When married couples decide to divorce, they also have to divide between them all conjugal properties. As any divorce lawyer in Newport News, VA will tell you, it’s one of the more challenging aspects of a divorce case.
In most cases, discussions about money and assets evoke long-held resentments. This is why a divorce settlement is often necessary to facilitate the proceedings and avoid delays.
Basically, a divorce settlement convenes both spouses and their legal counsels to discuss how to equitably divide their assets. The couple divulges all assets, income sources, budgets, and other financial details to help determine how best to partition their wealth. The output of such a session results in a written agreement: the divorce settlement.
Of course, this is only a brief overview of the process. It entails a lot of negotiations or back-and-forth haggling between the two parties. To make the process as smooth as possible, following are a few tips for splitting couples to keep in mind.
Keep Emotions in Check
A divorce is one of the most emotionally taxing experiences you can encounter. Therefore, try to be objective during the divorce settlement negotiations. Furthermore, choose the battles most worthy of fighting. Don’t lose track of your main objective: to get the divorce approved ASAP. If letting go of some assets facilitates that, then so be it.
Make sure all your bank statements, tax returns, property deeds, and insurance policies are in order before the negotiation starts. This will expedite the process of dividing assets and save you money in the long run. Remember, the longer a divorce drags, the more legal fees you have to pay.
Keep an Accurate Budget
Divorce settlements are designed to allow both parties to live as comfortably as possible despite divorcing. That said, you need to know just how much money you need in your post-divorce life to cover all your bills. This is especially true for stay-at-home spouses who will need time to prepare for reentering the workforce and becoming self-supportive. If you end up receiving less than what you actually need in the settlement, you may end up in financial trouble.
Of course, a divorce settlement is not something you need to face alone. To obtain expert guidance, work with trusted divorce lawyers in Newport News.
Negotiating a divorce settlement, bankrate.com
Top 15 Financial Mistakes to Avoid in Your Divorce Settlement, divorcenet.com