Tag Archives: financial

The Cost of a Divorce

Interesting article on the cost of divorce online at the Washington Times. According to the article, Avvo performed a survey of consumers and attorneys on the priority of concerns of those going through a divorce. The cost of divorce was #1.

As the author points out, it is nearly impossible to predict the cost of a divorce. An attorney has little control over the other party, the judge, or the opposing attorney. If children are involved, the cost of a divorce in Colorado is generally higher. Similarly, the costs rise dramatically when a parent wants to relocate, a party tries to hide assets or income, especially if they are self-employed, or the parties cannot be civilized and communicate on simple issues.

Each divorce is different. For those considering a divorce in Colorado, I suggest they at least consult with an attorney about their options before filing a petition and, especially, before signing a parenting plan or separation agreement. Most family law attorneys do not charge for initial consultations, and some offer unbundled legal services. Having a lawyer review a final agreement, or represent you for one hearing, is money well spent because it reduces the risk of issues coming up in the future. As in all walks of life, you get what you pay for.

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529 College Plans

Morningstar recently issued a report for 529 college savings plans, including two in Colorado that earned a “bronze medal.” These plans are great vehicles for parents to save money for their children’s post-secondary education costs. The number “529” is in reference to the applicable IRS tax code provision. For more info on 529 plans, see here.

Morningstar Ratings for College Savings Plans