Negotiating a divorce settlement with your spouse
No-one enters into a marriage expecting it will not last, but with more than half of marriages in Australia failing, it is vital to know how to proceed with it.
Severing ties with your soon-to-be ex-spouse can be complicated, particularly when it comes to the divorce settlement.
About Divorce settlements
The divorce settlement is a legally binding document which details:
- Terms of divorce
- Division of assets
- Alimony and child support
- Information about custody and visitation schedule if you have children
Negotiating a fair settlement
To obtain a fair divorce settlement, it is usual for divorce negotiations to be part of the process. Therefore, before settlement it is important to think about what you want.
Lawyers like to handle this part of the divorce (it is where hefty hourly fees can rack up). But if the two people getting divorced are still on civil terms with one another, they should be able to work out parts of the divorce settlement themselves, or with the help of a collaborative practitioner. By presenting agreed upon terms, a lot of money can be saved in legal fees.
After the divorce settlement negotiation is complete, both parties are given the divorce settlement proposal. This is the preliminary “wish list” of both spouses. It is not the final agreement.
