The Facts About Paying For Your Child’s College Post-Divorce

Written by Law Office of Greg Quimby, P.C. on . Posted in Divorce/Separation

Wedding Rings On Mallet In Courtroom — Colorado Springs, CO — Law Office of Greg Quimby, P.CFor many parents, divorce is a financial strain. The strain is increased for individuals who have children, and they may be unsure how far their responsibility reaches. Though a judge may mandate that you are responsible for your child's expenses in the form of child support, you may be unsure if you are legally responsible to pay for your child's college education.

This guide will help you prepare for the court issues that may lie ahead.

Colorado's Age of Emancipation Is 19

One of the first factors you might consider is the fact that the age of emancipation in Colorado is 19. The age of emancipation is the age at which you are no longer legally required to care for your child's expenses or provide a home and other care for them.

5 Times You May Need a CPA During Your Divorce

Written by Law Office of Greg Quimby, P.C. on . Posted in Divorce/Separation

Most people realize that they should have an attorney on their team when going through a divorce. But did you know that you should often also have a CPA (certified public accountant) on your side during this time? 

There are many situations in which a CPA can help you get the divorce decree and settlement that you deserve. What are some of these times? Here are five of the most common.

1. You Suspect Hidden Assets

Do you have reason to believe that your spouse is hiding significant assets — money, property, investments, or other accounts — to avoid losing them in the divorce? Then you need an experienced attorney as well as an accountant.

Common Myths Associated With Child Custody Cases

Written by Law Office of Greg Quimby, P.C. on . Posted in Child Support, Divorce/Separation, Parenting Time

Legal issues related to family law can be difficult for many people to understand, especially because emotions and tensions are often high when discussing these issues. Child custody is a difficult topic to approach, especially when two people dearly love a child.

Since emotions are often so high in the child custody process, many people fall prey to common myths associated with child custody. Here are some of the most common myths.

Colorado Divorce Law: The Division of Special Assets and Debts

Written by Law Office of Greg Quimby, P.C. on . Posted in Divorce/Separation

The division of assets and debts is one of the most controversial and complicated stages in a divorce. The division gets even more complicated for certain items people consider special or valuable. Here are a few examples of such items and how their division usually unfolds.

Engagement Rings

States each handle engagement rings differently. In some states, the ring belongs to both people, while in other states, the ring is a gift that the recipient gets to keep. Colorado is one of the states that take the latter approach. Each person gets to keep the wedding bands and engagement rings they received from the other person.

The rationale is that the engagement ring is a conditional gift that one person gives the other before marriage. You satisfy the condition of the gift once the marriage actually happens. Thus, you get to keep the gift when you divorce because you have already met the condition. However, you have to return the rings if you break the engagement before marriage.

Can Social Media Make a Difference During Your Divorce?

Written by Greg Quimby on . Posted in Divorce/Separation

Every divorce situation has different financial assets, different needs for children or pet custody, and different expectations for what contact each person will have with their previous spouse. However, most people in modern relationships have one thing in a common: social media accounts.

Social media allows for intensive sharing of your personal life, and for many people, sharing details and photos is second nature. However, during your divorce, your lawyer might advise you to change the way you use your social media accounts. You may even want to temporarily retire your online presence until your divorce agreements are finalized.

DIVISION OF ASSETS AND DEBTS IN THE DIVORCE OR SEPARATION CONTEXT

Written by Greg Quimby on . Posted in Divorce/Separation

From the day you get married until the day you are divorced or separated, you accumulate assets and debts. These assets and debts are to be divided by the court in the final orders hearing unless the couple reaches an agreement. While it is standard for the court to divide the assets and the debts equally between the parties, that is not what the statute says. The statute tells the court to divide the assets and debts equitably not equally.

For instance, if one party makes 5 times more in income than what the other party makes then the equitable division of marital debt would be 80% of the debt to the higher wage earner and only 20% of the debt to the lower wager. The court has the authority to make that determination.

Conversely, it may be more fair that the higher wage earner get less of the assets under the theory that they can make this up over the years to come.

In the first paragraph, I make the statement that the court considers everything acquired from the date of marriage until the date of divorce or separation. There is an exception to this general rule. If one of the parties inherits an asset during the marriage and that party keeps the asset in their name only, then the court has no authority to give that asset to the other party. For example if a party inherits $10,000 and puts that money in an account that does not have the other party’s name on the account, then that inheritance stays with the party who inherited the money.

Let’s take another example. If one party inherits a house, and keeps that house in their name only, then accordingly that house should belong to the person who inherited it. But if the person who inherited the house uses marital funds to pay the taxes on the house, to fix the house up, to pay the utilities on the house, then the court would be free to assume that this house is marital property.

There are many rules and there are exceptions to the rules. It takes an experienced divorce attorney to be able to sort out these difficult and complex situations. The attorneys at The Law Office of Greg Quimby have that ability to and can help you in these difficult situations. The information you obtain at this site is not legal advice nor is it intended to be legal advice.

Our initial consultations are free.