Most couples need help with their divorce settlement issues. They typically require the assistance of their attorneys, a mediator or arbitrator to come to an agreement. Litigating a contested divorce can be expensive. It is less expensive and less stressful if the parties can resolve the matters without involving the court. The court prefers this as well so they can free up the court calendar to hear other cases. If the parties cannot agree, then the judge will decide the divorce issues based upon state laws.
Typical Issues
The following are typical divorce settlement issues:
- Child support
- Child custody
- Child visitation
- Spousal support
- Property division
- Division of marital debts
Dividing Property
If you live in a community property state, then the judge will grant each party half the value of the property. If you live in an equitable distribution state, then the judge will grant a greater share of the property to the party with the higher income. The equation may be 2/3rd’s to the highest wage earner, and 1/3 to the other spouse. Separate property is not included in the divorce settlement. Separate property includes the following:
- Property owned before marriage and not co-mingled during marriage
- Inherited or gifted property
- Transfers for value between spouses during marriage
- Property acquired after legal separation
- Property that is acquired in exchange for separate property
- Property from a previous marriage
- Personal injury settlement
The judge may assign credit card debts and other marital debts in the judge’s discretion. Keep in mind though that your creditors do not have to abide by your divorce decree. If you are concerned about your credit, you may want to decide debt issues with your spouse or just pay the debts if you have the funds if you are concerned about your spouse not abiding by the agreement. If you have joint credit cards, try and get your name off the cards before the divorce separation so that your spouse doesn’t max out the charge account. Otherwise you could be responsible for half the debt.
Divorce Hearing
Once you and your spouse have resolved your divorce issues and enter into a settlement agreement, the judge will review the agreement at your divorce hearing. If you and your spouse and your attorneys all approve the agreement, then the judge will sign your divorce decree and make the property settlement agreement a part of it. Your divorce will be final.
Consult with a Divorce Attorney
Divorce issues are complicated. A divorce and family law attorney can help you negotiate your property settlement agreement, and represent you in court. The attorney can explain the divorce laws to you, and answer your questions.
