By: Sarah T. McCain
When the decision to physically separate and dissolve the marital relationship is made, there are some basic steps each party to a Colorado divorce should consider taking to ensure a smooth transition, an ability to appropriately deal with finances in the short-term, and an ability to logistically function as they move on to the initial phases of an actual divorce case. Specifically, there are steps one might initially take to make dealing with bills, expenses, and personal property easier. Regardless of the complexities in your case, some simple preventative measures might go along way.
The initial stages of dividing finances can be a rocky experience for many couples. It’s important to have an understanding of what the financial circumstances are. You will need to know what the overall marital obligations are, such as utilities, mortgage or rent, car payments, insurance, and credit cards. This should include an understanding of due dates and how these items have traditionally been paid. The first step is gathering documents necessary to give you a clear picture, which should be done before either you or your spouse leaves the marital residence. Gathering these documents jointly and creating a plan regarding who-will-pay-what is preferential. If collaboration is not an option, it still makes sense to gather as much documentation as possible so that you can assess not only how best to protect yourself financially, but also for purposes of compiling evidence for your case. Once you leave the home you should presume you’re not likely getting back in. Conversely, once your spouse leaves, presume he or she will take various documents that you may no longer have easy access to. Having a clear understanding of the financial puzzle will help you to figure out what needs to be done throughout the process. Continue reading