According to a 9News report, Colorado courts calculate the alimony amount by taking 40 percent of the higher gross income and subtracting 50 percent of the lower gross income. The difference is then divided by 12 to determine the monthly alimony payment.
How is alimony usually calculated?
Common methods for calculating spousal support typically take up to 40% of the paying spouse’s net income, which is calculated after child support. 50% of the recipient spouse’s net income is then subtracted from the total if he or she is working.
How long do you have to be married to get spousal support in Colorado?
Generally speaking, you need to have been married at least three years to be eligible for alimony. And if the higher earner grosses $40,000 monthly while the lower earner grosses $4,000 monthly, that person would be eligible for up to $14,000 in monthly support.
How long do you have to pay alimony in Colorado?
The statute caps suggested maintenance terms at 50 percent of the marriage. Once you’ve been married for 12 and a half years, the maintenance term becomes 50 percent of the length of the marriage. If you’ve been married 20 years, you could receive – or pay – alimony for 10 years.
How are assets divided in divorce in Colorado?
Colorado is not a community property state in a divorce. Colorado is an equitable distribution state, which means property will be divided by the court in a manner that is deemed fair to both parties, but not necessarily equal, if spouses cannot come to a resolution on their own.
Is spousal support and alimony the same?
Alimony, also called spousal support or spousal maintenance, is the payment of money by one spouse to the other after separation or divorce. Its purpose is to help the lower-earning spouse cover expenses and maintain the same standard of living after divorce.
Is alimony based on gross or net income?
Alimony serves to help the spouse maintain a comparable standard of living. Alimony calculation uses gross income because this represents the standard of living the parties lived prior to the divorce.
Is divorce 50 50 in Colorado?
Colorado law requires that division of property in divorce be “equitable and fair,” which means that it doesn’t necessarily have to be a 50/50 split. By contrast, community property states hold that all property accrued during a marriage is subject to a 50/50 distribution.
How much does the average divorce cost in Colorado?
The typical cost of divorce in Colorado averages around $14,500. Depending on your needs, it could be as little as $4,500 to as much as $32,000.
How long does a divorce take in Colorado?
Most divorces in Colorado take about 6-9 months to complete, depending upon the issues involved, and especially upon whether they are contested or not.
How can I avoid paying alimony in Colorado?
Prenuptial Agreement. The best way to avoid paying alimony is to plan ahead. Before you get married, consider creating a prenuptial agreement that prevents alimony payments in the event of a divorce.
Is alimony paid forever?
Well, we’re here to tell you this is not the case. California state law dictates that spousal support is not permanent! In fact, depending on circumstance it might only last a few years. In other cases, it can last for decades; but often the amount paid can be reduced significantly.
What happens if you don’t pay alimony in Colorado?
If you’ve failed to pay court-ordered support in Colorado, the court can charge you with contempt of court. If it finds you guilty, it will require you to pay a fine or send you to jail.
Who gets the house in a divorce Colorado?
Colorado is a marital property state, meaning that the courts seek to fairly divide your marital assets between both spouses in a divorce. Generally speaking, that will include the home you purchased with your spouse. Everything you own ends up classified as either marital property or separate property.
Is Colorado a mom State?
Colorado courts are gender blind, so the parents are on equal footing. No preference is given to either the mother or the father. … Parents sometimes need a parenting mediator. Joint custody rulings in Colorado are different than in other states.
Does infidelity affect divorce in Colorado?
Adultery is Not a Ground for Divorce in Colorado
Colorado is a no-fault divorce state. This means that a judge will grant a divorce if one spouse can show the marriage has “irretrievably broken down.” The reason for the breakdown is really irrelevant, so it doesn’t matter if your spouse has been cheating.