Divorce is a difficult and emotional process, but it doesn’t have to be complicated. For both parties to come away with the same amount of money or property after the split, it’s important that you keep certain things in mind before coming up with your final agreement. Here are ten things to make sure are included in your divorce settlement:
1. The Marital Home
The marital home is usually one of the biggest assets a couple has, so it’s important to come up with a plan for who will keep it. If the two of you can’t agree on who gets to stay in the home, then you’ll need to come up with a way to split the equity. This could mean selling the home and splitting the profits, or one of you could buy the other out.
2. Retirement Accounts
When it comes to retirement accounts, there are two things to consider: who gets to keep the account and who gets the money inside the account. If you can’t agree on who keeps the account, then you’ll need to come up with a way to split it. As for the money inside the account, that will need to be distributed as well.
3. Child Custody
When two people get divorced, they need to figure out what will happen to their children. Who will they live with? Will one of the parents have to leave their home? These are tough questions, but they need to be answered. So, make sure you have a solid custody agreement in place before finalizing your divorce.
4. Child Support
One of the most important aspects of a divorce is figuring out how many children support each parent will pay. This can be a difficult conversation, but it’s important to come to an agreement so that both parents can continue to provide for their children. Your child support attorney can help you come to an agreement that is fair for both parties.
Alimony is another important aspect of a divorce. If one spouse is financially dependent on the other, then they may be entitled to alimony payments. These payments can help the dependent spouse get back on their feet after the divorce. Talk to your divorce attorney about whether you’re entitled to alimony payments.
6. Property Division
When it comes to property division, there are two things to consider: who gets to keep the property and how the property will be divided. If you can’t agree on who keeps the property, then you’ll need to come up with a way to split it. As for how the property will be divided, that will need to be spelled out in your divorce agreement.
7. Debt Division
Just like a property, debt needs to be divided between the two spouses. If you can’t agree on who is responsible for which debts, then you’ll need to come up with a way to split them up. This can be a difficult conversation, but it’s important to come to an agreement so that both spouses can move on with their lives.
8. Medical Insurance
One of the things you need to figure out during a divorce is who will maintain medical insurance for the children. If you can’t agree on who should pay for it, then you’ll need to come up with a way to split the costs. This can be a difficult conversation, but it’s important to make sure your children have access to medical care.
9. College Tuition
When it comes to college tuition, the two of you will need to come up with a way to split the costs. If one spouse is paying for most of the college tuition, then the other spouse may be responsible for other expenses, like room and board. Talk to your divorce attorney about how to split up the costs of college tuition.
10. The Final Settlement
Once you’ve worked out all the details in your divorce settlement, you’ll need to sign off on it. This is a legally binding agreement, so make sure you understand everything that is included in it. If there are any questions, don’t hesitate to ask your divorce attorney.
Coming to a divorce settlement can be difficult, but it’s important to make sure you have everything in place before finalizing the agreement. Make sure you cover all the following: child custody, child support, alimony payments, property division, debt division, medical insurance, and college tuition. If there are any other aspects of your divorce that you need help with, don’t hesitate to talk to your divorce attorney. They will help you come to an agreement that is fair for both parties involved in the divorce.