures that child support orders remain relevant and fair over time.
Colorado's approach to determining child support after a divorce involves several nuances. The state aims to create a balanced and equitable child support arrangement that prioritizes the child's well-being.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=497672023-10-28T19:46:19Z2023-10-28T19:46:19ZAdvantages of using credit cards
Responsible use of a credit card, such as making timely payments and maintaining a low balance, demonstrates your financial responsibility to potential lenders. Moreover, using a credit card responsibly can improve your credit utilization ratio, which measures the amount of credit you are using compared to your credit limit. A lower ratio is a positive factor in your credit score.
Credit cards also offer the convenience of making payments, shopping online and building a positive payment history, provided you manage them responsibly.
Potential downsides
One significant drawback is the likelihood of high interest rates. Cards marketed to individuals with poor credit often come with higher interest rates, which can be financially burdensome if you do not manage your debt carefully.
Additionally, credit cards for those with less-than-perfect credit often come with various fees, such as annual fees or application fees. These fees can add to your financial burden, especially if you are trying to recover financially after bankruptcy.
There is also the risk of falling into impulsive spending habits. Having a credit card can tempt you into making purchases you cannot afford, which can lead to more financial trouble. To avoid this, you need to exercise discipline and not exceed your budget.
If you are wary of obtaining a credit card post-bankruptcy, there are alternative methods to rebuild your credit. Options include a credit-builder loan or becoming an authorized user on someone else's credit card account. Regardless of how you go about it, rebuilding credit is a gradual process that requires patience and discipline.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=497652023-08-29T17:31:53Z2023-08-29T17:31:53ZFinancial Struggles and Relationship Stress
Many couples cite financial difficulties as a leading cause of stress in relationships. When a couple faces mounting debt, the strain can put a tremendous burden on their partnership. Statistics show that 54% of people consider a partner with debt to be a valid reason for divorce.
The Impact of Bankruptcy
Bankruptcy is a process that can allow couples to manage their debts when they are unable to meet financial obligations. Filing for bankruptcy might provide temporary relief from debt, but it can also damage credit scores and limit financial opportunities in the future. These factors can lead to feelings of resentment that ultimately end in divorce.
Divorce and Financial Complications
Divorce, on the other hand, often leads to the division of assets and debts accumulated during the marriage. The need to separate shared finances and establish individual financial identities can further exacerbate existing financial struggles. Such struggles can be cause for individuals to turn to bankruptcy after the split.
While anecdotal evidence exists, statistical data about a direct link between bankruptcy and divorce in Colorado is not abundantly clear. Studies on this topic show mixed results, with some suggesting a connection while others find no significant correlation. It's important to note that each bankruptcy or divorce case is unique and influenced by a variety of personal, economic, and emotional factors.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=497632023-06-27T20:40:29Z2023-06-27T20:40:29ZColorado's bankruptcy filing fees will help you make a fully-informed decision when determining whether or not to move ahead with the process. Whether you are considering Chapter 7 or Chapter 13 bankruptcy, it is important to know the costs and your payment options.
How much does it cost to file Chapter 7 bankruptcy?
Chapter 7 bankruptcy, also known as liquidation bankruptcy, entails selling off your nonexempt assets as a means to repay unsecured debts before discharging what you cannot pay. The filing fee for Chapter 7 bankruptcy in Colorado is $338, but it is possible to pay this fee in installments. There is also the possibility of waiving the filing fee if your family's income falls below certain federal thresholds.
How much does it cost to file Chapter 13 bankruptcy?
Chapter 13 bankruptcy does not entail liquidating your assets and instead provides you with a span of time during which you can form a repayment plan without worrying about creditors pursuing you. The filing fee for Chapter 13 bankruptcy in Colorado is $313, but it is not possible to pay this fee in installments or waive the fee as is the case when filing Chapter 7.
Filing fees can be an understandable cause for pause when considering bankruptcy. It is important to remember, though, that the debt relief that comes with bankruptcy can possibly save you a much greater amount of money as well as stress.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=493762023-04-25T15:01:03Z2023-04-25T15:01:03Zparenting plan and visitation schedule.
There are some key communication elements to consider as you draft these portions of your divorce settlement.
Consider virtual visitation
Video communication is easier than ever with so many apps and platforms that allow direct video calling. Leverage this technology as part of your parenting plan by allowing virtual visitation for either parent when the children are in the other parent’s household. Set restrictions if necessary to prevent time monopolization, but encourage ongoing communication to preserve the relationship between the children and both of their parents.
Address social media communication
Social media accounts are a staple of a modern teenager’s daily life. Sometimes, those social media accounts are the easiest way for parents to interact and maintain communication when they do not have active custody of their children. Be mindful of social media communications and define boundaries for both parents to prevent any questionable behavior.
Recognizing the role that technology plays in your children’s lives is an important part of addressing parental communication and visitation in your divorce settlement and parenting plan. Consider these elements as you draft the details of your settlement. In addition, consider any other factors or digital platforms that may apply to your family situation.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=493732023-02-27T21:53:56Z2023-02-27T21:53:56Zhorse owner facing a divorce, the fate of your animals is likely a top concern.
How can we decide who keeps the horse?
Property division is often contentious. Ideally, you and your spouse would settle the matter in mediation. However, not all couples can easily reach an agreement, which means the court must intervene.
The value of your horse is one factor in the decision. An equine appraiser can help determine the animal's value. Other factors include which spouse is the horse's primary caretaker, who is better able to care for the horse, and whether you have a prenuptial agreement in place.
Will I have to sell my horse?
In rare cases, the court can order that you sell your horse and divide its value equitably. However, this is generally a last resort. A more likely scenario is that the court may award you the horse while awarding your spouse a dollar amount equal to the horse's value.
What if the horse belongs to my child?
If your child rides or shows the horse, is responsible for its care or has a strong bond with the animal, the court will generally take this into account. If you are the custodial parent and the horse is your child's companion or therapy animal, it may be in everyone's best interest for the horse to remain with you.
Deciding who gets the horse is far more complex than deciding who gets the house or the car. You stand the best chance of keeping your equine companion if you are able to meet the horse's needs and are willing to compromise in other areas.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=493662022-12-20T17:33:01Z2022-12-23T17:32:49Z23.2% of births in Colorado. Whether the mother or the father, knowing what lies ahead may help ease the process.
1. Establishing paternity
When a couple divorces, paternity usually does not create a big deal. An unmarried father has to prove paternity to the court if he did not sign the birth certificate. Failure to do so eliminates his rights for custody or visitation. To establish paternity, parents can voluntarily sign an acknowledgment of paternity form from the state or take a court-ordered paternity test.
2. Determining custody
After establishing paternity, the next step involves resolving any disputes to determine the child’s best interests. The court will base its decision on numerous factors. Depending on the situation, it may result in joint custody or full custody for one parent. The courts also decide on visitation rights for the parent that does not have custody.
3. Paying child support
Whether married or not, each parent must financially support the child. The parent who has a greater share of the responsibility will receive child support. The amount of support varies for every case. The courts will look at the finances of each parent to determine a fair and just amount.
Unmarried parents who have amicably split ways have the right to develop their own agreement to determine custody and visitation. They can work with a lawyer or mediator to ensure the legality of the agreement.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=493642022-10-29T15:20:23Z2022-10-29T15:20:23ZAverage monthly income
Your AMI calculations come from your household income from the six months prior to filing for bankruptcy. You total your income during that time period and divide it by six to get an AMI.
Then you can use the AMI to understand your annual median income. To calculate the annual median income, multiply the AMI by 12. Colorado mandates a maximum amount of annual income based on the number of people in the home. For example, if you are single and filing Chapter 13, you cannot make more than $70,952. If your household has four members, the limit is $120,898.
Disposable income
Disposable income must go directly into your Chapter 13 plan to pay unsecured creditors. Once you complete the plan, they receive nothing else because the agreement wipes clean the remaining unsecured debt.
Not included in your disposable income are certain necessary expenses listed by the United States Trustee's Office. Examples include clothing, food, health care expenses and supplies you need in the household. However, there are caps on the amounts of these expenses based on your household size. If you exceed those limitations or have special needs not listed, you must provide proof and request approval for those expenses.
If you do not qualify for a Chapter 13 bankruptcy, you may have other alternative options for debt relief.]]>0On Behalf of The Bruntz Law Firm, LLChttps://www.bruntzlaw.com/?p=493622022-08-26T20:07:12Z2022-08-26T20:07:12ZChapter 7 bankruptcy, a court-assigned trustee oversees the liquidation of certain assets before the discharge of your remaining non-exempt debts. Understanding your ability to get a loan afterward can affect how you live your life following bankruptcy.
Is it possible to take out a loan after bankruptcy?
While other forms of bankruptcy entail following a repayment plan that may bar you from taking out additional debts, the only thing stopping you from getting a personal loan after Chapter 7 bankruptcy is your credit score. Your credit is sure to drop after filing, and a Chapter 7 bankruptcy can remain on your credit report for as long as 10 years. Certain lenders will view you as a risky client, but there are some reputable loan companies that specialize in serving low-credit individuals.
How can a new loan help improve your financial health?
As you work to repair your finances after bankruptcy, taking out a personal loan might be a necessary step in reaching stability. Incurring a debt that you can safely repay each month is also a way to repair your credit to a healthy state. With responsible borrowing, you can reach a good credit score within two years or less.
Taking out a loan after a Chapter 7 bankruptcy is possible in some circumstances, and can be a strong move toward better credit if you approach it responsibly. However, you should remain aware that fraudulent lenders may target desperate individuals with low credit in an attempt to conduct a scam.]]>0