Picking up from How Your Divorce Separation Date Can Impact Your Divorce Case (Pt. 1), here, we’ll continue revealing some crucial info about this aspect of divorce. While the first part of this blog focused on how this date is determined (when couples dispute divorce separation dates), below, we will point out just some of the ways this date may impact divorce cases.
When Does a Divorce Separation Date Matter?
Although the separation date for a couple will not matter in every divorce case, some of the instances when this date becomes very important or critical in divorce can include when the following may be on the line:
- Income – What couples earn during their marriage generally counts towards the marital property; however, what is earned after a couple officially separates – or, in other words, after the divorce separation date – will typically NOT be included in the marital assets that a court divides.So, if you earned a chunk of money close to when you separated from your spouse, establishing your marital separation date before this can be very beneficial to you in your divorce case.
- New business ventures – Similar to income considerations, new business ventures can also be (or not be) included in the marital property, depending on the determined divorce separation date.In fact, if you know you’ll be planning to start a new business while your marriage is falling apart, it can be advisable to put off these new ventures until well after your divorce is underway (in order to fully preclude that venture from being an issue in your divorce).
- Support payment obligations – When divorce separation dates can impact income considerations, it also generally means that support payment obligations can be affected. This is because, when it can be established that a partner earned less or more income up until the divorce separation date, the support payments that can be awarded later can end up being far less or more (respectively).
- Marital debt – When joint lines of credit remain open as couples separate and/or plan for divorce, it’s possible for one party to run up a lot of debt on those shared lines of credit. Depending on when a divorce separation date is, however, it can be possible for a partner to prove that the other party spent this money on a new romantic partner, for instance, and this can lead to courts ordering the other party to repay that portion of the debt (even though, by law, creditors can still go after both parties for repayment).
To get some final important info about divorce separation dates, be sure to check out the upcoming conclusion to his blog series. It will be published soon.
Littleton, Colorado Divorce Lawyers at Bahr & Kreidle
Are you ready for some experienced help with your divorce case? If so, the Littleton divorce attorneys at Bahr & Kreidle are here for you, ready to provide you with the highest quality legal services. Our lawyers know how serious and devastating the impacts of divorce can be. That is why we are committed to advocating our clients’ rights, helping them navigate the complexities of the divorce process, and ultimately help them bring their divorce to a successful resolution.
To learn more about your rights and best options for proceeding, let’s meet for a no obligations initial consultation. You can set up a meeting by calling us at (303) 794-7422 or emailing us using the contact form on this page.
From our law offices in Littleton, we represent clients throughout Colorado, including in the Denver Metro Area, Arapahoe County, Adams County, Jefferson County and the cities of Lakewood, Highlands Ranch, Lone Tree, Castle Rock, Westminster, Centennial and Aurora.