what can i ask for in my divorce settlement

Things to Ask for in a Divorce Settlement

• Community Property Division. Your property share in a divorce depends in part on where you live. ...
• Equitable Division. States that don't use the community property system generally use the equitable division system. ...
• Custody of the Kids. ...
• Support for the Kids and Yourself. ...
• Life and Medical Insurance. ...

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.

What Is a Divorce Settlement Agreement?

A divorce settlement or a separation agreement is the most important document that you’ll need to sign when ending your marriage. It contains the terms you and your spouse have agreed to get divorced on.

What document do you need to sign when you get divorced?

A divorce settlement or a separation agreement is the most important document that you’ll need to sign when ending your marriage. It contains the terms you and your spouse have agreed to get divorced on.

How many women pay off debt after divorce?

Division of debt —Note that 44% of women make paying off the debt their primary post-divorce concern. To make this process simpler, you must list all debts you and your soon-to-be ex-spouse have, both jointly and individually. After that, determine who is liable for which debts

How much does a woman's finances drop after divorce?

Statistics speak for themselves— women’s finances drop by 41% after a divorce. When children are involved, women can take an additional hit, even in a friendly divorce.

Can you write a document yourself?

Writing the document yourself —This is not an advisable method. In case the judge finds a mistake in your agreement, you’ll have to start the procedure from the beginning

Is it important to divide retirement funds?

Retirement funds —If you’re nearing retirement age or if you’ve been married for a long time, settling on the division of retirement funds is super important

Can you get alimony if you are a lower earner?

The alimony should be awarded to a lower-earning spouse, so consider your current and future career plans and options

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 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 Are You Entitled To?

The first step in any divorce settlement is to tally up your assets. Before you can determine your slice of the pie, it helps to know how big the pie is in the first place. In Colombus, Ohio, all divorces follow Ohio law. Courts use the “equitable distribution” rule, which often essentially works out to a 50/50 split.

Dissolution or Divorce

In a perfect world, both parties would sit down, agree on how to divide property, settle on a mutually agreeable amount of support payments, and have their marriage dissolved by the court in a matter of minutes. Unfortunately, though, that is rarely how events unfold.

Talk Woman to Woman

No divorce is ever easy. But we can at least make it simple for you. Woodford Sathappan McGee provides legal services for women, by women. Contact WSM today to learn how we can help you get through your divorce and have a successful future afterward.

How long does a house have to be listed after divorce?

For example, you might say that it is to be listed within 30 days of the divorce and remain on the market until it sells.

What is separation agreement?

A separation agreement is a similar document that includes the same types of agreements, however, it is not filed with the court and is meant to decide the issues at play while the couple is separated before the divorce. A separation agreement can become the basis for a marital settlement agreement once the couple is ready to move forward ...

What to do if you don't abide by MSA?

If you or your spouse do not abide by the MSA following your divorce, you will file a motion with the court to enforce the agreement. If you have a detailed MSA, it helps the court to grant you the relief you are entitled to.

Can you have both alimony and child support?

In many cases, there will be both alimony and child support exchanged by the parties . It is important to have details in your divorce settlement agreement that specifically outline these provisions so everyone is aware of what their obligations are. You should include information about what your current incomes are and what incomes were used ...

Can you enter an MSA before filing for divorce?

An MSA can be entered into at any point during your divorce. Some couples negotiate the terms of their divorce settlement agreement before they even file and are able to proceed through the divorce on an uncontested basis, submitting the settlement agreement to the court. If your divorce is contested, your attorneys will work to negotiate a divorce settlement agreement throughout the process, with the goal of avoiding a trial.

How long does Joan have to pay spousal support?

Divorce Settlement: The marital assets are split 50/50 and Joan is ordered to pay Mark rehabilitative spousal support for a term of five years. The long-term marriage established a lifestyle that both Mark and Joan had become accustomed to.

What does equal mean in divorce?

When negotiating a divorce settlement it's imperative that you understand that "equal" doesn't mean a 50/50 split. Equal means what is fair to both parties involved. You won't get everything you believe you are entitled to and, you will need to be able to compromise for the sake of all involved.

Why was the marital assets split 60/40?

The marital assets were split 60/40 in Lance’s favor because the judge felt that Lance, being the lower income earner and caretaker of their children should continue to live the standard of living he and his children had become accustomed to.

Why did Mark's standard of living decrease after a divorce?

Mark's standard of living will decrease once there is a divorce due to the fact that he makes less than Joan. The two went to mediation and Joan chose to pay temporary spousal support that is deductible at tax time rather than splitting assets in John’s favor.

Can a divorce be split 50/50?

That is not the case in this divorce scenario. It only makes sense that assets be split 50/50 and both spouses move on and rebuild their lives.

Will you come to a fair resolution at the end of your marriage?

In the hope of helping those who are in the dark about what is and isn’t fair, here is a collection of examples of different scenarios and what we believe to be fair divorce settlements .

What assets do you get in a divorce settlement?

Often in a divorce settlement, one party will receive mostly illiquid assets, including the home, while the other party receives liquid assets such as retirement plans, brokerage accounts etc.

How much is a $50,000 divorce payment worth?

Alimony received is taxable as ordinary income, so a $50,000 payment received is actually worth $35,000 after taxes, assuming a 30% marginal state and federal tax bracket.

What insurance do you need for divorce?

Most divorce decrees call for one of the parties to obtain a life insurance policy to insure the value of alimony payments, child support or some other financial need. If you are the person for whom the insurance is obtained, it is critical that you are either the owner or irrevocable beneficiary of the policy.

How long can you be exempt from taxes after divorce?

Regarding income tax debt, even if the divorce is final, you may not be exempt from future tax liability. For 3 years after a divorce, the IRS can perform a random audit of a divorced couple's joint tax return. If it has good cause, the IRS can question a joint return for seven years.

What happens if my spouse is a business owner?

If your spouse is a business owner, corporate or partnership returns may show a change in salary, charging personal expenses to the company, or excessive retained earnings. Another common trick is to put a "friend" on the payroll, who agrees to give back the money paid to him after the divorce.

When can you sell your home before divorce?

In the case of your personal residence, the federal government eased the tax burden in 1997 by allowing a $250,000 capital gain exclusion per spouse if you've lived in your home for at least 2 of the past 5 years. If the home is to be sold and there is a considerable gain in value (over $250,000), you should consider selling before the divorce to take advantage of the full $500,000 exemption.

What are the most common mistakes made after divorce?

One of the most common mistakes made post-divorce is the failure to budget based on one's new lifestyle. We see this happen most often when one spouse keeps the home for the sake of the children or perhaps due to an emotional attachment. Because of the high value of the home, there are few other assets awarded in the settlement. The expense of maintaining the home and the lack of liquid assets often results in a rapid depletion of cash, leaving no choice but to sell the home.