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Short- or long-term spousal support, also called separation maintenance (or alimony in a divorce) may be required if one partner is financially reliant on the other. You may also be entitled to spousal support if your marriage lasted a certain period of time, or because of a variety of other factors.
The amount of alimony is determined by Colorado courts by deducting 50% of the lower gross income from 40% of the higher-earning spouse's gross income. The monthly spousal support payment is then calculated by multiplying the difference by 12.
How to Handle Your Finances During a Legal Separation Have tough financial discussions. Understand your financial picture. Keep accurate records. Open new, separate accounts. Pay joint debts. Think about retirement accounts and insurance.
How to Handle Your Finances During a Legal Separation Have tough financial discussions. Understand your financial picture. Keep accurate records. Open new, separate accounts. Pay joint debts. Think about retirement accounts and insurance.
Financial status quo refers to the standard of living that you and your spouse maintained during marriage. When you're getting divorced, you have a right to this standard until your marriage is officially dissolved. Your basic expenses should be covered, and you should retain access to all shared accounts.
Here's what you should not do during a separation. Letting others influence you. When you and your spouse decide to separate, consider keeping this information private. ... Moving out. ... Jumping into a new relationship. ... Making rash decisions. ... Punishing your spouse.
The first and easiest step toward separating your finances is to establish separate bank accounts and credit cards. This keeps your income and debt separate from this point forward. Account division is based on the percentage deemed fair by the couple, whether it's based on earned income or individual responsibility.
Things You Should Not Do During Legal Separation Do Not Move Out of Your Family Home. ... Do Not Rush into a New Relationship. ... Do Not Deny Your Partner the Right to Co-Parenting. ... Do Not Involve Your Family Members and Friends in Your Separation Process. ... Do Not Sign Any Documents Without the Consent of Your Lawyer.