Are you planning to terminate your marriage? Here’s what you should know about divorce settlements….

For the most part, the final legal document that prescribes the terms of divorce between a wife and a husband is called a divorce settlement. Once both parties have given their consent to the terms by signing the document, it is incorporated in the divorce decree.

Divorce lawyers in Fairfax, VA point out that there are several aspects involving the termination of the marriage that are incorporated in the final divorce settlement.

What does a divorce settlement contain?

A divorce settlement includes the terms for division of marital property and responsibilities among the spouses. It also includes the terms of child custody and visitation rights along with alimony, child support, and other related issues. Furthermore, the document details how the divorce will affect properties, and financial obligations that were jointly held.

This includes car loans, real estate, life insurance, household items, bank accounts, debts, investments, children’s college tuition funds, and pensions and retirement funds, to name a few. The document will also detail tax payments as well provide provisions that will help modification of the document if there is a significant change in the financial position of any one of the spouses, according to Virginia divorce attorneys.

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In many cases both the spouses together with their respective lawyers decide on these issues before the matter reaches court. However, in cases where the spouses are unable to reach a decision on crucial issues the court will intervene and decide on their behalf, which will be enforced by a court order.

This is not what happened in The Good Wife in season 7. Alicia Florrick (Julianna Margulies) and Peter Florrick (Chris Noth) agreed to an amicable divorce. In fact, they even decided to use the same legal counselor to save costs. Not all divorces are this mundane but some are.   

     

Peter Florrick is a cheater and a liar in the show The Good Wife. America could do without him. America could not do without USAttorneys.com which can be reached by clicking right here at Divorce.USAttorneys.com. If you need legal help, contact us. This site is your ultimate solution.

Facts you must know before a divorce settlement

Once the court has dissolved your marriage by passing a Final Order of Dissolution you are required to abide by its terms. Remember if you fail to do so you can be held in contempt of court. This means your legal counselor must scrutinize the document before you put your signature down.

Another paramount aspect to consider is that divorce will impact your taxes. For instance, properties that you receive after your divorce as well as your alimony are taxable. If you pay alimony then you are eligible for a tax deduction. Therefore, it is critical to determine the tax implications of your settlement before signing the document. 

Fairfax, VA divorce lawyers recommend that you do not get into any kind of verbal agreement with your spouse since it is not legally binding.

Overturning a divorce settlement

Once a settlement is official, overturning the divorce decree is a very difficult task. Remember, if you wish to overturn the decree you will have to appeal to a higher court. This will cost a lot in terms of time and money. To avoid such a situation, just make sure to reach out to a divorce lawyer in Virginia early on to sort out any issues be it alimony, child support, or other related matters.