Nobody goes into marriage thinking about a divorce settlement in the future, but if a marriage falls apart, it is vital to know how to proceed with it.
One major hurdle in severing ties with your soon-to-be ex-spouse is the divorce settlement. Learning as much as you can about how to negotiate a divorce settlement with your spouse is important.
How do divorce settlements work?
Simply put, a divorce settlement is like a legal road map that both parties are legally bound to follow.
The divorce settlement can be very detailed, and those details must be adhered to. If the divorce settlement states that the wife gets the rosewood table and the husband gets the dining room hutch, that property division is legally binding.
The divorce settlement will detail all the financial assets that will be split:
- Retirement accounts
- Social security