Are You Prepared If Divorce Is Your Only Option?
What should be your next course of action when a marriage counselor is unable to convince you and your spouse to patch your marriage up? You can follow the path of many such couples who decided to settle their issues through a mutually consented divorce. Divorce is never an expected event in a couple’s married life of brings in a big impact on the financial positions of both the spouses involved. When the divorce is obtained through mutual consent, both the wife and the husband try to settle their financial separation on certain terms and conditions, which are usually acceptable to them both, in fact, the details and the mode of such a settlement is in the in hands of the husband and the rife. A settlement for divorce can either include assets and money or can be done rigor them. The partners simply need to reaffirm their agreement in the court. Thus, in case divorce is the only option left before you, you must be prepared with the following steps.
Have a discussion with your partner on the financial details
While emotions do come in while you are separating, do not bring them while settling the financial matters. Even before you start discussing the various financial matters; it makes sense to understand the cash flow first. Thereafter you should sit with your spouse and try to figure out all the assets and savings like two mature individuals. Your next step should be to list dine all these savings and assets’ market value. You can get in touch with a financial consultant or planner to get your assets valued properly. The distribution of savings and assets should be on the basis of how much each spouse had contributed, in case they did not succeed to arrive at an agreement on dividing them.
Splitting the assets
After you gave jotted down your assets as well as liabilities and their current market value, it is now time to split them. When the assets are being divided, you need to take into consideration what role will be played by each partner. The reason for this is while your spouse could be bearing all the expenses while you may be contributing for the savings.min case the rife is not earning sufficient money to support herself or she is unemployed, the husband needs to give her alimony. This could be applicable though she could be having her own income but her earning is not adequate to ensure a similar standard of living like her husband.
In case the couple has children, things may be more complicated. Spouses may come to an agreement on a particular staggered payment or a lump sum amount to be paid to the person who will have the child’s custody. It can even be a payment made on a monthly basis with an incremental increase, taking into account the increasing cost of living.
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