During a divorce, one of the most difficult concepts for any person to grasp is the lack of available money necessary to support both parties. This is the result of splitting the pot as some may say - you are taking a household bringing in x amount of dollars each month, and dividing that household in two. All of the sudden, there are two payments for homes, utilities, and insurance, with the same amount of money coming in. If you are contemplating divorce, now is the time to begin saving the funds that you will need to stay afloat.
The most difficult factors for both parties are usually maintenance (spousal support) and child support (if there are children). In addition to the extra expenses, the party who earned the most during the marriage has to pay money to the other spouse so that spouse can pay their respective bills. Colorado has maintenance and child support guidelines that proportions the total income to both parties accordingly. However, the guidelines do not account for all expenses. Therefore, Colorado Law gives the Court discretion to consider the financial needs of the spouses and children when making a support determination.
While the primary purpose of maintenance is to keep the parties in relatively the same financial circumstances as they were during the marriage, often the best option for the parties is to make an effort to reduce their expenses. The parties may need to downsize their home or they may need to be creative in their distribution of property, such as one spouse taking more property rather than receiving maintenance. Another option would be reducing the maintenance amount and getting paid for a longer time frame. There are a number of options the parties can come to with the assistance of a good attorney to ensure that both parties walk away from the marriage capable of supporting themselves and their children.
Divorces are always painful, financially and emotionally, and require you to adjust your perspective. It is important to keep in mind that your goal during a divorce is to split up the relationship and assets as fairly and amicably as possible.
For all your divorce and family law needs, please contact the Domestic Team at Feldmann & Nagel, LLC.