When most people in Colorado get married, they do not anticipate getting a divorce. Because of this fact, some choose not to get a prenuptial agreement. If you belong to this group and then ended up separating from your spouse, you may be wondering what to expect during divorce proceedings.
Business Insider states that, without a prenup, you will likely have to determine the equity of several assets, including any professional licenses or practices, stocks and bonds, copyrights, patents, trademarks and insurance policies. This is in addition to all physical property, like houses, cars, boats, planes, and bank and retirement accounts. Dividing non-physical property can become extremely complex and require you to sell practices or pieces of ownership in order to meet court demands.
Leaving the decision to the judge’s discretion can mean that you may have to take extreme steps to fulfill your half of the judgment. Many couples choose mediation, since the process requires less valuation of assets, fair division and more conversations about what will work best for your family. A judge may require you to sell your dental practice and split the profits with your spouse, while a mediator may help your spouse realize that this would be counterproductive and settle for ownership of other assets instead.
The ability to achieve a more peaceful, livable agreement is one reason why many couples choose the process of mediation during divorce instead of leaving the decisions up to a judge. This information is intended for your education and should not be taken as legal advice.