Divorce is a process many fear to navigate. It does require knowledge, understanding, and focus. To comprehend the requirements here is what you need to know.
Child Custody: Today it is common for both parents to share a lot of the responsibilities of having a child. “Legal custody is the parent or guardian who makes the major decisions in a Childs life. The physical custody is the parent or guardian the child lives with.” Most couples today request JOINT CUSTODY, this means both parents are making the decisions together and both parents have access of the child or children’s medical records, school records, religious practices etc. without the consent of the other. This also includes a set of guidelines of custody arrangements. To have SOLE CUSTODY this means only one parent is making all the major decisions in a child or childrens lives and the other parents need consent to access anything in thier lives.
Child Support: This is usually calculates based on a set or guidelines to determine the amount of support. It is based on the combined income of both parents. In addition, it is expected for both parents to share the financial responsibility of their children.
Visitation Schedules and Holidays: Some parents have very strict visitation schedules while others do not. This is usually based on the parent’s ability to be flexible and are amicable with each other. I always recommend parents to share responsibilities based not each parents ability to spend time with the child and to always be flexible with their Childs needs. Children grow and change, their behavior changes, their desire to spend time with their parents change, and being flexible will help parents co-parent better.
Child Tax Credit: Parents usually share the tax credit when there is one child by using the odd and even years to determine which parent will claim the child on their taxes for that year, or each divide the children’s tax credit by the number of children they have and make changes as they become emancipated.
Healthcare for the children: One parent is usually paying for the healthcare and this becomes a factor when calculating child support. Most states require one parent to be the responsible party and decide who or how will the children be covered by health insurance in the event the health insurance is not available.
College: Most parents decide in advance how they will contribute to their childrens college expenses. This provides an outlook and the expectations required of each parent to the contribution of their childrens college. It is heartbreaking for children to know they are a burden to their parents and or their parents argue about their child’s education. ( If you want your child to succeed you contribute.)
Understanding these requirements prior to filing will help couples better prepare when it comes to considering what needs to be determined prior to filing for divorce.
We move on to Alimony or also known as Maintenance: This is a sum of money paid to the spouse with no current earnings or there is a big difference in salaries. This is based to help the less income earner better prepare themselves for the future or is awarded to offset the economic impact she or he will have from the divorce. The award can range for 20 to 25 % from the disparity of incomes and many factors are taken Into consideration. I suggest couples to consider an amount that is needed to balance the standards of living of each. Alimony is not deemed necessary in all states and it is also based on the length of the marriage. In addition, healthcare is terminated upon the divorce and most health insurances offer a cobra benefits to divorcing spouses that may qualify up to a one year.
Assets: Dividing assets becomes complicated when one does not want to share the assets. Therefore, couples might have to adhere to their State Rules on the division of marital property. In most cases there is a balance of assets to be divided as close as possible or exactly at a 50/50 equal shares. I suggest to couples to make a list of all the assets and divide as mush as possible equally and leave the assets that require more investigating or determining factors to the professionals. Keep in mind not all States consider marital property the same and this may change from State to State. Assets includes everything from the marital home, Savings, retirement accounts, debt, pensions, properties and or a business interests.
If you are considering a divorce this information will be beneficial in understanding what information you will need during the process. It doesn’t matter if you divorce with a legal team or decide to file for a divorce on your own. The requirements to providing information about your case are listed here. The more you know about what are the requirements, the better prepared you will be and avoid the costly amounts associated with a divorce due to the lack of knowledge of what you will be required to provide.