What Should Be Included in a Divorce Settlement?
Every divorce is unique, which means every divorce settlement should reflect the specific interests of the divorcing parties. However, a few common elements belong in every divorce settlement, regardless if it is a straightforward or complex legal experience. The following are the top divorce settlement must-haves, as applicable.
Unless spouses rented throughout their marriage, they probably have a marital house and a mortgage. The divorce settlement should outline exactly what happens to the home. For instance, one party might want to purchase it from the other party by buying out their equity share or both parties may prefer to sell the residence and divide the profits. Ideally, the fate of the joint property should be determined based on realistic financial considerations. It makes little sense for one person to keep a house that is unaffordable.
Parents going through divorce need to be very specific about their children and custody matters. Often, this is a sticky point that can be difficult and takes time to work out. Divorcing parents owe it to their children to work with their divorce attorneys to arrange fair child custody arrangements based on their situations.
Child Support and Visitation
In addition to child custody decisions, the divorce settlement should also lay out child support and visitation plans. Never overlook the importance of being specific when it comes to child visitation, such as how major holidays and birthdays will be handled. It is always better to hammer out the details at the front end and put them in writing, rather than try to negotiate down the road.
Many couples carry some amount of unsecured joint debt, such as credit card or student loan debt. Joint debt can be apportioned between both parties or one party may agree to allow the other party to remove their name from the debt, thus incurring it all. Responsible divorce lawyers bring this up so their clients avoid getting saddled with unnecessary or unexpected debt that can lead to significant credit problems.
Not all divorcing spouses decide that one should give the other alimony, or spousal support. In a situation where alimony makes sense, it should be written into the divorce settlement to avoid any confusion.
Divorcing couples are sometimes surprised by the number of assets they own. Who should keep the priceless antiques and how will the other high-end furniture items be divided? These questions and many more can be answered in a thorough divorce settlement.
Marlton Divorce Lawyers at the Burnham Law Group, LLC Help Clients Through the Divorce Process
Divorce can be complicated, even in the best circumstances. A thorough divorce settlement helps divorcing parties feel confident and satisfied that they left no stone unturned. If you are seeking a divorce, contact the experienced Marlton divorce lawyers at the Burnham Law Group, LLC today. Call us at 856-751-5505 or contact us online for a free consultation. Located in Somers Point and Marlton, New Jersey, we serve clients throughout South Jersey, including Atlantic County, Camden County, and Burlington County.