Divorce – Detailed Decisions
Here are some of the many detailed decisions that may need to be made to complete your divorce:
Division of Assets and Debts
1. What are all the assets that the two of you own either jointly or separately?
2. What are all the debts that the two of you have either jointly or separately?
3. Which assets and debts are jointly owned, which are separately owned and which have a mixture of ownership?
4. For those assets and debts with mixed joint and separate ownership, what is the exact mixture?
5. What is a fair and appropriate valuation for each asset and debt?
6. Should a specialist value any of your assets, such as a house, pension or business?
7. What options do you have for dividing your assets and which seem best?
8. What are the tax implications of these options?
9. What would be the likely short-term and long-term implications of these options?
10. What steps need to be taken to carry out the actual division of your assets and debts?
11. If you are going to continue to own jointly any asset after the divorce, such as real estate, how exactly will it be managed?
1. Will spousal support be paid? If so, how much will be paid monthly or will there be a lump sum payment?
2. How long will it be paid?
3. What events will cause termination of spousal support?
4. Will the amount paid change at any predefined intervals or events?
5. Will there be life insurance that guarantees payment of spousal support?
6. Have you structured the spousal support in such a way as to allow it to be tax deductible?
7. Do you agree that the spousal support will be tax deductible for the payer and taxable for the recipient?
8. When and how will spousal support be paid each month?
9. Will the payer’s wages be garnished?
10. What is the best way to provide each of you with health insurance after the divorce?
11. How will you make spousal support modification decisions if and when circumstances change?
12. Will you allow the court to have jurisdiction to modify spousal support in the future upon a significant change in circumstances?
1. Will legal custody be joint or sole?
2. Will physical custody be joint or sole?
3. What will be the regular schedule for each parent to have time with the children?
4. How will the schedule change during the summer and other school vacations?
5. How will time with the children be allocated for holidays and other special days?
6. How much vacation time will each parent be allowed with the children?
7. Who will be responsible for transporting the children to the other parent?
8. What communication will be allowed with the children when they are with the other parent?
9. Should there be any rules for communication between the parents to help ensure everything goes smoothly?
10. How will decisions be made as regards what special activities the children will be involved in?
11. How will decisions be made to revise the parenting plan as the children grow older and circumstances change?
1. What is the amount of child support that would be paid according to California guidelines?
2. Do you think a different amount would be in the best interests of the children?
3. How will health insurance for the children be provided?
4. How will uninsured health care costs for the children be paid for?
5. How will child care costs that enable one or both parents to work be paid for?
6. How will extracurricular activities for the children be paid for?
7. When and how will child support be paid each month?
8. Will the payer’s wages be garnished?
9. How will you make child support modification decisions if and when circumstances change?
My blog posts give further information about division of assets and debts, spousal support, parenting plans (custody & visitation) and child support. You can also learn about the approach I take in divorce mediation to help you make these decisions.