Reaching a divorce settlement can be a bit of a challenge, but as long as both parties stay focused on the common goal, then everything should work out positively and you should be able to be productive in coming to a fair agreement.
Tips for Reaching a Divorce Settlement
A divorce settlement takes into account the finances, debts and possible support options of both parties. If you have children, your divorce settlement will also take into account custody issues and any and all financial obligations related to the children.
When attempting to reach a divorce settlement it is important to be honest with yourself and your soon to be ex-spouse.
- Assess your complete financial situation.
- Look at your debts and look at your financial obligations regarding your children.
- Are you providing health insurance for you and your children or is your spouse?
- Who handles the bulk of your debt obligations?
- Do you have a college fund set up for your children and are you the sole contributor?
These are all factors to take into account regarding your possible divorce settlement.
The idea here is that in order to reach a mutually agreeable divorce settlement agreement, you will need to be honest, and assess the needs of you and your children. Recognizing that necessities are different than what you may want is also important and being fair is essential.
Divorce is rarely a celebratory thing, but it can be resolved in an amicable and professional manner. Take a good look at your current lifestyle and the lifestyle that you have provided for your children. It is important that your children remain within a lifestyle they are accustomed to so you will want to do a full assessment of that. Additionally, if you have to downsize, think of what will be comfortable for both you and your soon to be ex-spouse when it comes to being a provider.
Take into consideration your retirement benefits as well. Most people are not eligible for retirement until they are 67 in today’s society but you may still be entitled to a share of your spouse's retirement accounts and you will need to factor in how your divorce settlement will impact your future retirement.
Getting Help
You might consider getting a professional mediator involved with your situation to help you and your spouse reach a positive divorce settlement agreement. You should also get a lawyer to represent your interests during the settlement negotiations in order to make sure that you are both protected and that you get what the law entitles you to.
