Divorce can be an extremely difficult situation to deal with and it can be a challenging time for both parties involved. There are many issues that have to be navigated during this process such as financial, personal and legal aspects. To come to a fair solution at the end of proceedings, you need to make sure that these issues are addressed properly.
You need to have legal representation when you are entering the divorce process
Each spouse has to consult with a divorce lawyer who has a good understanding of family law. Experienced divorce settlement lawyers will be able to help you navigate the issues and complexities of this process. The grounds for divorce will change depending on the jurisdiction. This is something your lawyer will explain to you. The most common type is a no-fault divorce where neither of the spouses has to prove any fault. In some jurisdictions fault-based divorces will be allowed.
Some of the grounds for divorce in this case can be cruelty, abandonment or adultery. You should have a clear idea for the grounds for divorce. The division of marital assets is a very challenging part of divorce proceedings. Some of the assets include retirement funds, savings accounts and property. There may be assets that have been acquired after marriage. During the proceedings, the lawyers will look for a way to dispute the assets equitably based on the contributions of each spouse.
If children are involved, the situation can become more complex
This calls for the resolution of child custody and visitation arrangements. Sometimes custody can be given to both parents called joint custody and a situation where it is given to one parent is called sole custody. There are also other types of custody arrangements so you need to discuss with your spouse and your divorce lawyer depending on what prioritises the best interests of your child.
Another issue that comes up when children are involved in child support. There are state guidelines that will dictate the amount one parent must pay to the other. This is calculated based on the needs of the child, types of custody arrangements and the income of both parents.
Alimony or spousal support
Refers to the financial assistance that should be awarded to one spouse during the divorce or afterwards. This is based on the financial resources each spouse owns and the length of marriage. The contributions made by each spouse to the marriage will also be considered. There may be certain debts that have been accrued by the couple such as loans, mortgages credit card balances etc. and these should be fairly allocated between the spouses.
There are tax implications as a result of divorce so you will need to consult with a tax professional to find a way to minimise the tax burden. You will also need to review insurance policies such as auto, health and life insurance during divorce and update them. You have to remove the ex-spouse as a beneficiary in this situation and update your coverage plan.