Quote:
Originally Posted by rugrats2001
The short story is a couple married over 25 years, one decides to file for divorce, in Colorado.
One of the couple has a low paying family job, around $40k, the other makes over $100k / year. There is a 401k with close to $180k that was from payroll deductions from the high earner, the pay of the other was used exclusively to pay household and family expenses.
Now the high earner has filed for divorce and feels that an equitable distribution of property would be about $100k in marital assets for the low earner, and about $50k in marital assets for the high earner, in addition to the entire $180k retirement account. Also, the high earner feels they should not have to pay any spousal maintenance (alimony).
The couple was together for the entire education and job growth of the high earner, where the low earner kept their job, among other reasons, to maintain a steady income while the other took chances on new positions, to be there to pick up the children (now grown) from school every day, help out the family, and wait out the lean times until it was profitable again.
The low earner works in a family business that was originally very profitable and looked to be a great career, but the local economy collapsed and the entire industry that the family business was a part of has lost 75% of its retailers and 90% of its suppliers. Waiting out the downturn hasn't worked, and it is no longer viable.
According to Colorado spousal maintenance guidelines, alimony of around $1,800 per month would be prescribed by a family court judge, and 'equitable distribution' of the marital assets.
What do YOU think would be a reasonable split in this situation?
|
I rarely post on forums but ... there is so, so much involved when a Judge determines an equitable division of assets ... most importantly that "equitable" does not mean EQUAL (contrary to popular belief).
If you haven't yet you
really, really need to educate yourself on Colorado's divorce law regardless of how amicably each of you are approaching this divorce. You can still be amicable, nice, reasonable etc. AND protect your rights in the process.
You need to be fully aware of & versed in the guidelines the courts have to apply when making their final decisions and what your rights are as a marital partner. There are so many factors that must be evaluated in rendering these decisions and (most) Judges do not take their responsibilities lightly ... nor would they care to have their decision overturned later by in a higher court because they failed to follow the laws as written.
You've stated that
the high earner feels they should not have to pay any spousal maintenance (alimony). Well that's nice (
not) but ...
It DOESN'T WORK THAT WAY. Colorado recently has established NEW specific guidelines for spousal maintenance. These were signed into law in May 2013 and are effective for divorces as of Jan 1st 2014. (Document available at:
http://www.leg.state.co.us/clics/clics2013a/csl.nsf/fsbillcont3/DF14C3B93C0EBF9387257A8E0073C4E0?open&file=1058_en r.pdf)
According to the above, "WHEN THE DURATION OF THE PARTIES' MARRIAGE EXCEEDS TWENTY YEARS, THE COURT MAY AWARD MAINTENANCE FOR A SPECIFIED TERM OF YEARS
OR FOR AN INDEFINITE TERM, BUT THE COURT
SHALL NOT SPECIFY A MAINTENANCE TERM THAT IS LESS THAN THE MAINTENANCE TERM UNDER THE GUIDELINES FOR A TWENTY-YEAR MARRIAGE WITHOUT MAKING SPECIFIC FINDINGS THAT SUPPORT A REDUCED TERM OF MAINTENANCE."
(In the case of a 20 yr marriage the guideline is 50% for a period of 10 years.)
This document also outlines all the other factors that go into determining Spousal Maintenance awards.
READ THEM CAREFULLY
Other thoughts ... you've stated that all the income from the low earner was "used exclusively to pay household and family expenses." Can you substantiate this? Have you obtained copies of ALL your financial records .. if you haven't, do so. Go back and gather information as far back as possible. It's a daunting task but it is in your overall best interest honestly. You also noted that you were together for
"the entire education and job growth of the high earner." Was your education deferred or set aside as a result of the marriage and/or children? Did your income actually finance the education of the high earner? I'm speculating here but I'm guessing the high earner has offered to "give" you the house assuming that you buy them out for a nominal ($50K) amount ... well, it won't do you any good if you can't afford to live there and maintain it will it? Really, really consider how badly you want it because its value is taken into account and
can be used to offset portions of spousal maintenance.
Sorry for writing so much here but it is your future that is at stake ... bottom lines: 1) educate yourself (not just through talking w/ friends either!!), 2) Obtain copies of Everything (statements, checkbook registers, paid bills, etc. & especially data related to employment benefits of the high earner) and once you've got a better understanding of your rights ... 3) start interviewing lawyers ... at least 3, most will offer an initial consultation for "free" or short money. You be better able to evaluate them since you'll have done your homework before hand ... painful as it is. Don't agree to waive or give up anything thinking that it's the "right or nice" thing to do or that it'll change things... chances are good it won't.
Honestly I'm sorry you're having to ask this question.
All the Best!
~ Irish
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There's SO Much More That has to be considered
