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Embarking On The Journey Of Asset And Debt Division
I. Spousal Support:
Guidelines: Are there state guidelines for spousal support? Have they been considered?
Amount: Have you agreed on a specific amount or formula for spousal support?
Duration: Has the duration of spousal support been determined (e.g., temporary, fixed term, until a certain event)?
Review and Modification: Is there a process for reviewing and modifying spousal support in the future?
II. Child Support:
Guidelines: Are there state guidelines for child support? Have they been considered?
Amount: Have you agreed on a specific amount or formula for child support?
Payment Method: How will child support be paid (e.g., direct deposit, wage garnishment)?
Medical Expenses: How will medical expenses for children be handled?
Educational Expenses: How will educational expenses for children be handled?
Extracurricular Activities: How will extracurricular activities for children be handled?
III. Division of Assets and Debts:
Inventory: Have you compiled a complete inventory of all marital assets and debts?
Valuation: Have all assets and debts been valued?
Division: Have you agreed on how to divide all assets and debts?
Real Estate: How will the marital home be handled (e.g., sold, divided, one spouse keeps it)?
Retirement Accounts: How will retirement accounts be divided?
Debts: How will marital debts be divided?
IV. Child Custody and Visitation:
Custody Arrangement: Have you agreed on a legal and physical custody arrangement for children?
Visitation Schedule: Have you agreed on a specific visitation schedule for the non-custodial parent?
Decision-Making: How will major decisions regarding the children be made (e.g., jointly, by one parent)?
Holidays and Special Occasions: How will holidays and special occasions be handled?
Travel: Can you leave the country with your children? What type of arrangement do you want to make?
Communication: How will the parents communicate with the children?
V. Other Issues:
Tax Implications: Have you considered the tax implications of the settlement?
Life Insurance: Do you need to maintain life insurance to secure child support or college costs?
Health Insurance: How will health insurance be handled for children and spouses?
Name Change: Will either spouse be changing their name?
Attorney Fees: How will attorney fees be paid?
Mediation or Arbitration: Is there a provision for mediation or arbitration to resolve future disputes?
VI. Review and Approval:
Have both parties reviewed the agreement with their own attorneys?
Is the agreement fair and understandable to both parties?
Have both parties signed the agreement in front of a notary public?
Additional Notes:
At the law offices of Rashad Law we are able to help you navigate the complexities of all of the issues related to divorce, custody and much more. Give us a call today at 516-8064140
