All About What to Ask for in a Divorce Settlement

If you’re going through a divorce and you’re stressing over what to ask for in a divorce settlement, then you’ve come to the right place to better understand your choices and the process.

Read further to know the details.

Introduction

The wedding day came and went. Nobody ever gets married and assumes that there will one day be a divorce. It happens, yes, but nobody wants to plan for it. Divorces can get ugly and painful. They can rip families apart and show the deepest, darkest sides of those involved. Then again, for some, a divorce is simple and easy – allowing each party to amicably move forward with life and leaving behind the marriage that once was.

Though, divorce is so much more than just ending a marriage. It also means separating assets and debts and determining custody decisions for children, if there are any.

No matter how much we try to avoid them, divorces bring emotions. It is only natural. Therefore, it is so important to seek guidance when it comes to creating a divorce settlement. You cannot let your emotions run the show for you – or you may end up regretting some of your decisions. So, before you walk into that meeting or mediation, be sure that you are clear on what to ask for in your divorce settlement. Know what you want in it and what you do not – before you sign anything.

The Marital Home

The marital home. Do you want to keep it? Do you want to sell it? Think about how you feel about this asset. And, if you have a family with kids, think about how losing this home may or may not impact them. Many times, those with kids want to lessen the burden of the divorce on the children by keeping the home.

If you choose to ask for the home, it is important to know that in splitting assets, your spouse will also be awarded his or her portion of the home’s equity. To keep it yourself, you may be required to buy out the other half.

When it comes to large assets such as the marital home, it is a good idea to talk it over with an attorney so you can understand what keeping it could mean for you financially – and weigh your options carefully.

Insurances

Many couples carry both life and health insurance policies. And, because you are married, there is a good chance that you have each other listed as the beneficiary of these policies. Depending on your particular situation, you may want to ask that your spouse pays for life insurance for you – listing your kids as the beneficiaries. And, if you are currently under your spouse’s healthcare coverage, you may ask to remain on it.

Retirement Funds

This division is likely going to be more important for those who have been married longer. If you have a retirement plan set up, then over the years of your marriage, you both probably contributed funds. Do not let it go. When negotiating a settlement, be sure to insist that the retirement funds be divided.

Some individuals may be able to rely on pensions or social security payments in the future – making the retirement funds seem less important. Be sure to review your personal financial situation and determine what you need to care for yourself. Reviewing this with an attorney can be a wise decision to make.

Handling the Debt

Yikes. Debt. Nobody likes to speak of it or think of it. And nobody wants to be left with all of it. Creating a divorce settlement and dividing assets also means having to divide debts. You will each have to take some time making lists of all the outstanding debt you have incurred – jointly and individually. This is the first step. Then, you will proceed with determining who should be held responsible for paying the debt.

Remember, nobody wants to carry debt so be prepared with an explanation as to why you think your spouse should carry the debts you have suggested. This is where the debates really amp up in divorce settlements. Know what you want, stick to it, and consider having a lawyer on your side. The last thing you want is to walk away feeling as though you get left with more debt than you should.

Alimony

Alimony is money that is paid to a spouse after a divorce. Most commonly it is awarded to a spouse who put education or career on hold to raise children or handle other situations in the marriage – while the other spouse continued to work and advance in his or her education and career. The alimony payment allows enough money to support a standard of living comparable to life in the marriage.

If you believe your situation warrants alimony, then be sure to ask for it. A divorce lawyer will help you fight for the maximum amount of alimony you can receive.

College Tuition and Education Expenses

If you and your spouse have kids, they will, one day, likely attend college. Maybe even a private school. Plan now for the future as it will make payment negotiations much easier later on. Whether you have a savings account already set up or intend to both add to a fund, work out the details.

College funds are not often viewed as assets of the marriage since they technically belong to the child. Make sure you or your attorney address your expectations for these funds during the mediation.

Make Sure You Get What You Want

You can walk solo into that mediation with your head held high and your list of demands written out on a piece of notebook paper. You can feel ready to fight for what you think you deserve. However, if your soon-to-be ex-spouse is represented by a lawyer, you can quickly feel out of your league. You may even feel as though everyone is teamed up against you. And, quite honestly, you may even leave feeling unsatisfied.

Do not let this happen. Seek your own counsel and make sure you get what you want. Having a lawyer on your side not only helps you feel more confident and secure in the fight, but it also means you will feel like a fair player in the game.

Ending a marriage can be painful and stressful enough. Help the divorce run smoothly with a lawyer on your side.