what can i ask for in divorce settlement

What Should I Ask for in a Divorce Settlement?

• Know Your Assets and Debts—and What You Want. The division of assets and debts is an important part of any divorce...
• Plan for Future Financial Needs. You should also think about the role of child support and spousal support in your...
• Think About Your Ideal Custody Arrangement. For many divorcing couples, child custody is...

Full Answer

How do you write a divorce settlement?

You’ll then need to all relevant information about your marriage, including:

• the date on which you got married,
• the date of your separation,
• names and ages of any minor children of the marriage,
• the grounds for your divorce (irreconcilable differences, which can be proved by living “separate and apart” for a specific length of time)
• Your current living arrangements and address (es). ...

How to negotiate a divorce settlement?

How to Negotiate a Divorce Settlement with Your Spouse: 10 Strategies You MUST Know

1. Understand Your Finances BEFORE You Open Your Mouth. If you don’t know what your financial situation is, or you don’t understand how your finances work, you need to get ...
2. Learn Your Legal Rights and Responsibilities – Especially Regarding Your Kids. ...
3. Negotiate Based on Interests Not Positions. ...
4. Know Your BATNA and your WATNA. ...

More items...

What is a typical divorce settlement?

What are typical divorce settlements about spousal support?

• Typical spousal support for a short term marriage is half the duration of the marriage. ...
• Typical spousal support for a long term marriage doesn't have a specific termination date. ...
• Typically, temporary spousal support is based on a computer program. ...
• Long-term spousal support is typically based on the marital lifestyle. ...
• Hypotheticals to consider. ...

What am I entitled to in a divorce settlement?

What you are entitled to in your divorce settlement is dependent on your individual circumstances. Normally it is the matrimonial assets that are up for debate in divorce settlements. Matrimonial assets are assets that were acquired by either party while married or with income earned while married.

Family Home

Keeping the marital home may be your top priority, especially if you have minor children. Sometimes, this isn’t always the smartest decision financially. As a single homeowner, you’ll have to consider if you can afford the mortgage and property taxes. Before asking for this asset, think about how it will affect your future financial situation.

Benefits

As you work through dividing your assets, do not neglect retirement funds or health insurance. Even after you separate, you may be eligible to receive your ex’s benefits, and you should ask for your fair share.

Custody

Unless there has been a history of substance abuse or violence, it’s important for your child to have a close relationship with both parents. Some parents think they should fight for sole legal and physical custody, but that often goes against the child’s best interests.

What should a man ask for in a divorce settlement?

The things that a man can ask for in a divorce settlement tend to be the same as that of a woman.

Does it matter who settled divorce?

Nowadays, it doesn’t matter who's idea the divorce was or why a divorce was settled upon - the laws for both men and women are the same.

Does a spouse who is looking after the children get more capital?

Again, the spouse who is looking after the children will often be rewarded more assets to ensure that the children are accounted for. Finally, the spouse who might have sacrificed their career to look after the children might be given more capital in a divorce. It’s important to remember that every divorce is different.

Can you split your assets 50/50?

It’s not always possible to get a completely 50/50 split of the assets. The spouse who earns less money might be offered a higher amount of the assets because it will take them longer to build the value back up.

Can you ask for life insurance during divorce?

You can ask for life insurance, a smaller share of your accumulated debt, more of the family heirlooms or jewelry, or a higher percentage of the retirement funds. Just like women, the men can ask for whatever they feel like they’re entitled to within the divorce.

Is divorce bitter?

Not every divorce is bitter and nasty, and there is a way to divorce your ex-spouse without it turning this way.

Can my ex wife buy my house?

If you have been given equity of the home but your ex-spouse has been awarded the home itself, you can ask them to buy your equity in the home from you.

What should you expect to cover in a divorce settlement?

Keep reading for details about what you should expect to cover in your divorce settlement negotiations, which will likely include (but are often overlooked): Division of assets (real estate, investments, other property) Division of custody and time sharing of kids. Child support/ alimony.

What are the requirements for a divorce settlement?

However, here is a list of items to work through before your divorce is settled and finalized: Time sharing and co-parenting of any children. Child support and division of expenses for the children. Division of assets, including property, debt.

What is a divorce settlement?

A divorce settlement is the contract that divorcing spouses agree to — whether with the help of attorneys, a mediator, or between the two of them privately — and then is filed in the courts as part of the final divorce paperwork. The benefits of settling out of court include: Lower cost. Lower stress. Speed.

How to get divorced at a low cost?

These include: Use of a mediator, or a single, neutral third-party to help negotiate the divorce agreement ( opposed to each spouse hiring a combative, expensive attorney).

What is the importance of a divorce agreement for kids?

Very often overlooked in divorce agreements: Depending on your family's heritage and traditions, it may be important to you and your kids' dad to prioritize saving for and sharing the cost of celebrating your kids' bar mitzvahs, bat mitzvahs, graduations, communion, baptisms, quinceanera, and prom.

Why do you have to sell your house when you divorce?

Sometimes, a divorce decree states that the house must be sold in order to divide the equity in the home, to satisfy debt carried by one or both spouses, or for other financial obligations — in which case this must be adhered to.

What to do before equity is divided?

Before any equity in the home is divided, first you must understand the value of the home. You and your spouse can agree to a price you that you can estimate the home would sell for today, based on recent home sales of properties in your area. If you cannot come to that agreement, then couples typically hire an appraiser to set a fair-market value for your home.

What is the division of property in a divorce?

The division of property is a difficult aspect of the divorce process. It includes the family home, any other shared real estate, vehicles, funds in bank accounts or trusts, investments, stock options, retirement benefits, pensions, and business interests. With so much at stake, it is important to know what to ask for when in the process of negotiating a divorce settlement. In addition to the immediate outcome and changes to your life, this agreement will have lasting effects on your future.

How does a spouse resist compromise?

When spouses resist compromise to spite one another, this can result in both parties losing out on what they want from the divorce settlement and may increase the costs of your divorce by dragging the process out.

HOW MUCH FINANCING DO I NEED TO MAINTAIN THE SAME LIFESTYLE?

The goal of spousal support, also known as alimony, is to ensure that neither spouse has to suffer financially because of the change in their circumstances. Honestly review your own financial situation, and ask yourself how much it would take to feel as comfortable and secure as you did during the marriage.

WHAT ROLE WILL I PLAY IN CHILD CARE AND CUSTODY?

Do you feel that you have a close personal relationship with your child? Are you usually the one preparing meals and getting them ready for bed every day, or are you more focused on earning for the family? These are the kinds of questions you should be asking, as you try to uncover what your actual role in child custody and visitation will be.

WHAT AM I PREPARED TO COVER FOR MY CHILD?

From summer camp to braces to prom, there are a lot of unexpected expenditures that come with comprehensive child care. Although child support calculations should cover most of the everyday expenses, it’s important to be mindful of these “extras” too, as they can add up over time.

WHICH PROPERTIES ARE REALLY IMPORTANT TO ME?

Because California is a community property state, anything you’ve acquired during over the course of your marriage will most likely be divided 50-50. However, you may have some say in what constitutes community property, and what is separate property for each partner to keep.