Colorado law provides that marital debt be divided on an equitable basis. When deciding what is fair, the court will consider each party’s financial situation, and will attempt to allocate the unpaid debt in a manner so that each person can move towards financial independence from the other.

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There is no quick and easy method for working through the pain of divorce, but you must be aware that you will heal over time. The growth process inherent in divorce will bring with it the hope and the strength  that you need to create the sound foundation for a new and better life.

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Rich Harris, and everyone at The Harris Law Firm, would like to wish all of you a very happy, healthy and prosperous new year! Here is to a great 2009!

The biggest divorce news of 2008 came when Madonna and Guy Ritchie filed for divorce in mid-October.  Other high profiles divorces this year included model Christie Brinkley, and actors Robin Williams, Liv Tyler, Morgan Freeman, Chris Kattan, and talk show host Star Jones. 2008 also included a number of short marriages: Ivana Trump and Rossano Rubicondi, who married in April, announced that they have separated. Actress Kate Walsh and her husband Alex Young have moved on after only 15 months, and Eddie Murphy and Tracey Edmonds marriage was dissolved after only 2 weeks. David Duchovny and Tea Leoni have separated, as have Shania Twain and Robert Lange, and Balthazar Getty and his wife Rosetta. Rumor has it that Jennifer Lopez and Marc Anthony’s marriage is in trouble and they may be the first high profile couple to divorce in 2009.

Actor Alec Baldwin, who stars with actress/writer Tina Fey on the NBC sitcom, “30 Rock”, is also the author of a new book for men regarding the divorce process. Baldwin, who was married to actress Kim Bassinger, recently published a book about divorce titled “A Promise to Ourselves: A Journey Through Fatherhood and Divorce.”

Many states in the US will allow children to decide with whom they wish to reside when they reach a certain age. In Colorado, a court is not required to rule in favor of the child’s request. A court may consider the child’s wishes, depending upon the child’s maturity, the reasonableness of the request, and to what extent the Court perceives the child’s wishes as his or her own.

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The first step in dividing marital assets is obtaining and reviewing financial information from both parties. Generally, the assets and debt that a married couple accumulates during the course of the marriage are divided between them as fairly as possible.

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In short, maintenance payments must be declared as income by the person who receives them, and are tax deductible for the person who pays them. Child support payments, however, are neither taxable to the payee or deductible by the payor. More detailed tax information can be provided by your attorney or by a tax professional.

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And all the best to each of you during this festive season.

From Rich Harris and Everyone at The Harris Law Firm