Many divorces are resolved out of court, which can be done through mediation, alternative dispute resolution and similar methods. Some individuals don’t realize that the court will still have to approve the settlement before it is finalized. One reason for this is that the court needs to determine whether the agreement was negotiated in a fair manner.
As you and your ex are going through the property division phase, you need to be sure that you are protecting your rights. When you are dividing assets, thinking logically is imperative. This is because your financial future is likely going to be directly impacted by what you decide in this part of the divorce.
During property division, you and your ex will assign debts, assets and other financial accounts to a specific person. Make sure that you aren’t getting the biggest share of debts and the smaller share of assets. Typically, it is best to divide the larger assets and then use the debts to balance out any differences in value that needs to be addressed.
Before you try to get the court’s approval for a settlement, you need to have all applicable areas of the divorce handled. For couples with children, you need to have the child custody matters and support all sorted out. If spousal support is a factor in the case, this needs to be worked out.
It is easy to get overwhelmed when you think about all the things that you need to figure out when you divorce. Knowing what to expect and having a plan going into the process may make it a bit easier.