Divorce Settlement Tips
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Divorce is a critical and sensitive issue. The emotional trauma that divorce unfolds is really tough to pass through. Many couples think emotionally and end up in taking wrong decisions that lead them to nowhere. Often people relate divorce to 'alimony' only and focus on the money issues sans every other thing like child custody. It is much important to understand all the aspects of divorce settlement so that you can win the case. You must know some basic divorce settlement tips that will be beneficial for both the partners.
General Divorce Settlement Tips
- Even if the divorcing partner knows a specific person completely, the issue of money might bring about unsavory and astonishing features in this person. The divorcing partner must be cautious regarding whom he or she should trust with particular information.
- If the divorcing partner intends to donate money, this partner must ensure that the solicitors or fund-raisers who claim to be a part of a charitable organization are legitimate.
- Your tax advisor will help you in developing tax planning strategies that matters a lot when you get an alimony or pay an alimony. In many cases, the payer of alimony gets tax exemption while the receiver has to pay a good amount as tax. So, don't forget that tax makes an impact on your settlements.
- Child custody is one of the most important divorce settlement tips. If you have children, you have to deal with child custody, however complicated the matter is. If you consider that your partner can shoulder the responsibilities of your son/daughter in a better way than you, you must give the child to him/her and not let your ego interfere into the matter.
- Whether the child is with you or your partner post-divorce, both of you have to contribute towards child support.
- A financial priority list must be prepared and categorized into 3 parts - Long term, Near term and Immediate. After this classification is complete, the divorcing partner must discuss this list with the financial advisor regarding the steps that must be taken to bring the list to reality
- While preparing the financial priority list, some of the points that must be considered are as follows:
- Do you intend to go on a long vacation?
- Is there any non profit, like charity, that you desire to support?
- Is any home project, one of your aims?
- Are the debt obligations done with?
- In the future, would it be essential to fund money for education?
- Some people realize that the settlement is large enough for them and consequently quit their job. This is an extremely wrong move. The reason is that if there are gross alterations in life, these lead to feelings of depression.
- In some cases, it happens that through the settlement, a specific person gets a large amount of wealth. It is literally a windfall. In case it becomes public, then it is not astonishing if friends, family members and sometimes strangers request for some wealth. Although, this person finds it tough to refuse these people, it is very necessary that at least for a brief term, the person should not spread the wealth.
- As a result of the settlement, the gross property of an individual multiplies overnight. This individual is enticed to purchase certain exorbitant items. However, the thumb rule is that 'impulse purchases' is not a very good concept.
- The parties of the settlement must prepare a monthly budget. The following must be included in it:
- The essential expenses of living like food, taxes, utilities, house
- Entertainment expenses comprising of an occasional splurge
Divorce Settlement Tips related to Adultery
- If any partner has an extra-marital affair, it is quite possible that a sum of money has been spent by this partner on the individual (with whom the partner has an affair). In this circumstances, the betrayed partner might be eligible for compensation.
- Adultery has an impact on alimony and property settlement. The reason is that the betrayed partner can utilize it as a control not to alter the current standard of living.
- If the divorce is occurring in a no fault divorce state, such states demand the fact that the couple is no longer residing as wife and husband. No other reason for divorce is essential.
- Adultery does not have any impact on child custody decisions. If the partner committing adultery is a good parent, this adulterer and the betrayed partner have equal right regarding custody and visitation of the minor children.
The divorce settlement tips mentioned above will help you to delve deep and understand even the minutest details in divorce. Whatever you do to win the divorce settlement, you must consult an expert financial professional and a reputed lawyer.