Divorce Settlements | Getting Divorced
Even in an amicable split, divorce settlements are never easy. The emotional and financial aspects of getting divorced can easily become intertwined. However, there are things you can do to mitigate the financial impact.
It’s important to become familiar with your state’s divorce laws before you file. There are two different divorce standards in the U.S. These include equitable distribution and community property. In the 41 states with equitable distribution laws, the court decides what is a fair, reasonable, and equitable when determining the division of assets in a divorce settlement. It could award either spouse 0-100% of the assets, depending on several factors. In the 9 states with community property laws, all assets and debts will be split 50-50.
While hiring a divorce attorney is recommended, the fees can easily become overwhelming. One option for decreasing the cost and the stress is hiring a mediator. A mediator is trained to work out a divorce settlement that is fair and equitable for both parties. The attorneys then draw up the documents and bring the agreement to court.
When working out the divorce settlement, try not to have unrealistic financial expectations. A divorce splits one household into two. Two salaries can go a lot farther in supporting a household than one. Expect that you will have to tighten your belt, no matter what the settlement.
For more legal information on getting divorced, check out our section on divorce settlements.
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