The following information is NOT legal advice nor does it establish an attorney-client relationship. Each individual’s circumstances are different and the information below is general in nature. Should you have specific questions about your particular circumstances, you should contact an attorney.
We have children. Will I have to pay child support?
Child support is calculated using a specific formula. The formula is based on items like the number of children being supported, each parent’s number of overnights, the gross income of each party, and the costs paid by each party, such as health insurance premiums and work related day care.
My income is higher than my spouse’s income. Will I have to pay maintenance or alimony?
On January 1, 2014, a new law went into effect providing a formula for maintenance payments. The formula is based on the gross income of both parties and the length of the marriage. If the divorce was filed before January 1, 2014, the old maintenance statute applies. The old statute did not provide a formula, but rather set forth factors the judge should consider in determining the amount and duration of maintenance to be paid. These factors include, but are not limited to, each spouse’s ability to work and potential income and the division of assets and debts.
What is the difference between marital and separate property?
Generally, assets and debts acquired during the marriage are marital property. Assets and debts acquired prior to the marriage are separate. However, if an asset appreciates during the marriage, the appreciation is marital property. There are some exceptions to these general rules, such as inheritance.
Does it matter who was at fault for the divorce?
Colorado is a no-fault state, so whether one party did something to cause the divorce is irrelevant. Because Colorado is a no-fault state, it does not matter if you are named as the Petitioner or the Respondent.
Will I lose my retirement funds?
Generally, retirement plans are marital property. Retirement funds are an asset. Division of debts and assets should be equitable, but this does not necessarily mean equal. In other words, depending on your specific circumstances, your spouse will not receive half of your retirement.