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Issues to address in divorce settlement negotiations

When a marriage ends in California, it is only natural for both parties to consider their post-divorce financial security and what to do to make the best of a difficult situation. For this reason, much more than the division of assets needs consideration during divorce settlement negotiations. One issue not to take for granted is Social Security benefits because, depending on the age of the divorcing spouses and the number of years they were married, it may be many years before he or she may be able to draw from Social Security. However, they can explore the options when they do future financial planning.

Health insurance is particularly important if there are children involved. If one parent has health insurance, the court might require him or her to have the children covered. However, if neither parent has access to health insurance, it might be wise for the custodial parent to request health insurance costs to be included in child support. While on the subject of children, college tuition and related expenses must also be considered -- even if the children are still young. This could avoid having to go to court to have child support modified at a later stage.

It is not uncommon for the custodial parent to want to keep the family residence to limit the lifestyle changes and associated trauma for the children. However, selling the home and investing in a place that is more affordable may be the wiser option. Maintaining a home can turn out to be unaffordable on only one person's income. This brings up the matter of the cost of living, which must not be forgotten when a divorce settlement is negotiated.

Any California person in the throes of a divorce might feel overwhelmed at the thought of forgetting something that might have an adverse impact on post-divorce financial security. One way to avoid such an error is by making sure that an experienced divorce attorney is part of the support team. A lawyer can provide the necessary support and guidance to smooth the path to a new single life.

Source: liveabout.com, "How To Negotiate the Best Possible Settlement Agreement", Cathy Meyer, Accessed on Oct. 13, 2017

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