A divorce settlement often takes some work when both parties are struggling to cooperate. When there are substantial assets, or the marriage is full of debt, negotiation proceedings can fall apart fast. If you are trying to work on a settlement that you feel comfortable with, a divorce attorney is your best support through the process. Even in an amicable divorce, a divorce settlement should always be reviewed by an attorney before the document is signed. Once an agreement is reached and filed in court, it becomes difficult if not impossible to get the order changed.
Communicate Through Your Attorney
During your divorce settlement, you don't have to listen to your ex throw insults at you anymore. If the negotiations aren't going anywhere, let an attorney handle all communication for you. Property settlement follows either an equitable distribution formula, or a community property division, so you will need to know what type of state you live in. In a community property state, all marital property is divided in half. In an equitable distribution state, the property is divided into what is deemed fair to both parties. Talk with your attorney about your state and what you might expect from a fair divorce settlement.
Determining Marital Property VS Separate Property
Marital property is divided up in your divorce settlement, while separate property is kept by the original owner. Marital property is all the debt and the assets that you have accrued together during the course of your marriage. Separate property are things such as inheritances, or money you brought into the marriage that you kept separate from your spouse. If you have co-mingled funds into a joint bank account, this money becomes marital property that you will divide up in a divorce.
Know What You Will Settle For
If your marriage has substantial assets, it's important to know what you want. Go through your assets carefully and look to see if your ex is trying to hide anything. All bank accounts, IRA contributions, and jointly held property will be up for discussion when you work on a divorce settlement. As you go through the process, know what you are willing to accept so that you understand when it's time to settle.
Your divorce settlement may take some time. Pay attention to what you really want, and work with your divorce attorney to get it. Remember that any divorce settlement should be reviewed before you sign anything.
You love your family. You want your kids to have what is best, and you are willing to fight for them to the very end. Thankfully, there are professionals out there who are able to support you and do the same. They're called family lawyers. Although they typically handle a lot of divorce cases, you can call upon them for other family-related legal needs, too. They oversee adoptions, draft custody agreements, and so much more. We hope you will read the articles on this blog, which delve deeper into these topics. You'll emerge knowing more about hiring such an attorney.