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How should it end, when marriage counsellor also fails to convince the couple to patch up?
To get rid of it and start fresh, most of the couples decide to settle through a mutual-consent divorce.
It has been observed & witnessed many couples realized that mutual-consent divorce is necessary. It is comparatively less stressful and money saving.
Marriage is a strong bond, which unites the two together. Nobody can do anything when the couple decides to call it quits. Emotional loss is something that one can live through, but the financial loss is something one has to live with forever.
Divorce has a massive impact on the finances of those who are involved.
“In mutual divorce, partners agreed upon the financial settlements which are acceptable to both.” That’s why they decide the mode of settlements. A divorce settlement can or cannot include any asset or money.
Finances Must Be Discussed
Emotional aspects of separation should not be scrambled with financial settlements. First, you should understand the cash flow before making financial settlements.
Is it your final decision to take/give divorce?
Then start preparing your daily domestic budget based on monthly expenses and income. If you know about your expenses, it will become more comfortable for you to ask your spouse for assets you want to maintain.
Have a meeting with your spouse, and discuss all the assets and savings.
After listing all the assets and savings, analyze the market value to get fair distribution.
Liabilities like loans or insurance should not be ignored; they should be discussed and divided equally.
Division of Assets
Once all the assets have listed according to their market value, it’s time to divide them.
If the spouse is financially independent and both are working, the husband might not have pay for a wife’s daily or monthly expenses.
If the wife is purely a housewife and is not working somewhere, then husband might have to support her by setting a specific amount to be paid periodically.
The case might become complicated when the couple has a child.
Who ever will have the child custody, will get the monthly payment or lump sum amount. It might be varied at different stages of life like educational life.
It is essential to secure the child’s future, that’s why investment can be made in their name, or either of the parents can become guardian till their childhood. If you are worried or confused about child custody League City, child custody attorney can help you in this regard.
Keep All Documents Ready
The following are documents that must be ready to have fair financial settlements.
- Salary slips of both the partners if they both are financially independent
- Insurance policies documents
- Mutual funds, stocks, bonds details
- Retirement plan records
- Sale deed or lease agreement of house
Don’t forget about the liabilities
- Documents related to all outstanding debts, bank loans, credit cards, including homes and cars.
Don’t Overlook the Help of Professional
Last but not least; partners should hire lawyers or financial experts for taking care of financial matters. So, to make fair settlements consult any financial planner.