Splitting up after years of marriage is a hard decision. This breakup isn’t simple. Divorce is emotionally painful and frustrating. While you’re ready to go on a new path, you must still deal with how to handle the life built together. Walking out and finding a new place isn’t going to be enough. Before you start again, both of you need to discuss these four things.
1. Health Insurance Needs
In some marriages, one partner had health insurance for the entire family. Upon divorce, that policy may no longer apply to the dependent. Discuss if it’s possible for the ex-spouse to remain covered throughout the year. If not, who is going to pay for COBRA or another independent plan. Begin shopping around to find something that is reasonable.
2. Financial Support
If one spouse earned enough to support the household or, at least, the majority of the bills, then alimony may be possible to maintain a comfortable and appropriate lifestyle. Lawyers and a judge look through financial records to determine how much is feasible.
In addition, discuss any conditions on the policy. Will payments stop if someone remarries or begins to earn a higher income? Ask attorneys to explain what is durational alimony. This shorter-term agreement provides support for one party to get back on his or her feet.
3. Division of Property
During the relationship, you accrued more than memories. You also may have purchased property, built up savings accounts and stocked your home with valuables. These must be divided. Understand the price of each thing. Be prepared for some struggles. You may have to make some concessions.
Make a list of all accounts, pensions, and belongings, especially anything bought or put together after getting married. Attach values to each item and how it was purchased. For instance, did you acquire a piece of artwork? Who found it? Was it a gift? These points may be used in deliberation to decide who gains the piece.
4. Liability Concerns
Along with assets, you must determine how to handle debt. Perhaps if someone wants the home, this party may assume more debt. Bargaining here may help. Likely, each person may walk away with some of the liability.
Divorce isn’t easy. The arduous process takes time and patience. For smoother adjustment, work with professionals who understand the state laws and processes; their knowledge is vital to ensure you work through multiple separation factors.