3 Things to Consider When Negotiating a Divorce Settlement

 Posted on February 12, 2018 in Family Law

When married couples decide to divorce in Wisconsin, a variety of legal requirements must be met to finalize the dissolution of marriage. While many of the outstanding issues that must be resolved can be settled in court through litigation, spouses are more often able to reach an agreement through negotiation or mediation.

As spouses work to negotiate a settlement in their divorce, they must be sure they understand and address the following issues:

1. Division of assets and debts - Wisconsin is a community property state, which means that the property a couple owns and the debts they are responsible for will be divided equally between the spouses during divorce. However, this division can become complicated, especially when considering factors such as the value of different types of property (including real estate, investment and retirement accounts, and closely held businesses), the tax consequences of property division, the spouses’ earning ability, and the value of assets that are not considered communal property. Spouses should take steps to fully understand the implications of the decisions made regarding the division of property, thus making sure that they will have the financial resources needed following divorce.

2. Child custody and placement - Divorcing parents must determine how they will share custody (the responsibility for making decisions about raising their children, including their education, medical care, and religious training) of their children, as well as children’s physical placement (where they will live and the amount of time they will spend with each parent). Spouses should be sure the decisions made in their divorce settlement will protect their children’s best interests, and they should also be sure to understand how these decisions affect the child support they will pay or receive.

3. Financial support - In addition to child support payments, parents may be required to contribute toward additional expenses for their children, such as medical care, educational costs, or extracurricular activities. If one spouse earns a higher income, or if a spouse requires education and training in order to be able to support himself or herself, the higher-earning spouse may be required to pay spousal maintenance (alimony) to his or her former partner. Spouses should be sure they understand how their divorce settlement describes the financial support they will pay or receive and that they will have the financial resources needed following their divorce.

Contact a Milwaukee, WI Divorce Attorney

A divorce settlement is a legal document describing the final decisions that will affect spouses’ lives going forward, and they should be sure that they fully understand its terms and the requirements that they will be obligated to meet.

If you need help negotiating a favorable divorce settlement, the attorneys of Gimbel, Reilly, Guerin & Brown, LLP can work with you to reach an agreement that will protect your rights and meet your needs. Contact our Milwaukee divorce lawyers today at 414-271-1440.

Source:

https://docs.legis.wisconsin.gov/statutes/statutes/767