How to Reach a Fair Divorce Settlement
When the decision of filing for a divorce has been made, several things must be accomplished including dividing all assets. Any assets acquired during the marriage must be equally split between both parties or one part must buy out the other.
Property settlement means anything can be owned. Items such as trusts, businesses including those in partnership, land, houses, furniture, household goods, tools and equipment, bank accounts, vehicles and shares. The list of assets can also include anything owned by either spouse prior to the marriage. However, before the assets can be divided, all debts must be paid in full.
Whether a settlement of assets agreement has been reached between both parties, it is in both parties best interest to acquire a lawyer and have a formal document drawn up. Sometimes spouses can change their mind or hide additional assets, hurting the other spouse in the long run. Having a written agreement comprised by a lawyer protects all parties involved.
Reaching an equal agreement with your spouse using the lawyers is the quickest and most cost effective. If the agreement must be taken to court, each party runs the risk of not receiving a 50% share. In addition, this can also be very time consuming as well as very expensive.
Lawyers work together to devise a fair and equal settlement agreement. In order to do this, they will look at each partys contribution to the marriage such as wages and child responsibility. In addition, both parties age, health, if there are children and any future educational obligations must also be considered to comprise a flexible alimony and child support agreement.
The custody of the children is determined by many factors including the child’s wishes, which parent has had more contact, the quality of the parent – child relationship and the physical and mental health of both parent and child. Whichever parent does not receive custody of the children will be required to pay child support.
If you believe your spouse is hiding any assets, you can have the lawyer investigate by enforcing the “full and frank disclosure”. This means, they must either come clean with any hidden assets they may have or the lawyer can issue a subpoena, a court order demanding they produce all documents. Another consideration is making sure you have a tax agreement. Some of these assets might come with a big tax bill and you need to know and have in writing who is responsible for it.
There is no denying that divorce is an emotional and stressful time, however settlements must remain business like at all times. Lawyers are there to listen to your thoughts and concerns as well as ensure your best legal interest is being considered. If you manage to have no property and no children, you can seek out a DIY divorce. This process requires no lawyer and is fast, simple and cost effective; although you must make sure it is available in your state.
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