One of the most painful parts of the divorce process is splitting up the family assets. You
need to figure out what you are going to ask for. In order to do that, you need to understand the process. The first thing you are going to run into is that the court will establish “temporary orders” where the breadwinner will need to provide adequate funds for the family to continue to function in the same manner they are accustomed to during the process. This may provide some serious financial shock.
If there is a business involved, there is the very complicated process of placing a value on the business, so if one spouse keeps the business, the other is compensated.
Before you start you need to understand the situation. For example, family assets acquired during the marriage are usually divided equally. The non working spouse may be entitle to half of the retirement compensation due the working spouse. It is important that you have a consultation with your attorney to go over the ground rules before you begin this process.
Know Your Case
Being familiar with the facts of your case is crucial to crafting a list of reasonable demands for a divorce settlement. Some of the facts you and your attorney should know include:
Property value and the total amount of any debt you might have
Financial information about assets, including bank accounts, retirement accounts, stocks, bonds, and trusts
Your spouse’s finances, i.e. how much he/she makes monthly and where the money goes
Cost of future living expenses and inflation (including housing, child care, education, healthcare, etc.)
It is also crucial to accept that you may not get everything you ask for. When negotiating, make sure you only fight for what you truly value. One of the biggest mistakes divorcing spouses make is spending time and money arguing over insignificant matters. Instead of letting emotions control the situation, take time to make rational decisions when at the negotiation table and choose your battles wisely.
Compromise Helps
Showing your spouse you are willing to compromise on some points may encourage him or her to do the same. 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.
Also keep in mind that negotiating a settlement agreement (which occurs in most divorces) is what keeps you out of trial. In a trial, a judge will make all the decisions and define the terms of your divorce, including division of property, child custody, etc. To avoid having to go to court, you may also consider divorce mediation as an aid in the dispute resolution and negotiation process.
Steven W. Hair, focuses his practice as a divorce attorney, family law attorney in Clearwater, Palm Harbor, and Safety Harbor.
For more information, visit our website at www.FamilyLawClearwater.com
or call (727) 726-0797.