Do You Need a Divorce Financial Settlement? Yes, and Here's Why
Divorces are often dragged out by differences in opinions, conflicts and interminable negotiations. Most often, the delicate spots in a divorce are finances and children. If you are going through a divorce, you might not know how to tackle the whole thing. Hiring an experienced St. Louis divorce lawyer is one of the best decisions you can make, as they will be able to explain all the things that you would have to include in your divorce settlement.
What Is a Divorce Financial Settlement?
A financial settlement is a legal way of dealing with your assets and finances during a separation or divorce, which will protect you from future claims coming from your ex-spouse. In other words, not having a divorce settlement in place can leave you exposed to claims that can come even years after the divorce was finalized.
The assets that can be included in a divorce financial settlement are:
Money (savings, profits from your businesses;)
Division of debt
Child and spousal support
As you can see, the list should include everything that has to do with your financial resources and needs. One of the questions that divorcees might ask is why do they need a financial settlement - doesn’t the court handle this anyway during the division of assets?
Well, each situation is different, and sometimes you and your spouse can agree on something that is different from what the court would order based on the state law. So, a settlement is what happens before getting to court with it, either through a mediator or on your own, with advice from your lawyers.
Why Do You Need a Financial Settlement?
Divorce itself is meant to do one thing: dissolve the marriage between you and your spouse. Financial issues may be included in a divorce, but a divorce financial settlement is the only way you will decide clearly and irrevocably what happens to the money and goods you shared during your married life, and what debts you might have for the rest of your life or for many years to come.
Married life includes many shared aspects, especially the financial one. Having minor children complicates issues even more, and so is having one spouse dependent on the other. Without a divorce financial settlement, you may not have the chance to express all your needs and demands or separate your assets how you consider to be fair, so it’s important to deal with these issues in a legal, formal way.
Always Talk to a Lawyer
If you have any questions about your divorce financial settlement, discuss them with your St. Louis divorce lawyer and make sure to talk to them about any concerns you may have about your financial future as a divorced person. An experienced attorney can ensure that your legal rights are protected throughout the process.
The Betz Law Firm
120 E Lockwood Ave
Phone: (314) 801-8488
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