Divorce is never an easy process. This simple fact is the reason why Steven P. Johnson and his firm, Pryor Johnson Carney Nixon, have created the Colorado Family Law Matters blog. This publication endeavors to provide counsel and advice on important issues faced by families and those going through divorce in Colorado and across the country.
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While a divorce case is pending, one of the things the parties are tasked to do is come to an agreement on how marital debts will be divided. If possible, the party not responsible for paying the debt under the divorce decree will usually try to have the debt refinanced in the name of the other...
With the downturn in the economy over the last several years, the need to consider severance packages and how they are allocated during a divorce has become more common. A severance package typically consists of pay and benefits an employee receives upon the termination of employment. In...
Jeffrey Landers at Bedrock Divorce Advisors, LLC is a Divorce Financial Strategist who works exclusively with women going through financially complicated divorces. He has recently written about the tax implications of "alimony payments" (called maintenance in Colorado). In particular, Mr. Landers...
Employer Contributions to Employee Benefits Are Usually Not Considered As Gross Income When Calculating Child Support in Colorado
I wrote last week on the confusion that can arise when considering whether Social Security benefits are included as "gross income" under Colorado's statutory child support guidelines. There are also numerous "fringe" benefits a spouse can receive from his or her employer that may seem like income...
Considering Social Security Benefits as Part of Gross Income for Colorado Child Support Calculations
Colorado has specific state-wide guidelines that are used in calculating a parent's obligation to pay child support. The purpose of the guidelines is to provide "an adequate standard of support for children, subject to the ability of parents to pay." C.R.S. § 14-10-115(1). The child support...
Colorado lawmakers have determined that "it is in the best interest of all parties to encourage frequent and continuing contact between each parent and the minor children of the marriage after the parents have separated or dissolved their marriage." C.R.S. § 14-10-124(1). When a married couple...
Maintenance (formerly called "alimony") is defined as "support paid by one ex-spouse to the other as ordered by a court in a divorce (dissolution) case." Usually, it is the spouse with the higher income or earning potential who pays maintenance to the other spouse. In Colorado, maintenance can be...
In Colorado, property (i.e. assets) that a couple has accumulated during marriage is equitably divided during a divorce. Colorado law defines "marital property" as all property acquired by either spouse after marriage except: Property acquired by gift, bequest, devise, or descent; Property...
Stock options are usually thought of as being granted to the high level C-Suite employees of large corporations. But the reality is that stock options are increasingly being provided to compensate employees at various levels on the company organizational chart. A stock option is defined as "a right...
The court room can seem like a daunting and unfriendly place for those individuals who prefer not to spend much time there. Author Mark Pfenning offers ten helpful tips for those preparing to face a judge in divorce court. Settle as many issues as possible before trial: Once you enter the...