Colorado is an equitable distribution state. This means that, in a divorce, the court will divide a couple's assets and debts fairly, not necessarily equally. The divorce statutes in the state offer guidelines to provide each spouse with comparable means following the dissolution of marriage, instead of an even 50-50 split.
Two years ago, a study conducted by the University of Chicago and Georgetown University revealed a surprising conclusion. Children of high-income couples are detrimentally affected by divorce more than those of lower income brackets. The initial reaction to this was the assumption that the economic impact was the chief culprit. Divorce can easily damage a custodial parent's financial situation. Though this change may have some effects, it is clearly not the core reason.
Listed among the ten most expensive divorces of 2015, comes the separation of Jennifer Garner and Ben Affleck. This divorce exemplifies the struggles that can take place when a marriage that did not include a prenuptial agreement butts head with a divorce that includes a combined spousal net worth of $145 million.
When times were still good, you and your spouse were probably overjoyed to purchase that vacation home in the mountains of Colorado or that oceanfront property in California. But unhappily, your marriage is on the rocks. You are contemplating divorce, and that vacation property is a high-value asset that will soon be causing headaches instead of smiles and holiday memories.
While divorce almost always invites a certain amount of emotional turmoil, high asset divorce cases often take this turmoil to another level. Although exact definitions of what it takes to be considered a High Net Worth Individual (HNWI), one common baseline is those with a liquid net worth of more than a million dollars. Whether a person has that much money or a little less of more, it's likely that it has brought them a certain amount of comfort and convenience in their lives that they do not want to give up. In some cases each person involved in the high asset divorce only wants to make sure they get their fair share and minimize any change to their lifestyle. In other cases they want to hold on to as much money as they can, at the expense of the other person. And sometimes they are barely money motivated at all. They just want out of the marriage and to move on with their lives. All of these emotional reactions can lead to people making crucial mistakes in the course of the divorce process that are not in their best interests. Here are some considerations that a person going through a divorce needs to consider carefully as they plan their case with their attorney.
For couples in Colorado and around the country, a divorce can be a devastating experience. Emotions can run the gamut from anger to sadness to relief. Most people likely just want the process over with so that they can begin to move on with their lives.
You may not have heard of Harold Hamm, but he is a crucial figure in the oil industry. It is believed that Hamm owns the most oil in the ground than any American, and his drilling company, Continental, is worth $27 billion. Of course, when he first started the company nearly 50 years ago, Continental was worth a modest amount. It was valued at somewhere between $10 million and $50 million.
High asset divorces can make the difficult process even more complicated. Going through the worth and value of all of your possessions and working out who gets what often strikes up many emotions and it can be difficult sometimes to part with certain things, but the situation changes when one party is hiding something. Colorado residents who are in the process of dividing up their assets with their spouses may want to take note of what can happen if some figures are fudged.
When couples with a lot of assets divorce, splitting everything up can be tricky. For one wealthy couple who went through the process recently, it was mostly straightforward - except to when it came to art. Their art collection alone was worth an estimated $102 million.