High Net Worth Divorce Attorney in Ft. Collins, CO
Protecting What Matters Most Through Your Divorce
Husbands and wives in Ft. Collins, Colorado who are contemplating or going through a dissolution of marriage/divorce case, and who have significant business, real estate, retirement, and other assets and liabilities, absolutely need an experienced divorce attorney with a business focus, an attorney with significant backgrounds in business, accounting, tax, finance - investments, tracing, valuations, appraisals, investments, and related issues, in addition to the law.
Over the years, the Law Offices of Paul M. Gaide has handled numerous dissolution cases with $1,000,000.00+ in dispute; each having had its own financial related nuances.
Under Colorado law, the Court is mandated to first determine each party’s “separate property,” and then divide the parties’ marital property in an “equitable” manner, which does not always mean “equal.” Once the property/debt division is made, the Court will then make a determination as to spousal maintenance or alimony. The Court has the power to adjust the equitable allocation of assets and liabilities to reduce a spousal maintenance award, either as to amount, and/or duration.
An Example of Ignoring Your
Business in Your Divorce
Ignorance of business issues can result in unreasonable expectations, roadblocks to negotiations, or one party receiving a less than appropriate allocation of property. A simple example:
Husband and Wife have the following assets/liabilities:
- $ 250,000.00
Net Marital Residence
Cash / Checking / Savings
Credit Card Debt
- $ 30,000.00
Net Marital Property
Ignoring spousal maintenance, would it be equitable for Husband to be allocated his SEP, $30,000.00 in Cash, and the Business for a total of $1,430,000.00, and Wife be allocated the balance of the assets/liabilities for a total of $1,430,000.00? Maybe; maybe not.
Hopefully, your counsel will have considered, among other things, all of the following:
The age and health of the parties
The income of each party
Whether the wife has sufficient income or assets to remove the husband from the debt and assume payment thereof (assuming it is in Husband’s name)
The tax basis of each of the assets (tax basis will generally carry-over to the receiving party)
The present value of the SEP and the 401(k)
Tax penalties for and consequences of liquidation/sale of assets, tax exemptions
Whether there are any tax loss carry-forwards which can be allocated
Whether the assets have been appropriately valued or appraised
Can the business be sold
Housing for Husband
Liquidity issues and the costs of liquidating other assets
What is the impact of the allocation on retirement
How will a party’s social security be impacted
Should there be a different allocation to accomplish a reduction in spousal maintenance
Will the Court approve the allocation as being fair and equitable, etc.
Dedicated Legal Representation
The Law Offices of Paul M. Gaide in Ft. Collins, Colorado routinely works with clients on these and related issues in a dissolution of marriage cases.
PLEASE CONSIDER OUR “RECENT SUCCESSES” TAB FOR A DESCRIPTION OF THE TYPES OF CASES WE HAVE RECENTLY BEEN INVOLVED IN.