Divorce can be a tough and emotional process. To make things easier, having a clear checklist for divorce settlement can help you stay organized and ensure that all important aspects are covered. This checklist provides an example of a marital settlement agreement (MSA), designed to help you understand what needs to be considered.
1. Alimony/Maintenance
- Decide if one spouse will pay the other alimony (financial support).
- Determine the amount and duration of payments.
- This is a crucial part of any checklist for divorce settlement.
2. Health Insurance and Expenses
- Discuss who will continue to provide health insurance.
- Address how health expenses will be covered.
- Ensure these details are included in your divorce settlement checklist.
3. Real Estate/Marital Residence
- Decide who will stay in the marital home or if it will be sold.
- Determine how the home’s value will be divided.
- Include real estate details in your marital settlement agreement example.
4. Financial Assets
- Divide non-retirement financial assets like bank accounts and investments.
- Discuss stock options or restricted stock.
- An essential element of any checklist for divorce settlement.
5. Personal Property
- Decide who gets what in terms of personal belongings and household items.
- Include details on vehicles and auto leases.
- Important for your divorce settlement checklist.
6. Debts
- Divide any debts such as credit card balances and loans.
- Address how each party will handle any joint debts.
- Key aspect of the checklist for a divorce settlement.
7. Tax Issues
- Decide if you will file a joint tax return for the current year.
- Determine who will get any tax refunds or pay any taxes due.
- A common element in a marital settlement agreement example.
8. Attorney’s Fees
- Discuss who will pay for the attorney’s fees.
- Decide if these costs will be shared or if one person will cover them.
- Always include attorney’s fees in your divorce settlement checklist.
9. Child Support
- Determine the amount of child support to be paid.
- Set a payment schedule and discuss any potential changes in the future.
- Child support is a critical part of a checklist for divorce settlement.
10. Parental Responsibility
- Agree on how parenting time and responsibilities will be shared.
- Include details on decision-making for the child’s upbringing.
- This should be clear in your marital settlement agreement example.
11. Child’s Health and Expenses
- Decide who will provide health insurance for the child.
- Address how non-covered health expenses will be shared.
- An essential part of your divorce settlement checklist.
12. Child’s Education and Activities
- Discuss how to cover costs for the child’s education, including daycare and college.
- Address expenses for extracurricular activities and hobbies.
- Ensure these are included in your checklist for divorce settlement.
13. Income Tax Exemption for Children
- Decide which parent will claim the child on tax returns.
- Consider rotating this benefit each year.
A clear marital settlement agreement checklist can help make the divorce process smoother and less stressful. By addressing these points, both parties can ensure a fair and organized settlement. Whether you have kids or not, this guide provides a helpful framework to navigate your divorce settlement checklist.