Divorce Financial Settlement
A divorce financial settlement is a method of avoiding court procedures. So, it is expected that both parties compromise regarding the divorce issues while drafting the settlement. Both parties would have to input certain things to make it work. Eventually, this financial settlement would prove to be the best option for both partners as it would save a large amount of money on legal expenditures and hopefully maintain good terms between the divorcing parties.
Factors to be considered in a Divorce Financial Settlement
Division of assets
All objects that were purchased or attained during marital life are taken into account. For example, stocks, savings, cars, houses etc. Such a listing has specific significance if one partner is earning a lot of money and is not getting custody of the children. It must be kept in mind that if such partners approach court, then the partner, who makes least amount of money and has custody of the children, will get a larger share of the assets.
So, it is a shrewd alternative that the partners remain fair towards each other. As an illustration, if one partner desires the house, then he / she must offer a larger percentage of the monetary assets to the other partner.
Sometimes it may happen that both partners cannot agree with each other regarding some assets. Then, the solution is to sell these assets and divide the profit between them.
It has been observed that most of the divorcing partners do not wish to pay spousal maintenance. However, such partners should realize that if the case goes to court, the judge might order them to disburse certain amount as spousal maintenance. If the divorcing partners work out this issue amongst themselves, then they can decide between themselves what amount should be paid and for what duration.
As an example, let us consider that one of the divorcing partners has never worked outside the house. So, this partner requires time to undergo a training that would be sufficient to get employed and support self. Thus, it can be concluded that this partner is in need of spousal maintenance, at least for a temporary period.
If the divorcing couple has child or children, then they need to determine some value of child support. Out of the several possible practicalities, three are discussed below.
If both the divorcing partners earn an amount that is nearly the same as one another and both decide to have equal custody, then they can decide that there is no need of any child maintenance amount.
If the parent who had been allocated child custody earns a remarkably more money than the other parent, then this other parent may disburse a smaller child support amount.
If the parent who had been allocated child custody earns a remarkably small amount than the other parent, then this other parent may offer a larger child support amount.
Each parent should bear in mind that if they are the parent who has to pay child support, then this money is being utilized as the living expenditure of their children. Hence, both must try to reach a consensus regarding a reasonable amount.
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