Regardless of the pathway, the following central issues will have to be settled in a divorce order settlement:
Distribution of Marital Assets and Liabilities:
For the purpose of divorcing, the couple will need to establish and determine the market value of all the matrimonial (real estate, bank accounts, retirement accounts, cars, loans) assets and liabilities of the marriage.
The rule of distribution is controlled by the law of the state, and it is either: Community Property (50/50 division) or Equitable Distribution (means fair distribution, which is not necessarily a equal division).
Children’s Issues (Custody and Visitation):
Legal Custody: Making the major decisions for the child’s welfare and welfare issues ( education, medical treatment, religion).
Physical Custody: Where the child will reside and the time schedule for the child with each of the parents.
The standard at which all custody decisions will be made is the Best Interests of the Child.
Child’s Expenses (Child Support):
One parent is ordered to pay the other parent financial support for the expenses and the support of a child.
The child support determination is based on a formula/guide set by the state which takes into account the incomes of each parent, number of children, and the amount of time in custody.
Ex Spouse Support (Alimony):
For a time following the divorce, one spouse will be ordered to pay financial support to the other spouse.
This is not automatic; the considerations are the duration of the marriage; the income differential; the support one party’s needs to become self-sufficient, if any.
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