Is a Business a Martial Asset in Divorce?
In this video, Divorce Matters partner William E. Smith explains how it is essential to properly value a closely-held or family business. Whether both spouses own the business as co-owners, or even if one spouse is the owner of the business, it is likely marital property to be equitably divided in divorce. This can be done by agreement or through the use of expert business valuators for one spouse to buy out the other or otherwise split the asset fairly. For more information about business valuation for Colorado divorces, contact our attorneys here.
If I Get A Raise, Will My Child Support Increase?
Life happens, and because of this, a child support order is not permanent. Sometimes a parent may find themselves in a new job where they are earning more or they may receive a significant raise at work. On the other hand, sometimes circumstances go the other way, and a parent may find they’ve lost their job. Whatever your circumstances are, if you have a child support order in place there is definitely a chance that at some point it will need to be modified.

To modify a child support order, there has to be at least a 10% difference in the existing child support order and there is no mechanism in place that automatically changes a child support order when a change in circumstance occurs. If a change needs to be reviewed, you need to file a motion to modify child support with the court.

The short answer? You may have to pay more if you receive a raise at work. However, this is not necessarily a given. The difference between the existing child support order and the potential new one has to be greater than 10%. The court also needs to receive a motion to modify child support before the order will change.

Some other situations where child support may be modified:
  • A change in child custody and visitation
  • Reduced child care costs as a child gets older
  • Emancipation of a child

If you believe you need help with a modification of child support, contact the attorneys at Divorce Matters. We also offer a free child support and maintenance calculator app if you need help determining potential changes, our app can be found in both the Google Play and iOS stores, click here to learn more and download the app.
5 Tips for Those Who Are Going Through Divorce
Somewhere between 40 and 50 percent of married couples will face a divorce, according to the American Psychological Association. If you are going through a divorce, you may feel overwhelmed. Here are some helpful tips from divorcees who have been there before:

1. Everyone deals with divorce in his or her own way. Grief, anger, depression – there is no cookie cutter response. It might take a long time to recover. Take it at your own pace. If the divorce weighs too much on you, consider talking to a therapist.

2. Figure out your shared finances. Financial analysts suggest that 40 percent of divorces are about money. Figure out whose names are on which bank accounts, passwords to online accounts, investment information, etc. Having documentation of your financial situation can streamline what can be a complicated divorce process.

3. Continuing with the importance of clarifying finances, you should calculate your future living expenses as well as keeping some money aside for unexpected costs. If you did not have a budget while you were married, this is the perfect time to start using one.

4. Don’t try to hurt your ex. It may be tempting, but it is never worth it. Even something as simple as harsh words can escalate an already tense situation. Worse still, if you have children, your children may suffer if you badmouth your ex. And whatever you do, don’t post negative things about your ex on the Internet. Always take the high road.

5. Pay extra attention to your children and their feelings. Kids will often blame themselves for a divorce, even when it had nothing to do with them. Show them extra love and address behavioral issues early. Speak to their school teachers and principle about what is going on, so they have a heads-up if problems arise or if your child seems depressed or anxious.

If you think you may need to talk to an attorney about your situation, you can visit our website and contact us here, or you can call us at 720-542-6142.
This newsletter is for informational purposes only. Nothing in this newsletter should be taken as legal advice and receiving this newsletter does not constitute an attorney client relationship.