Going through a divorce can be one of the most emotionally stressful events in anyone`s life. However, it`s important to remember that there is legal business to take care of as well. Divorce settlement agreements are crucial documents that can greatly impact your future financial and legal standing. It`s essential to know what to ask for in a divorce settlement agreement to ensure that you`re protected and provided for after your divorce is finalized.
Child Custody and Support
If you and your spouse have children, one of the most important aspects of your divorce settlement agreement will be child custody and support. Be sure to discuss the following with your attorney:
• Physical custody: Who will the children live with, and how will custody be shared?
• Legal custody: Who will make important decisions about the children`s lives, such as education and healthcare?
• Child support: How much financial support will the non-custodial parent provide?
• Healthcare: Who will provide health insurance for the children, and who will be responsible for out-of-pocket medical expenses?
Alimony or Spousal Support
If you`re the dependent spouse, you may be entitled to alimony or spousal support. This financial assistance can help you get back on your feet after the divorce. Be sure to consider the following:
• How much spousal support will you need, and for how long?
• Will the amount of spousal support be fixed, or will it increase or decrease over time?
• What circumstances could lead to a change in spousal support?
• What happens if the paying spouse dies or becomes disabled?
Division of Marital Property
The division of marital property can be one of the most complex aspects of a divorce settlement agreement. Be sure to discuss the following with your attorney:
• What property is considered marital property, and what is separate property?
• How will marital property be divided?
• Will the value of the property be assessed at the time of divorce, or at a later date?
• Are there any special circumstances that could impact the division of marital property, such as a family business or retirement accounts?
Tax Implications
Divorce settlements can have significant tax implications. Be sure to discuss the following tax-related issues:
• How will child support, spousal support, and the division of property impact your taxes?
• Are there any tax deductions or credits that you may be entitled to, such as the child tax credit?
• Are there any penalties or taxes that you should be aware of if you withdraw money early from retirement accounts?
Final Thoughts
Divorce settlement agreements can be complex, and it`s important to understand your rights and responsibilities. Be sure to work closely with your attorney to ensure that your agreement is fair and properly protects your financial and legal interests. Remember, the more you know and ask for, the more likely you are to reach a settlement that best suits your needs.