In divorce settlements, asset division is often one of the most contentious parts of the process. Assets like the family home, vehicles, shared real estate, funds in financial accounts, retirement benefits and pensions, collectibles, and business interests may be included in property division proceedings. Knowing what to ask for during the negotiation process of a divorce settlement can have long-term effects on your financial future.
Do Your Research
Before embarking on the difficult, confusing, and emotionally-charged process of a divorce settlement, it is critical that the parties understand the facts of the legal case. Having familiarity with these facts can help each party create a list of demands that are reasonable. Some of the details you and your attorney should go over include:
- Values of any property that may be part of the settlement. This includes real estate holdings, collectibles, and vehicles.
- The total amount of any debt the couple may have accrued during the relationship.
- Any information about financial assets, including stocks, bonds, trusts, retirement accounts, pensions, and bank accounts.
- Estimated cost of future living expenses, including all housing, child care, medical expenses, and education.
- The spouse’s financial information; specifically, how much his or her monthly salary is and how the money is spent. In other words, what he or she makes and where it goes.
The Negotiation Process
It is important for divorcing couples to understand that during divorce settlements, it is not always possible to get everything you demand. Negotiation is a game of give-and-take; during the settlement, fight only for the assets you truly value. One of the biggest pitfalls during a divorce is when divorcing couples squabble over insignificant things. Don’t let emotions get in the way of smart, rational decision-making.
Also, be ready to offer a compromise. Compromising on some of the demands may encourage the other person in the divorce to act in a similar way. Being stubborn with small details can greatly lengthen the divorce process and rack up attorney expenses. Remember also that in a divorce trial, the judge will make all final determinations on the terms of the divorce, including division of assets. Many divorcing couples may choose divorce mediation or out-of-court settlements. An experienced family law attorney can help you decide which path is right for you.
Source:
https://www.mckinleyirvin.com/Family-Law-Blog/2017/April/What-Should-I-Ask-for-in-a-Divorce-Settlement-.aspx