For those who don’t know what a divorce is, it is a legal process that entails ending a marriage. Besides that, there is the separation of debts and assets between both parties. If there are minors involved, some of the matters involved include support, custody, and decisions revolving around visitations. In most instances, the spouses will have a sense of entitlement where assets are involved. Also, one of the spouses will declare they’re the best parent, which is why they should be granted physical and legal custody of the children.
During the divorce proceedings, no one wants to “lose” the case. Unfortunately, the number of people who have had to live with the “loss” after the divorce proceedings are pretty many. To ensure you get the desired results, you should be well prepared before the divorce settlement negotiations commence. You should also know what to ask.
Considerations to Make Regarding a Divorce Settlement
Different issues revolve around the divorce settlement, and they should be resolved within a limited period. Some of these issues include property division, domestic support obligations, custody, and how the marital debt will be subdivided. Before you ask for anything during a divorce settlement, you should think about each of these issues.
The things that you should ask for in your divorce case include:
1. Marital Home
After a divorce settlement, each partner will insist on staying in the marital home, especially if minors are involved. You may retain the house; however, you might fail to get awarded the spouse’s equity in your marital home after the divorce settlements come to an end. In this case, you’ll be forced to acquire the home, which means the divorce is costly. Because of such issues, you should consider whether it’s financially viable to retain the marital home. Some of these financial decisions matter before you ask for any assets in the divorce case.
2. Division of Debt
In a divorce, division of debt can be a major issue. In the divorce case, you’re supposed to list the debts owed by each party, of which they may be individual or joint. You will then determine the debts you should cater to after the divorce case comes to an end. You should issue valid reasons to support the debt division.
3. Jewelry and Family Heirlooms
Family heirlooms and jewelry have a significant meaning to each party. Ensure you have come up with a list of items. List everything in terms of preferences. The list will come in handy during the negotiations in the divorce case.
4. Retirement Funds
How the retirement funds will be divided matters a lot. It is one of the major factors to consider during the divorce settlement, especially if a couple has been together for long and is close to getting to their retirement age. You should get your fair share in the divorce case when it comes to the retirement funds. Follow up on such matters considering you’ll be unable to rely on your partner’s pension after separation.
5. Health Insurance Policies and Life Insurance
If your health insurance is covered by your partner, you’ll feel the need to ask for continued coverage even after you’re separated. If the health insurance is being acquired outside the settlement, it’ll be costly. As a result, your spouse should continue paying for the health insurance policy with the minors included as beneficiaries.
6. Parenting Time
If there are minors involved, you should ensure that the children get to spend some time with your former partner. The parenting time should be equal. The children should have a good relationship with each parent. Also, if the parenting time is equal, there will be less friction between both parents. The child care expenses will also reduce significantly.
By learning more about what you should ask in a divorce case, you’ll ensure your best interests are safeguarded. Also, the divorce case will progress with minimal issues.