Divorce Settlements — Court Orders, Agreements and a Variety of Compromises
When you feel your marriage is starting to take a wrong turn, and the divorce is starting to appear more and more imminent, one of the things that you must not disregard, but actually think over thoroughly, is the divorce settlements.
The following lines wrap only some of the basic information that you should keep in mind when faced with divorce. Even though a step of this kind might damage you emotionally, you must keep your wits about you and also think about your financial security.
Divorce Settlements and Children
This is probably one of the most heart-breaking decisions to take, but if your divorce plan has already reached the Court, then you must consider the custody, as well. You must consider the children’s well being, and continue paying for their health insurance, if you are under the coverage of one. If none of you has health insurance coverage, then this will be extracted from the child support payment.
Another important element for your children’s comfort is the house they grew up in. If you are the spouse that is in charge of the custody, then you must not forget about the expenses that keeping the home involve. Make all the necessary predictions, and decide whether to keep it or sell it, in order to invest in a more affordable one and remain with some cash that you can later invest in something that promises to be profitable. Think about the expenses that a child require on a daily basis: school or kindergarten tuition, transportation and out-of-school activities. Should you consider that these expenses are too much for you to take care, you must present this to the court, and you may have a chance that you share these expenses with your ex.
Divorce Settlements and Common Agreements
There is also the situation when the two spouses take a common decision upon the divorce settlements without needing to resort to the court of justice. However, beware that whichever settlement agreement you might reach must have the consent of the court in order for it to be legal. Consider all the common debts, and try to share them in a fair manner. This will help you shorten the divorce process and your emotional torment. Nevertheless, a common agreement upon the divorce settlements is a secure way for you to reach financial independence.
Divorce Settlements and Compromises
Let us take as example the case of a divorce where the wife has not worked in a while – being home and taking care of the children – but who is now considering looking for a job. In this situation, the court may order the husband to maintain for the ex-wife and children for a fixed period of time, and once the wife has reached a secure financial status due to employment, the order might be modified as to not force the husband to provide for his former family.
Nevertheless, there is no set formula the court follows when setting the divorce settlements, as each family has a unique situation, and orders must be equitable for all parties.