What extra things should I include in my divorce settlement?

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Posted By | February 17, 2021 | Articles

You probably have a good idea of the main items to include in your divorce settlement, such as who gets the house and general custody arrangements. However, there are some minor details that you may forget and that might result in issues down the road.

Rate.com explains that it is essential to nail down every detail in your divorce settlement, especially if the negotiations were less than smooth. This includes thinking about things you may have never considered before.

Child-related details

There are many aspects of raising children in two separate households that you may not even think about. For example, if your spouse has parenting time with the children but he or she has something happen that takes him or her away from the children, who will take them? You may want to set up a first in line agreement where the other parent always gets the opportunity to take the children if the other parent cannot have them at their scheduled time.

Another common issue for divorced parents is handling college. Once your children turn 18, the court steps out of the picture as far as support. You have to make arrangements yourselves for this. You will need a plan for paying for college along with all of the other college-related expenses.

Tax considerations

Another area where you may want to take some time to plan is the tax impact of your divorce. Some of the decisions you make could have lasting tax implications that cost you a lot. You want to carefully consider how any financial situation will sit with the IRS. This includes everything from dividing retirement accounts to claiming the children as dependents on annual tax filings.

Thinking about the details will help you in the long run to avoid arguments and financial issues.