Unlike other states, Colorado law offers judges a formula to determine the amount of support . The formula provides for a monthly payment to the lower earner of 40% of the higher earner’s monthly adjusted gross income minus 50% of the lower earner’s adjusted gross income.
The formula for the calculation of spousal support is 40% of the difference between the parties’ net incomes without dependent children and 30% with dependent children.
The guideline states that the paying spouse’s support be presumptively 40% of his or her net monthly income, reduced by one-half of the receiving spouse’s net monthly income. If child support is an issue, spousal support is calculated after child support is calculated.
For the person seeking spousal maintenance , it is a question of his or her reasonable needs given the standard of living during the marriage and his or her ability to meet those needs independently from earnings and/or income from property being awarded to them in the dissolution of the marriage.
Adultery is Not a Ground for Divorce in Colorado Colorado is a no-fault divorce state. This means that a judge will grant a divorce if one spouse can show the marriage has “irretrievably broken down.” The reason for the breakdown is really irrelevant, so it doesn’t matter if your spouse has been cheating.
Do not move out of your home before your divorce is finalized. Legally speaking, it is one of the biggest mistakes you can make. If you leave the home and your divorce proceedings don’t go as planned, your spouse can choose to play dirty. This means she could accuse you of abandoning her and the kids.
A fair settlement must identify marital property and separate property. If one spouse owned property or assets prior to the marriage, and those assets haven’t been commingled, that spouse should receive that property in the divorce settlement . An inheritance or gift received by one spouse is also separate property.
How To Keep Your Stuff Through Divorce Disclose every asset. One of the most important things you can do seems, at first, counter-intuitive. Disclose offsetting debts. Likewise, it is important to disclose every debt, especially debts secured by marital assets. Keep your documents. Be prepared to negotiate.
Colorado law requires that division of property in divorce be “equitable and fair,” which means that it doesn’t necessarily have to be a 50 / 50 split. By contrast, community property states hold that all property accrued during a marriage is subject to a 50 / 50 distribution.
While some states have eliminated lifelong alimony , except in cases of elderly or disabled spouses, that is not the case in Colorado . In marriages lasting longer than 20 years, a spouse can be awarded spousal maintenance for the rest of their life.
Colorado is a marital property state, meaning that the courts seek to fairly divide your marital assets between both spouses in a divorce . Generally speaking, that will include the home you purchased with your spouse.
The amount should be decided by both parties. Some common ways of calculating spousal support are to take up to 40% of the paying spouse’s net income (post-child support ), less 50% of the amount of the supported spouse’s net income (if he or she is working). Spousal support can be waived by the recipient spouse.
A couple marries and when they divorce, one spouse pays the alimony for the rest of their natural life , or until their spouse’s demise—whichever comes first. Even Powerball winnings end after 20 years, while permanent alimony continues through one’s retirement—although the amount paid can be reduced by the courts.
Alimony , also called spousal support or spousal maintenance , is the payment of money by one spouse to the other after separation or divorce. Its purpose is to help the lower-earning spouse cover expenses and maintain the same standard of living after divorce.