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5 Things You Need To Put In Your Divorce Settlement 

When it is time to finally settle your divorce and the papers are drawn up by the lawyers, it is easy to miss some of the less obvious things you need to include in the settlement. Major issues, like custody, alimony and child support are covered, but some of the things you may not be thinking about today, but will affect your financial future, are often overlooked.

Here are 5 things you need to consider putting in your divorce settlement:

1. Credit card debt. The division of credit card debt is usually outlined in the final divorce order, but you must make sure that credit card account numbers are also included. It is not enough to say that your ex will pay the american axpress card balance. You need to list the account numbers so that if the credit card company comes after you for payment you can mail them a copy of your divorce order that clearly states whose responsibility the debt is.

2. Car Insurance. If you have children , you may not know that when they reach the age to get their driver's license, most insurance companies will automatically increase your premium. If you are the custodial parent, you need to add a provision in your settlement that when the children get their licenses and your car insurance goes up, you ex will pay 50% of the extra costs. I learned this the hard way, I did not have this in my divorce order and when my daughter got her license, my insurance payments jumped up almost a $1,000 a year, even though she was not driving my car. The insurance company only assesses this fee if the child lives with you, so the non-custodial parent is off the hook. It is only fair that they help out with this extra cost too, so put it in your settlement now.

3. Birthday parties, Christmas presents, clothes, camp and other non-essentials not cover by child support. Be sure to decide now if you are going to split these or if the child support is enough to cover these expenses.

4. Braces. You may think that this would be covered under medical expenses, but it is not. Braces are considered "cosmetic", so if you have kids, make sure to work this out before signing the final divorce papers.

5. College. Again, many parents automatically assume that both parents have to split college costs for the kids. Not true. Most courts consider college an elective and will not force a parent to pay for tuition. Work this out with your ex ahead of time and save yourself grief and money down the road.
by Christina-Rowe  298 Posts 

Posted on 10/26/2007 3:38 PM
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Tags: britney spears divorce , divorce advice , divorce and children , divorce settlement
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Comments for "5 Things You Need To Put In Your Divorce Settlement"  (4) (You must be logged in to answer)




What if I will be typing up the paperwork myself, are there spaces for these items??
by MommyJean   51 Posts
Posted on 12/28/2009 10:35 AM
15





What about life insurance?  A financial advisor had me get my ex to sign ownership of his policy over to me even though he is still paying for it - everything goes to our two kids and his daughter from previously.  Divorce decree says that he has to $100,000, but the policy is $1,000,000.  Should I continue to pay it for kids sake or let it get cancelled?  Thanks!
by sjcv   13 Posts
Posted on 12/9/2008 7:08 PM
18





I was married for 24 years. My wife filed 8 months ago and being a buisness owner, I had produced all of the requested documents, appraisals.....etc. I even had to give my deposition 2 weeks ago. Mediation was suppose to be tommorrow but her attorney said that they were not ready and they were thinking about getting their own appraisal of the company. The word "THINK" is something that I dont like. I have been paying all of the utilities, house payments, insurance, etc.... while she lives in the house.

She has never worked and is not looking for a job. I have two daughters ( 22 & 19) whom I am sending thru college and supporting without any help from her or anyone.

I had agreed back in April to pay her 400.00 a month with the idea that the children would be allowed to live there.

She changed the locks on the doors & told the girls that they were not allowed to come there unless she was there.

My attorney said that they are entitled to get their own appraisal which may take up to 3 more months!

I am currently living in a cabin that I own however I lease the land. The landowners association had allowed me to make that my permanant residence for 6 months. Now they are wanting me to give them an answer as how long I  have until the divorce is settled.

I have a couple of questions:

Will I have any success at requesting the court to allow me to pay substantially less given the fact that the children arent welcome there?

Also, What can I do to speed this up?


by bossman   22 Posts
Posted on 11/4/2008 4:20 PM
16





Addendum to title:  if you have children.
by eljae   1 Post
Posted on 10/18/2008 9:42 AM
3







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