by questful | Aug 16, 2023 | Legal, Uncategorized
Do want to file a joint divorce with your spouse, but you’re not sure where to start? In this article, I’ll guide you through the next steps you should take.
Filing as Co-Petitioners means that both you and your spouse will sign the Petition for Dissolution. While you’ve probably already had some discussions with your spouse, getting him or her onboard is the first step.
Decide When To File. In Colorado, there is a 91-day waiting period between when the divorce is filed and the date when the judge can sign your Decree. Some couples choose to file the Petition before all the paperwork is completed so that this clock can start ticking. Other couples wait until all the paperwork is done, so they can file everything at the same time. If you choose this second option, your paperwork will sit for 91 days and then the judge will sign your Decree.
Collect your financial information. In Colorado, each spouse must complete extensive financial disclosures. These include bank statements, pay stubs, tax returns, and childcare expenses for your children.
Meet with a Certified Divorce Financial Analyst (CDFA). Does the thought of providing all your financial documents overwhelm you? If so, a CDFA can help you and your spouse gain a clear picture of your assets and debts. They can also assist you in creating a post-divorce budget.
Consult with a Mediator or Parent Coach. If you can’t agree on custody arrangements or aren’t sure where to start in crafting a Parenting Plan, a therapist or parent coach trained in collaborative law can help you and your spouse work through disagreements and reach a resolution.
Talk to a Collaboratively Trained Lawyer. Most people think that hiring a lawyer is the first step. However, a lawyer’s main role is to advise you on the law and make sure your agreements are in the proper format for court. While the lawyer can give you a list of topics to discuss with your spouse, a financial advisor or parent coach will be better suited to help you problem-solve. Hiring an attorney too early in the process can also make your spouse feel defensive and cause unnecessary expense.
Finally, I’ve had clients who avoided hiring attorneys for their amicable divorces because they were worried about increased difficulty, expense, or conflict. However, not having guidance from an attorney or other professional can lead to unclear agreements that cause problems in the future. By agreeing with your spouse on a course of action, it is possible to complete a divorce without stepping foot in court.
If you have more questions about your divorce, I’m here to help!
Katelyn Ridenour Parker
8400 East Prentice Ave.
Suite 1500
Greenwood Village, CO 80111
Phone: (720) 213-6858
katelyn@oneaccord.legal
www.oneaccord.legal
by questful | Mar 19, 2023 | Financial, Uncategorized
Going through a divorce can be an emotionally and financially stressful experience. Dividing assets and liabilities, including the family home, can be a complex and challenging process. This is where a divorce mortgage expert can play a crucial role in helping you navigate through the process.
A divorce mortgage expert is a specialist who understands the unique financial and legal aspects of divorce and can help you make informed decisions about your mortgage and housing options. Here are some reasons why it is important to start working with a divorce mortgage expert right away at the beginning of the divorce process:
Assessing Your Options
One of the key benefits of working with a divorce mortgage expert is that they can assess your financial situation and help you understand your options. For example, they can advise you on whether it makes more sense to sell the family home, refinance the mortgage, or stay in the home until a later date.
Financial Planning
A divorce mortgage expert can also help you develop a financial plan that considers your current and future needs. This includes calculating your monthly expenses, understanding the tax implications of selling the family home, and creating a budget that reflects your new financial reality.
Mitigating Financial Risks
A divorce mortgage expert can help you mitigate financial risks associated with the divorce process. For example, they can advise you on how to protect your credit score, avoid defaulting on your mortgage, and ensure your mortgage payments are made on time.
Legal Support
A divorce mortgage expert can work closely with your divorce lawyer to ensure that you are financially able to afford to keep or sell your home and what is needed for mortgage qualification.
Stress Reduction
Divorce can be an incredibly stressful experience. Working with a divorce mortgage expert can help reduce some of that stress by providing clarity and guidance on your financial options. They can also help you develop a plan for the future that gives you a sense of control and direction.
In conclusion, working with a divorce mortgage expert can provide many benefits and help you make informed decisions about your mortgage and housing options. If you are going through a divorce, it is important to start working with a divorce mortgage expert right away at the beginning of the divorce process to ensure that you receive the support and guidance you need to navigate this challenging time.
Jan Parsons Smith
Production Manager, NMLS#442729
jparsons@primelending.com
720-308-1320
www.JanParsonsHomeLoans.com
5613 DTC Parkway, Suite 750
Greenwood Village, CO 80111
by questful | Nov 1, 2021 | Legal, Uncategorized
Collaborative divorce is focused on minimizing the harmful effects of divorce on families by helping you reach respectful solutions tailored to your family. If you are ultimately unable to resolve your divorce by reaching agreements, you’ll end up in trial with a stranger in a black robe (the judge) deciding for you. When negotiations or agreements do stall, threatening to take the case in front of a judge is often a knee-jerk reaction that fails to appreciate the true impact of a trial on your family.
Unless they have been through litigation before, spouses are unable to comprehend the emotional damage inflicted by adversarial hearings and trials. During a trial, you and your spouse will be subject to cross examination. You will be grilled by your spouse’s attorney and will end up opening Pandora’s Box when testifying. The statements made can’t be taken back and you’ll dredge up years-long arguments and humiliating events in a public forum, especially when children are involved.
While any hearing will be very stressful on you, the negative impact on children and your ability to successfully co-parent in the future is undeniable. Two dynamics are primarily responsible for this negative impact. The first dynamic is the emotional wound inflicted during the hearing itself. Feelings of betrayal – “How could you let your attorney treat me that way?” or “How dare you tell your attorney to ask me that” – will persist long after a trial and many parents are unable to move past that betrayal. You have years of co-parenting and decisions for your children ahead of you, and real work must be done afterwards to be able to forgive and not allow the experience of an adversarial trial poison the well.
The second dynamic is having a judge thrust their decision upon you after only a few hours of trial. Trials breed continued conflict as one or very often both parents are bitter and feel the wrong result was reached. When a parent believes the result is an injustice, the natural human response is to protest the result by either rigidly enforcing the orders to punish the other parent or by simply ignoring the orders. Generally, parents are more likely to follow court orders and not fight each other at every turn when they arrive at their parenting plans by agreement.
While contested trials and hearings have a place in divorce and custody disputes, it’s important to consider how going to trial will impact you and your family both during and long after your case is over.
James M. Cordes, Esq.
jcordes@woodylawllc.com
Woody Law Firm, LLC
140 E. 19th Ave, Suite 600
Denver, CO 80203
303-968-1711
by questful | Oct 9, 2021 | Financial, Uncategorized
Over the course of the last few years, the divorce rate in the United States has been declining exponentially. Data fetched from Statista indicates that the divorce rate in the United States stood at about 2.7 per 1,000 of the overall population. Despite this declining number, the US divorce rate is one of the highest worldwide. And if you are going through the same, you may not be in the right emotional state right now.
And let me take some time out and tell you that it’s okay. I know you are strong – we all are. And if you feel frustrated, you can always reach out to us and have a heart-to-heart conversation with one of our experts. That’s because we care.
And if you both own a home or real estate property together yet are getting divorced, chances are that you may be looking forward to co-own it or buy it out. Or maybe you are planning to sell it to the highest bidder.
You may have a world full of questions. And trust me on this one – you’re not alone. Just like you, divorcees find themselves all juggled up and confused – finding it extremely hard to understand what to do with their real estate property. That’s what we’re here to help you with.
In this blog post, I’ve listed down the 6 most common questions couples going through a divorce ask regarding their real estate property.
So – without waiting anymore – let’s dive straight into these.
What are the Marital & Non-Marital Assets?
In a marriage, the assets are classified into:
- Marital Assets: These involve income, debts, assets that both you and your partner accumulated when you were married. Some other examples include investment accounts, pension, retirement funds, car loans, credit card bills, mortgages, and more. These will be divided between both spouses.
- Non-Marital Assets: These involve the assets acquired by either of the spouses both before the marriage and after the separation. These include your pre-marital debts, property as well as other assets – anything you can think of. Also, inherited properties and gifts are also a part of non-marital assets – so you don’t have to worry about your spouse asking you for their share of the house you inherited once.
Should I Keep or Sell My House?
I know – it might seem like a big decision – and it obviously is.
You may have spent years in your house. All those happy moments with your children and now out of nowhere you’re expected to sell it out. As much as you’d want to keep it, chances are that you don’t have the funds to buy out your spouse’s share of the equity. Or maybe you are not financially fit to pay your home mortgage all by yourself.
In a divorce, emotions are high and if it’s a high-conflict one – both spouses may often find themselves in disagreement.
We’d advise you to sell your house if:
- You can’t afford the monthly mortgage payments all by yourself (in case there is an existing mortgage)
- You can’t afford to buy your spouse’s share of the equity.
- You find it too hard to live in the house after the divorce
And in either of the following cases, we’d advise you to keep your house (if it’s a good option):
- You have kid(s).
- You have strong memories and emotional ties associated with your home.
While there’s no concrete answer for it – the decision to sell your home or not depends on your financial situation, relation with your spouse, emotional state, and much more.
If you are planning to keep your house, ask yourself:
- Does it make sense (emotionally and financially) to keep the house?
- How long are you planning to live in the house after you keep it?
- Can you pay the mortgage all by yourself?
- How much are you willing to go through to keep it?
Should I Consider Buying Out My Spouse’s Share of Equity?
Yes – you can always buy out your spouse’s share of the equity. But it doesn’t always make sense. Following are some of the reasons you may want to keep the house:
- You have children
- You have emotional ties as well as memories associated with your home
- You are financially stable.
- The market conditions aren’t ideal right now.
- You badly want to keep your house.
Whether you want to keep the house or not, it doesn’t matter as you need to make sure that if you can financially afford to buy it out. Both the spouses may have a mortgage amount together. And chances are that neither of you may qualify to take over the mortgage all by yourself.
But if you do, you may have to refinance the mortgage in your name. And getting that done isn’t cheap. So, if you are planning to keep your house, you need to make sure that you have the money to buy out your spouse’s share of equity, refinance the mortgage and deal with all the additional costs.
What’ll Happen to My Mortgage After Divorce?
Usually in a divorce, one of the following scenarios plays out:
- Both of you agree to sell the house and pay off the mortgage – and after paying it off, both the parties collect their share of net proceeds.
- One spouse decides to keep the house by simply buying out the other spouse’s share of equity and refinancing the mortgage under their name.
However, as we mentioned above, if you are planning to buy out your spouse’s share of equity, you need to be financially stable to take over and at the same time have a good credit score to qualify for a new loan.
If the divorcing couple is underwater on their house, then the process may get even more complicated.
So, it’s advisable to talk with a real estate expert and a divorce lawyer to sort it out.
Should I Involve My Kids in This Mess?
Divorces can be hard. And they are the worst for the children. While both the spouses should keep their fights or disagreements to themselves, it’s often advisable to keep your kids in the loop.
After all, if you are planning to sell the house, they may have to move to a completely new place. You need to make them feel comfortable. Watching their parents separate is a big step for them. But you need to keep them in the loop and let them know what both of you are planning ahead.
Some questions they may have include:
- Will both (mom and dad) be living in the same neighborhood?
- Where will our dog live?
- Will we be moving to a new city?
- Will we be attending the same school?
- I don’t want to live with my brother/sister – what’s the plan?
I know that divorce is emotionally traumatizing. But it’s even scarier for children. And if you don’t keep them in the loop or inform them about your decisions, they will always find themselves scared. And they may also start feeling some negative emotions like anxiety, stress, depression – which you’d not want them to feel.
Will My Divorce Settle? Or Will We Be Going to Trial?
Over 90% of the overall divorces settle before trial. Usually, this involves one of the spouses agreeing to the other spouse’s settlement offer or via mediation.
However, there are a few cases where both the spouses can’t agree with each other’s decisions. If both of you can’t agree on how to divide your assets – you can go to trial where the court will help you out with the negotiations and split all of your marital assets the right way.
Depending on where you reside, asset distribution may vary.
If you live in a community property state, all the marital assets will be divided 50-50. This doesn’t involve non-marital assets, gifts, or inherited assets.
On the other hand, if you reside in equitable distribution state, then the assets will be divided fairly; however, they are not usually split 50-50 among both the spouses.
Some of the factors taken into consideration by the courts while determining the percentage are:
- Income of both the spouses
- Earning potential of each spouse
- Value of the spouse raising the kids or staying home.
If you are choosing to settle before going to trial, it’s critical to have a well-experienced divorce attorney by your side with experience in real estate and appraisal cases. And even if both of you can’t seem to agree on who gets to keep the house, an experienced attorney will chart a course and guide you thoroughly to help you gain insights into the process and your state’s laws.
Hit Us Up for Further Questions!
And these are just a few of the questions thrown our way on a regular basis. But these are pretty generic ones. Different couples often find themselves under different conditions. And as a result, you may have completely different questions.
Don’t let those questions eat you up. Feel free to reach out to one of our experts and we’d love nothing more than to help you.
Damon Chavez, Realtor
10135 West San Juan Way, #100
Littleton, CO 80127
Phone: (303) 649-6767
damon@coloradohousefinders.com
www.coloradohousefinders.com
by questful | Mar 15, 2021 | Legal
Unbundled legal services (also known as limited representation) can be a cost-effective way to obtain advice from an attorney without full representation in court. This type of representation provides the client with some control over the costs of litigation because the attorney’s services are provided on an as-needed basis. Examples of limited representation include, but are not limited to:
- Consultation and case evaluation
- Assistance in completing court-approved forms
- Drafting of court papers or briefs
- Representation at mediation
- Representation at a single court hearing
- Negotiation of settlement agreements
Oftentimes in unbundled cases, the client will remain the point of contact for the court, and thus required to stay on top of what occurs in the client’s case. Also, if the client chooses to participate without full representation, the client will be bound to the same rules of civil procedure as licensed attorneys.[1] Of course, if the client determines that full representation is needed the attorney can agree to enter a formal appearance in the case at any time.
Limited representation may not make sense for complicated or highly contentious court matters. If you are interested in unbundled legal services you should speak with an attorney.
Nicole Hanson
Hanson Law Firm, LLC
44 Cook St., Ste. 100 | Denver, CO 80206
Ph: 303.459.2393
www.nhansonlaw.com
by questful | Dec 3, 2020 | Financial
Contemplating divorce can be one of the biggest life-time decisions you will ever make. Deciding how you get through the process can have a tremendous impact on how life after divorce will affect you emotionally and financially. The financial neutral is a key member of the collaborative team with the primary role of exploring and educating you and your spouse on various financial settlement outcomes by understanding the impact divorce will have to your financial future.
Divorce almost always doubles living expenses as two separate households are created, yet income rarely changes at least in the short run. The financial statistics post decree are alarming especially with the lower income earner or the stay-at-home parent who will have to re-enter the workforce. Working with the financial neutral, each spouse will create forward looking expense budgets that will help in identifying the needed income to meet essential living expenses. This information will then support a more comprehensive discussion on the level of spousal maintenance and employment income requirements to generate positive cash flow. The financial neutral will also be able to project your future retirement savings and net worth based on various financial settlement options which should facilitate constructive discussion around how marital property might be divided.
Working with a skilled and experienced financial neutral in the collaborative divorce team is a highly communicative, goals-based, and dignified resolution approach that tends to facilitate higher quality financial outcomes essential to healthier ex-spouse relationships with less negative impact to children.
by questful | Nov 6, 2020 | Legal
Colorado is one of a few states that continues to recognize common law marriage. It is often misunderstood that a common law marriage can be established after a couple has cohabitated for certain period of time or simply by filing joint tax returns. The Colorado Supreme Court recently reconsidered the issue of common law marriage, stating that “the core inquiry is whether the parties intended to enter a marital relationship—that is, to share a life together as spouses in a committed, intimate relationship of mutual support and obligation.”[1]
If a common law marriage is disputed, the matter may proceed to a court hearing. The party wishing to prove a marriage will need to present evidence to prove “mutual consent or agreement of the couple to enter the legal and social institution of marriage, followed by conduct manifesting that mutual agreement.”[2]
Absent an express agreement to be married, the court will consider the couple’s conduct to determine whether the couple mutually agreed to be married. The two factors most often cited in establishing an intent to be married are cohabitation and a general reputation in the community that the couple was married.[3] Evidence of the parties’ intentions with respect to common law marriage may also be proven with joint tax returns, joint ownership of property, joint bank accounts, designation of the other party as a spouse on health insurance, medical or employment forms, designating the other party as a beneficiary on retirement and investment accounts, sharing of a family name or surname, evidence of a marriage “ceremony” or the exchange of rings.
Since every relationship is different, a court is required to consider the couple’s conduct “in context” and consider the totality of the circumstances.[4] If you have questions about common law marriage contact an experienced attorney.
[1] In re Marriage of Hogsett & Neale, 2021 CO 1, 3.
[2] In re Marriage of Hogsett & Neale, 2021 CO 1, 3.
[3] Whitenhill v. Kaiser Permanente, 940 P.2d 1129, 1132 (Colo. App. 1997); Smith v. People, 64 Colo. 290, 170 P. 959, 960 (1918); Taylor v. Taylor, 10 Colo. App. 303, 50 P. 1049 (1897); People v. Lucero, 747 P.2d 660 (Colo. 1987); Thimgan v. Mathews, 74 Colo. 93, 219 P. 211 (1923).
[4] In re Marriage of Hogsett & Neale, 2021 CO 1.
Nicole Hanson
Hanson Law Firm, LLC
44 Cook St., Ste. 100 | Denver, CO 80206
Ph: 303.459.2393
www.nhansonlaw.com
by questful | Sep 5, 2020 | Financial, Uncategorized
You’ve been awarded the marital home through the negotiation process. What’s next? You’ll want to speak with a mortgage professional who specializes in divorce.
Qualifying to Refinance
You will need to qualify for the new loan using only your income and assets. You’ll need to provide paystubs, W2s, bank statements and your divorce documentation. In Colorado this would include your Separation Agreement (Memorandum of Understand) or notes from the Court. If you have children, you will also need to provide your Parenting Plan.
In the state of Colorado, a Divorce Decree is not necessary if it has not been issued yet.
Your credit will need to be in good shape as well. Best to keep debt to a minimum during the refinance process.
If you need to utilize support payments (alimony, child support) there will be a waiting period of 3 to 6 months. This is to ensure that the ex-spouse who is mandated to pay the support payments is actually doing so.
Removing a Name from the Mortgage
If your ex-spouse is on Title for the home, the Title Company involved with the refinance will create a Quit Claim Deed for your ex-spouse to sign with a notary. This will remove your ex-spouse from ownership of the home.
Taking Equity Out to Give to the Ex-Spouse
If the Courts award the ex-spouse equity from the home as part of the settlement the equity can be pulled from the home through the divorce as long as you qualify with the increased mortgage.
Summary
When it comes to refinancing your home, you would be wise to consider retaining the services of a lending professional who understands the nuances of the divorce process and ensure this professional is involved upfront and before the Divorce Agreement is finalized.
Jan Parsons Smith
Production Manager, NMLS #442729
jparsons@primelending.com
720-308-1320
by questful | Jul 28, 2020 | Collaborative Law, Uncategorized
Contemplating divorce can be one of the biggest life-time decisions you will ever make. Deciding how you get through the process can have a tremendous impact on how life after divorce will affect you emotionally and financially.
The common approach in our culture tends to lean on legal representation for not just legal guidance but financial, family, and emotional support that can be very taxing for a family law attorney to single handedly manage and resolve. An alternative approach is to build your resolution process team that is comprised of professionals that specialize in each of the key areas of divorce with a focus on meeting the current and future needs that you and your spouse have.
This approach is called collaborative divorce. The goal is to work collectively in a team-based environment comprised of two family law attorneys (each representing one spouse), a financial expert, and a facilitator with a mental health/mediation background. The goal is to reach a mutually acceptable resolution plan designed to meet as many needs and goals each spouse brings to the team to solve. This highly communicative, goals based, and dignified divorce process tends to facilitate higher quality outcomes that can lead to healthier ex-spouse relationships with less negative impact to children.
Patrick Janssen
Wealth Advisor, Certified Divorce Financial Analyst
office: 720.805.0051
mobile: 720.314.9774
5251 DTC Parkway, Suite 1045
Greenwood Village, CO 80111
www.aspirewmg.com
patrick@aspirewmg.com
by questful | Jul 28, 2020 | Financial, Uncategorized
Determining the value of your home for a fair assessment can sometimes be difficult. Often the disposition of the marital home can become cantankerous as well.
There are ways to obtain a fair and partial appraised value when going through divorce.
An appraiser can be hired by both parties (on average an appraisal in Denver Metro will cost between $550 and $650). Often two appraisals will be needed in order to satisfy both parties. Typically, home values are based on the last 6 months of sales in your neighborhood and the condition of your home.
A qualified Real Estate Professional can create an “Opinion of Value” in lieu of an appraisal. This may save you a few hundred dollars and may/may not be as accurate as an appraisal that has been completed by a qualified appraiser.
You may be sharing in gained equity of the marital home. If so, the value of the home is very important.
If you both cannot agree upon a value for the home, a Judge may be called upon to determine the value. This may/may not be wise so it might be best to reach an agreement prior to sitting in front of a judge.
If one of you will be awarded the marital home, often a refinance will be required to take the other spouse off the mortgage. If a value has been agreed upon and written into the agreement don’t always assume the value that the mortgage company’s appraiser will match exactly to the appraisal you had completed through the divorce. Because appraisals can be subjective, the values can vary between the “divorce appraisal” and the “refinance appraisal”.
Whether you choose to sell or refinance your home, an appraisal is a very important factor in determining the home’s value.
Jan Parsons Smith
Production Manager, NMLS #442729
jparsons@primelending.com
720-308-1320
