Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. This is required to ensure that each spouse is transparent about their financial situation and ensures a fair distribution of assets and debts. Make sure you and your spouse complete and share financial disclosures. How much time will a supported spouse need to be completely financially stable and independent through education, training or job experience?.What is the expected future earnings of each spouse?.Does either spouse have health conditions that could impact their earning abilities?.What are the financial positions of each spouse?.Does one spouse have the ability to provide alimony and does the other spouse have a need to receive alimony?.A common example is when one spouse is a stay-at-home parent.Ĭonsider several factors when deciding on alimony: AlimonyĪlimony, also called spousal support or maintenance, often occurs in marriages where one party earns substantially more than the other. While you may want to fight for full custody of your child, consider what’s in their best interest. Will one spouse provide child support payments to the other?Īny divorce settlement agreement must answer these questions.Who will pay for school and extracurricular expenses?.Who will pay child care, healthcare and health insurance costs?.How will you share holidays and vacation?.How many nights will they spend at each parent’s house?.Who will make decisions about your child’s education, religion and healthcare?.This is what you need to decide when working out your own agreement: If one spouse has been abusive or neglectful, then the other spouse may have a good argument for requesting full custody and substantial child support.Ĭourts also assume it is in the child’s best interests to have relationships with both parents and usually prefer 50/50 shared parenting responsibilities. Every state begins an analysis of parental rights by considering what’s in the best interest of your child. Child Custody and Child SupportĪny divorce settlement agreement involving minor children is automatically much more complex. If you and your spouse signed a prenuptial agreement before your marriage, its terms are used to divide your assets. This will help to guide your decision-making and assist you in creating a fair division of assets. When working to settle your marriage, you should consider the same factors. Any separate property each spouse holds.What each spouse contributed to the marriage, both economically and non-economically.When considering how to divide assets, a judge usually is required to consider several factors, including: While it sometimes results in a 50/50 split, the asset division often favors one spouse, even if just slightly.Ĭourts divide marital assets according to the guidelines set out for them in state statutes. ![]() Every other state uses equitable distribution, meaning a court looks at each case to determine what’s fair. ![]() Puerto Rico does as well and Alaska allows couples to opt into community property. There are only nine states that adhere to this definition: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. ![]() In a community property state, marital assets and debts must be divided equally. ![]() Property acquired prior to your marriage is, in most cases, separate property and not divided in the divorce unless it is commingled with marital assets or your spouse helps you maintain or increase its value. This includes income, your home, bank accounts, credit card debt and retirement accounts. Marital property is any item, asset or debt (with a few exceptions) acquired during the marriage. On DivorceNet's Website Divorce Settlement Definitionsīefore we get into what is in a settlement agreement, we need to briefly define a few terms, including:
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