Law & Legal & Attorney Divorce & marriage Law

Divorce Settlements: Things to Consider

Divorce can be a painful experience, especially if the two parties aren't able to agree on a divorce settlement.
Hiring a divorce lawyer however can help make this process go more smoothly.
No rules are in place that dictate the manner in which the assets are to be divided.
If the two parties are not able to reach an agreement, the court has the autonomy to decide who gets what.
The court takes into account the needs of each person currently and going forward, including their income potential and the resources they have at their disposal.
Another factor involved is the age of both individuals and the length of their marriage.
Also considered is the amount of money each person has contributed to the marriage.
Once all the financial information has been given to the lawyer, the court can proceed with the divorce settlement by making decisions concerning all parties, including any children.
Maintenance pay is one issue that will be settled.
A lump sum could be given to the wife, husband, or children in addition to or in place of monthly payments.
Also during this time, the property will be either divided up or transferred to one party.
Sometimes, the property will be sold and the each party will receive half of the proceeds.
Investment and pension funds could be shared between the two in a divorce settlement, or one person could be awarded the other's retirement.
Because a divorce settlement can be a very stressful and emotional time for a husband and wife, sometimes critical mistakes can be made.
A few common mistakes include being unaware of the total value of your assets and the tax implications that you will face living in a particular state or country.
Another is not knowing the nature of retirement accounts and the tax implications that go along with them.
Often times, people don't research the debt and credit ratings that they will face once the divorce becomes final, and the result is starting off with bad credit.
Start by establishing a good budget, as well as researching insurance policies and how they will be affected by the divorce.
Locate any hidden assets you may have in your possession such as tax returns, as being unaware of them could cost you during a divorce settlement.
Answering the question of how to get a good settlement is not an easy one to answer.
But by listening to the right people and doing your due diligence, you should be positioned to get the best deal possible.

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