You may be in the process of going through a divorce. Of course, there are many things to consider. You may be a parent, so you must contemplate your children’s needs. You may be a homeowner and you need to figure out what happens to your property. You may also be wondering how do you get a fair divorce settlement.
The last thing you want to do is go to war with your spouse during this divorce. A contentious divorce can also be stressful for your children. Being able to properly communicate your needs will assist you in working toward a mutually beneficial settlement that you both feel is fair and reasonable. When spouses agree to work together then most of these negotiations can happen outside of the courtroom. Open communication is key to facillitate a smoother divorce.
Tips for determining a fair divorce settlement
When devising your agreement, you should consider a few elements of your divorce settlement. They include:
- How the marital assets and liabilities will be divided– the way properties are divided vary by state. If you live in a community property state, the property will be divided equally. If you live in an equitable distribution state, the property will be divided in a fair manner, but not necessarily equally. Illinois is an equitable property state.
- Determine child custody– there are many types of child custody. You could have sole custody, joint custody, physical custody or legal custody. It is based on what option is best for your children.
- Make a parenting plan- you and your spouse negotiate this plan and outline how each of you will continue to take care of your children.
- Any support or expenses needed for the children- whoever does not have custody of the children will have to pay child support. This is money that is given to take care of your children. It will be determined based on your family’s needs. There are laws on the books to ensure that it is paid and penalties if it is not. In Illinois, payments are determined by a state calculator.
- Any spousal support if needed- to determine how much spousal support you can receive is based on your needs.
Securing a fair agreement during a divorce can be challenging. But it is good to know what to expect. A divorce is never easy but it is better to be prepared.