Those All Important Financial Settlements

A good financial settlement
  • Transitions the old relationship to new phase of independence

  • Divides the economic entity into two parts with each spouse financially equipped (as much as possible given the size of the pie) to enter the next phase of life

  • Provides peace of mind, well-being, and self-esteem

  • Contains no moral judgment

  • Is considered final, not open to continued negotiation, while reflecting and awareness that changes can occur, such as chronic illness, special education needs, or a natural disaster

  • Guidelines

  • Remember: assets are the same as they were prior to the divorce

  • See a Financial Advisor

  • Complete the financial arrangement as soon as possible

  • Divide possessions into equal categories - five saucers without cups benefit no one

  • When both are self-supporting, divide financial assets; when one is the "breadwinner", support the other - with conditions, schedules, and means for his or her future financial independence

  • Separate child support from husband/wife financial settlement

  • Beware of the grasping, survival-oriented jungle mentality

  • Don't Forget the Lawyers! Read Chapter 8 for advice on how to manage them)

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