Securing Your Future - Understanding The Financial Aspects Of Divorce Settlements
Posted on: 27 February 2015
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No one goes in to a marriage with the assumption that they'll eventually have to deal with it ending. Statistically, however, a large amount of marriages in the United States do now end in divorce, and if you find yourself in a situation where you're facing this challenge, it's important that you stay informed and involved in order to secure your finances.
Below, you'll find a guide to some of the financial settlements you'll be working out with your attorney during your divorce proceedings. By having this information in mind, you can better gauge your needs and your options, and you can secure your financial stability for many years to come.
Alimony
Perhaps the most common of all financial settlements during a divorce, alimony payments are paid from one spouse to the other in an attempt to maintain the standard of living of the less financially well off party. While tradition suggests that these are payments from a husband to a wife, an increasing number of women are finding themselves in a situation where they are the ones who owe.
Your attorney will be able to walk you through the process of calculating your alimony request while also taking into account the special considerations the court is likely to use. Having this information will allow you to request an amount that will provide you with the security that you deserve.
Property Division
Common property in a marriage can be a source of dispute during a divorce, and your attorney is best equipped to help you settle it. You should be sure to be open and complete with your property disclosures so your attorney can immediately get to work attempting to protect that which matters most to you.
Often times, divorce clients consider taking less in a property settlement in order to receive more in alimony payments. Your attorney will help you meet with a financial planner to allow you to determine whether this is the right solution for you.
Retirement Assets
Building a life together with someone and assuming it will be permanent can leave you without a safety blanket if that life is snatched away. Your divorce settlement, therefore, will also include a complete disclosure and division of all retirement savings. This will allow you to feel secure in knowing that your finances will be handled for not only the short term, but also well into the future that you envisioned sharing with your now ex-spouse. Talk to a personal injury attorney for more information.