Before your divorce is finalized, there are some important issues that you’ll have to settle with your ex-spouse and the courts. These issues can include child custody and support, alimony, and the division of marital debts and assets. If you’re a Florida resident, here are some details to consider when handling the terms of a divorce settlement.
What is included in divorce settlements?
A divorce settlement is a legally binding document in which couples agree on the terms of the divorce. The agreement will likely cover several issues such as child custody, rights and visitation for the non-custodial parent, how to divide debt and property, and the payment of spousal support.
Separate and marital property
Before couples can divide their assets in a divorce, it is important to determine whether a property is considered separate or marital property. Separate property includes the items that spouses acquired before getting married, and marital property includes the items acquired while the couple was married. This means both debts and assets.
Calculating assets in a divorce
Some couples already have a prenup in place that will dictate how their property will be divided after a divorce. If a couple does not have a prenuptial agreement, they will have to agree to a fair settlement.
Fair divorce settlements should initially identify which properties are marital and which are separate and will only address how the marital property should be divided. Ideally, couples will negotiate on their own what the fairest way to divide property is. If they cannot agree, the laws of the state will determine how a judge will divide marital property during a divorce.