What is a divorce settlement?

During a divorce, each spouse must have his own lawyer, as this will assist in the development of the divorce settlement.

In the most basic level, this type of agreement is a specific solution to the division of assets, debts and liabilities. Although they are also living arrangements and custody of children.

A divorce settlement is often preceded by a separation agreement. The separation agreement is made when a couple agrees to separate for a period to determine if divorce is the next step. Many of these details will be included in the separation agreement, which can lead to a divorce settlement process much faster if the couple decides to divorce.

In general, one spouse is the first to file for divorce and that is when the divorce settlement will begin to be created. Each spouse will meet with your attorney to discuss your wishes for a divorce, which can include such things as the sale of a house and division of profits, division of retirement accounts, checking accounts and savings and possessions such as furniture and automobiles, as well as alimony and spousal support.

Custody of children is always a big part of a divorce settlement. The divorce settlement can include anything but, of course, everyone has to sign and to be agreed.

This negotiation process can be faster if both partners are ready to compromise and agree, or it may take months or years.

The lawyer's job is to protect each individual's interests and offer advice. Are likely to develop multiple drafts of the agreement. These are just some of the issues that need to be considered when trying to reach a divorce settlement.

Once both parties and their attorneys have agreed to the items specified in the divorce settlement agreement, the agreement may be signed.

It may be necessary to go to court and have certain elements determined by a judge if the couple agrees. The laws vary from state to state, divorce can be effective immediately upon signature of the agreement, or may be a period of reflection that may last a few months. The agreement can not be changed once it is signed.