When it comes to divorce settlements, there are a lot of things to take into consideration. You want to make sure that you get what you deserve, but you also need to be realistic about what you can get. Here are 5 things you should ask for in a divorce settlement:
Table of Contents
1. House or the Proceeds of a Sale
One of the most important things to consider in a divorce settlement is what will happen to your house. If you and your spouse are both on the deed, you will need to decide who will keep the house and who will leave.
If you have children, they will likely need a place to live, so you’ll need to come up with a plan for that. You can also ask for the proceeds of a sale if you and your spouse decide to sell the house.
2. Parenting-time Schedule
Another important thing to consider in a divorce settlement is the parenting-time schedule. This is especially important if you have children. You’ll need to come up with a plan for how much time each parent will spend with the children. This can be a difficult decision, but it’s important to think about what’s best for the children.
3. Alimony or Child Support
If you’re asking for alimony or child support, you need to make sure that you have a realistic idea of what you can expect. Alimony is usually paid until the receiving spouse remarries or dies, while child support is paid until the child turns 18. Keep in mind that these payments can be modified if the paying spouse’s financial situation changes.
4. Retirement Accounts
If you have retirement accounts, you will need to decide what to do with them in a divorce settlement. You can either split them equally between you and your spouse, or you can give them all to one spouse.
You should also decide who will be responsible for paying the taxes on these accounts. Many retirement accounts, such as a 401k, have penalties for early withdrawal, so you need to be aware of that before you make any decisions.
5. Life Insurance
If you have life insurance, you will need to decide what to do with it in a divorce settlement. You can either keep the policy and pay the premiums yourself, or you can give it to your spouse. You should also decide who will be the beneficiary of the policy.