Divorce is one of the most stressful, difficult experiences people may ever endure. The standard of living for both parties drops considerably during the first year after divorce, and depression is common in both spouses. Spouses and children also develop long-lasting scars from divorces, which speaks all the more to the importance of taking time to divorce “well.” In particular, it is important to take careful steps to get a good divorce settlement. To do get a good divorce settlement, both parties to a divorce are encouraged to consider the following tips.
Tips for Getting a good Divorce Settlement
- Develop a Post-Divorce Budget - While it may seem difficult to anticipate all of life’s challenges post-divorce, developing a sense of what your income and expenses will be after divorce will help you work towards a better settlement today. Take into account the various expenses you have now and will have in the future when determining the best way to sell and divide assets, award alimony and child support, etc.
- Protect Yourself from Future Credit Problems - Make sure that your divorce settlement includes specific plans for handling debt, and each credit account in the name of only one or the other party to the divorce. A fair divorce settlement will not unduly burden either party with the predominance of mutual debt, and will make sure that neither husband or wife can possibly damage the other’s credit AFTER divorce.
- Closely Examine Financials - To create a good divorce settlement, you will need to closely examine all of your accounts, including individual and joint savings, checking, and pension plans. A fair settlement will address each of these accounts, and how they will be handled now and after the divorce.
- Don’t Rush - To get a fair settlement, you shouldn’t be tempted to fly through the process to get it all behind you, or to minimize attorney fees. Flying through the divorce process can mean that the agreement you end up with is unduly lopsided, or doesn’t adequately account for future needs, including looking ahead to children’s future college tuition needs or examining pension plans.
Getting Help
Ultimately, one of the most important steps to getting a good divorce settlement is to get an attorney. While hiring divorce lawyers may not be cheap, they are paid to watch out for your interests. You will want to do your homework when choosing an attorney as well. You must have your own lawyer; do not be tempted to use the same attorney as your spouse, even in an amicable divorce. You will also want an attorney with a proven track record for fair divorce settlements.
