It’s never a happy moment when two people joined in matrimony decide to go their separate ways. But if that time does come, it’s best to be as prepared as possible. That means having already gone over some key topics and decisions that will need to be made for both parties to move on as smoothly as possible. Divorce is never easy, but if you and your spouse can agree on the following issues, it will at least make the process less painful:
1) Separation Agreement
The first step is to sign a separation agreement, a legally binding document outlining how you and your spouse will divide up your assets and debts. This includes who will keep the house, pay the mortgage, get the car, and so on. It’s important to have everything in writing so there are no misunderstandings later.
A separation agreement can help make the divorce process go more smoothly, taking away some guesswork. It will help if you read more about separation agreements to ensure you understand your rights and options before signing anything. But it’s important to remember that these agreements are not always set in stone. If one spouse wants to change the terms of the agreement, they can do so by going back to court.
2) Child Custody and Support
One of the most difficult aspects of divorce is deciding what happens with children. Both parents typically want what’s best for their children, but they often have different ideas about what that is. To agree on child custody and support, you’ll need to discuss things like:
- How much time will each parent spend with the children
- Who will make decisions about the children’s welfare
- How much child support will allow one parent to pay to the other
It’s never easy when a married couple decides to separate. But it’s important to remember that these decisions shouldn’t be made just based on what is best for the parents. The children’s welfare should also be taken into account.
3) Assets Division
Another important decision that needs to be made is how assets will be divided. This includes everything from the family home and cars to bank accounts and investments. Once again, it’s best to try and come to an agreement on this before going any further.
You’ll need to decide who gets what asset and how any remaining debts will be paid off. Often, spouses will sell the family home and split the proceeds. But if there are other assets, such as a business, you’ll need to figure out how those will be divided.
If both parties can’t agree on who gets what, the court will decide for them. And that can often lead to one person feeling like they got the short end of the stick. So it’s best to try and come to an arrangement that both parties can live with before going to court.
4) Alimony/Spousal Support
Sometimes, one spouse may be ordered to pay another alimony or spousal support. This is typically done when one spouse earns significantly more money than the other or if one spouse stays home to raise children while the other works.
If you think you may be entitled to alimony or spousal support, you’ll need to discuss this with your spouse. You’ll also need to figure out how much money will be paid and for how long. Often, these payments are made until the recipient can get back on their feet financially. But in some cases, they may be ordered to continue for life.
5) Retirement Accounts
If you have any retirement accounts, you’ll need to decide what to do with them. This includes pensions, 401(k)s, and IRAs. Often, these accounts will be divided equally between the two spouses. But in some cases, one spouse may get the account while the other gets other assets.
It’s important to keep in mind that any money that has been contributed to a retirement account is typically considered marital property. So even if only one spouse is named on the account, both spouses may be entitled to some of the funds.
6) Tax Returns
If you’ve filed joint tax returns with your spouse in the past, you’ll need to figure out what to do going forward. Often, couples will file separate tax returns after a divorce. But in some cases, one spouse may be required to file as head of household.
This can have a big impact on your taxes, so it’s something you’ll need to discuss with your spouse. You may also want to consult a tax attorney or accountant to see the best option for you.
Going through a divorce is never easy. But if you and your spouse can sit down and discuss these important topics, it can make the process easier. It’s also important to remember that these decisions shouldn’t be made just based on what is best for the parents. The children’s welfare should also be taken into account.