New Formula for Spousal Maintenance: What You Need to Know

Because so much can be uncertain during the divorce process, the Colorado legislature recently passed a new law that provides one clear formula for determining spousal maintenance, or alimony. The new law, which became effective Jan. 1, 2014, puts Colorado in line with many other states that have used formulas for determining spousal support for years.

This new formula applies to marriages between three and 20 years in duration, where the combined income of the spouses does not exceed $240,000. If you fall between those limits, you may now more easily calculate your maintenance amount.

The new formula takes 40 percent of the higher income earner's monthly income, and then subtracts 50 percent of the lower earner's monthly income. Judges may also consider such things as marital property and whether there are children, in deviating from the formula. The period of support is based on the length of the marriage, ranging from one-third to one-half the length of the marriage.

Using these guidelines may help you have a better understanding of your financial situation after your divorce. If you don’t fall within the guidelines provided or you have any questions about your divorce or this formula, please contact Michal or Josh today.

Paycheck To Paycheck

According to a recent report, more than 42 million women and nearly 30 million children who depend on them are living in or are on the brink of poverty. Many of those women are single mothers working to scrape by on enough to support their children. A new HBO documentary, which can be seen for free on HBO.com, profiles the story of one of those single mothers and the struggles she faces in making ends meet for her family.

For many of those living on the brink, some small changes can help make differences in day-to-day living. Here’s a guide of helpful tips on managing money from making small changes to a budget to how to negotiate a higher salary.

Avoid These Social Media Pitfalls During Divorce

As frustrating as a separation or divorce may be, it’s important to think carefully about venting any of your frustrations over social media. Even one simple message on Facebook or Twitter can have a devastating impact, both legally and financially, on your divorce proceedings. Here are some tips to ensuring you don’t cross the line with social media.

1. Remember that it’s called social media for a reason. Even if you have your ex-spouse and his or her friends blocked, posting anything on a social network means it can be easily accessed and possibly used against you in your divorce case.

2. What’s done can’t be undone. Even posts that are later removed can still be found, so it’s important to be conscious of what you’re posting, even those things that seem unrelated to your relationship or your divorce can impact a court’s decision. “For example, if parents are sharing custody and their 15-year-old kid posts a picture drinking alcohol at a party on his or her own Facebook page, that photo can be used against the parent who was technically “on the clock” as evidence of unfit parenting,” says this useful article from the Huffington Post.

3. Beware of the story your accounts are telling. Social media rarely depicts the full picture, and the limited view it can paint can hurt you when told in court. If you’re requesting full custody of your children, a social media account that only includes references to parties or alcohol can show a skewed image to the judge.

4. Control who is posting what. Many social media outlets allow individuals to tag and identify their friends in posts and pictures. If you’re uncertain about what kinds of posts or pictures you might be tagged in, consider changing the security settings on your accounts so that you have to approve any references before they go public. That way you can ensure only posts that you approve can be seen.

Read more here.

Split-Up Season

Whether it’s the end of the holiday season or the winter cold in many states, the first quarter of the year has statistically become the busiest time of year for divorce attorneys and family law courts. Over the past five years, divorce rates have risen consistently from January through March, when they peak. Even Internet searches of divorce and family law related issues peak during that same period.

If you’re considering a divorce, it’s important to ensure you have plan before moving forward. Consider building a support network including possible support groups of others who are going through the process. Start saving so that you can cover any expenses you may incur on your own. Hire an experienced divorce attorney — and remember that you can interview more than one until you find someone you think understands your case and will be your best advocate. Work with your attorney to develop a list of paperwork you may need, and to help you plan for the process. If you and your spouse don’t want to hire attorneys, consider consulting with one before you file your paperwork to ensure everything is in order.