The Good Divorce Settlement
The marital residence, the pension, a painting purchased during the happier days of the marriage - these assets often bring an emotionally charged debate to divorce negotiations, which can impair good decision-making.
Failing to examine assets, however, can be a mistake, because many assets, even the most valuable ones, such as a house, cost money to maintain. So the first reaction – to fight for everything - can be a mistake, particularly since the budget after divorce does not allow for maintenance on homes, boats, and cars. Remember that in the wake of a divorce, the only house many people can afford is the poorhouse.
Many people who get to the end of tough divorce negotiations may be tempted to sign the agreement just to get things over and done with, but that can be a big mistake. No matter how exhausting the negotiations have been, no one should sign a divorce agreement without reading and completely understanding it.
According to United States Census Bureau statistics, each year there are nearly 1 million divorces in the United States, or something less than half of all marriages. The real tragedy, however, is the financial devastation that occurs to many individuals after their divorce. Too often, a divorcing spouse accepts an unfair settlement and finds that a few months later he or she is experiencing serious financial challenges.
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DIVORCE AND RETIREMENT – The age of full entitlement for Social Security for most people is now 66 and older. If Social Security is a major part of a person’s retirement income, the hike in age may be a consideration when negotiating a divorce settlement.
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Basic Principles of Law for Construing Separation Agreements
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