Peaceful Divorce

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?

5. Decision-making

  • 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?

7. Other

  • 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.

The Inside Scoop on the New Mortgage Rules from an ExpertRobert D. Bordett CFP, CDFA
Collaborative Practice
and Mediation Services
888 U2AGREE (888.822.4733)

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