Divorce Settlement Advice

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A basic divorce settlement advice is to have a balanced perspective towards the various issues in a divorce. All divorces are sensitive topics and it is necessary to suppress the emotions and employ the mind and logic so that a consensus can be reached. One should be willing to compromise.

Highlights of Divorce Settlement Advice

  • A proper and precise divorce settlement can be drafted only when both parties have the latest copies of all documents. So, both must procure all significant documents like retirement accounts, salary statements, pension plan, credit card summary, bank statements, tax files etc

  • It must be kept in mind that the court will acknowledge only those facts that are endorsed by related documents. Obtaining the essential documents is not a work that can be done in a day. Thus, each party must reserve the adequate time to gather all papers so that they are available when demanded by the court

  • Alimony is the factor considered as highest priority when compared with other aspects of divorce. The divorcing party which disburses alimony receives tax exemption. This party must take the services of a tax advisor to maximize the exemption.

    The recipient of alimony has to pay tax. Hence, the recipient must take assistance of an efficient taxation lawyer to determines methods to minimize tax liabilities

  • All aspects of a divorce settlement like retirement benefits, marital property, child support, alimony etc have tax implications. During the settlement, when a party receives capital gains of the assets has to pay tax. If properties with more capital gains are received through a settlement, the tax liability is consequently bigger

  • In order to resolve the issue of asset and property distribution, the following procedure must be followed

    • A list must be prepared of the assets and properties that should be considered for division. For example, a fridge should not be taken into account for distribution
    • A financial advisor must be consulted to facilitate a fair division

  • It has been observed that if the divorcing parties have children, then they are very careful regarding child custody. Parents are of the opinion that their child's well being is their most important duty. It is not recommended to have a tussle regarding child custody merely to satisfy self ego. The divorcing couple should consider that who amongst them can truly play the role of an ideal parent. They may take the services of lawyers who are specialized in this topic

  • After the child custody issue is solved, the next issue that props up is that the parent should have money to take care of the children. The parents should amicably solve this issue depending on who has more money and what are the expenses of living arrangements of the children

  • Some instances have been observed in which the divorcing partners reached a divorce settlement and further had to file for bankruptcy. The reason of such an occurrence was that they did not seek the recommendations of a legal counsel. Thus, it is advisable to consult a lawyer to deal with the legal and financial aspects of divorce

  • After all, divorce settlement involves negotiation. There is software that comprise of answers to the common queries regarding the divorce settlement process. One should browse these. The divorcing partner should gain thorough information on the ins and outs of equitable distribution. This would enable to draft a plan ensuring financial stability post divorce

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