Divorce Checklist - Children & Finances

PEYMA's Divorce Checklist is divided into FOUR main categories:

• The family divorce lawyer
• Children
• Finances
• Liabilities
• Other

Family Divorce Lawyer

Choosing an experienced family divorce lawyer is vital to any divorce proceeding. A good family divorce lawyer can not only ensure that your separation. is "fair" but it can also save you with the alimony you may have to pay for years to come (which obviously depends on the divorce law in your specific state or country).

Divorce and Children Checklist

Children in divorce situations tend to think the worst scenarios in their heads. It is important that you consider the impact of your divorce on the children and help them to cope with it. The following have been shown to help children cope with their parents separation.:

1. As soon as the parents know that a divorce is immanent, the children must also be told. But, the parents must do this together and with out placing any blame for the separation. on either parent.
2. The parents must consider that quite often the children develop short term emotional and psychological problems. Therefore it is important that listening and marriage counseling services also extend to the children.
3. Do NOT ask the children to decide which parent they rather live with.
4. Ideally, the parents need to consider an amicable schedule between them where the children can see both parents on regular basis (Unless, circumstances such as abuse etc. may put the child at risk).
5. Consider how and who would provide financial support for the children. This could be in the form of "Child Support" or government aid or may be even a change in your current job. It is important that you consider all of your children's expenses (including clothing, medical bills, food, toys, school fees, pocket money etc.). Also, don't forget to consider the college or further education tuition fees as well!
6. Consider the visiting rights of the children. It is important from the child's point of view that he, or she, feels very little has changed (other than the fact that the parents are no longer living together).

Divorce and Finances Checklist

Divorce and the financial implications it entails are among the most worrying aspects of any separation. People sometimes can not only end up loosing almost everything they value, but, they could also continue to pay huge alimony for many years to come. Therefore it is important that you consider the following:

1. If the couple decide to sell the family home, then it could potentially be a complicated process as its rare that one partner would just hand the family home over to the other. This in turn means that the division of a mortgage can sometimes be complicated and messy. Its also important that couples make sure the mortgage company does not take advantage of their situation.
2. It is important that you also consider pensions as well. Don't forget that this too can be quite a substantial sum.
3. Any savings, shares, bonds etc must also be taken into account and divided accordingly.
4. Financial maintenance agreed for your children and your wife.
5. Dividing any personal goods you may have, including furniture, cars etc.
6. Future financial obligations (e.g. life cover etc.).
7. Don't forget to claim any state benefits (where applicable, for yourself and your children), including Tax Credit and Child Support.
8. Legal and Professional costs associated with getting divorced.
9. If there is a prenuptial agreement, then ensure that the agreement is honored.

Divorce and Liabilities Checklist

The liabilities are things that effect both of you financially. A few things you need to consider are:

1. Tax liabilities from any financial settlements, such as Capital Gains Tax (from selling your home) etc.
2. Any loans or debts can become a liability if it is not clear which partner owns it. This includes bank loans, credit card debts, car loans etc.
3. If the couple are in business together, then the couples may even need to consider the option of bankruptcy.
4. The mortgage is a huge liability as very rarely does one partner just agrees to hand things over to the other. Splitting the mortgage is often a messy process. Ensure that the mortgage company does not take advantage of your personal situation.

Other Divorce Checklist

1. One of the things that couples some times forget during separation. is the ownership of the pets. This can sometimes be as difficult as the battle over the children's custody.
2. Document and record everything agreed or implied to ensure a clean break up at a later date.
3. Both partners must have copies of all documentation.
4. List all assets and their values (including any hidden ones. A partner may consider hiding certain assets or finances prior to the divorce).
5. Don't forget to notify any necessary organizations of changes to your circumstances.