In a divorce, both parties have many decisions to make. Whether it’s through mediation or a collaborative approach to divorce, these items are important to keep in mind:
1. Asset and liability division
- How will assets be divided?
- How much is your home worth?
- Will you continue to co-own the home and sell it in the future?
- Does there need to be a buy-out of a share of the home’s equity?
- What is the time frame for removing a name from the mortgage?
- How will the household bills be paid until one person moves out?
- How will debts be divided? If a debt is in both names, who will pay it?
- Is it possible to remove either party’s name from a joint account?
- If someone takes more assets, should they take more debts?
- Do retirement plans need to be equalized?
- Are there other businesses that need to be valued or divided?
- Is money owed from one party to the other, because of overall asset and liability division or equalization?
2. Child support
- What is the guideline for child support in your state?
- Should a different amount of child support be paid voluntarily?
- In addition to child support, should other child-related costs be divided?
3. Parenting plan
- What is the general parenting schedule?
- What is the holiday/vacation schedule?
- Are there other schedules or provisions that need to be included?
4. Alimony/spousal support
- Is spousal support appropriate in this case?
- How long would spousal support get paid?
- How much will spousal support be?
- Will spousal support decrease at some point in the future?
- What if one party gives more assets instead of spousal support?
- Will you work together to make major decisions on behalf of the children?
- Will one parent be responsible for making those decisions?
- Are there certain issues that are more important to one parent than the other?
6. Health insurance
- Who is going to provide health insurance for the children?
- How much will each parent pay for unreimbursed medical expenses?
- Dependent exemption - who will claim the children for tax purposes?
- Should language be included regarding children’s college tuition?
- How will personal property be divided?
Whether through mediation or a collaborative approach, divorce is stressful. Being aware of potential stumbling blocks will give parties their best chance at a successful divorce. Contact me today to help find answers to your questions.