How Are Divorce Settlements Calculated?
Going through a divorce can be challenging, especially when couples are confused regarding divorce proceedings. Oftentimes, spouses don’t understand how certain aspects of their divorce are decided upon. Many individuals often wonder how divorce settlements are calculated and how this will affect them after a divorce. At Atticus Family Law, we’re here to help individuals understand how divorce settlements are calculated and how our services can assist during the legal process.
What Are Divorce Settlements?
A divorce settlement is a document that outlines all of the agreements made by spouses during divorce proceedings. In addition, it includes information regarding the start and end of the marriage, including dates when the divorce was filed. Basic information about both spouses, including residency and contact information, is also included in the settlement. In order to reach a final divorce settlement, many aspects of the couple’s life will need to be discussed and divided in order to ensure each spouse will be supported after divorce proceedings. Here are some common aspects of a couple’s marriage that may be included in the divorce settlement:
Division of Property
In a Minnesota divorce, marital property will be divided in a way that’s fair and equitable to both parties. Martial property refers to anything that was acquired during the marriage, regardless of which spouse’s name is on the property. A final divorce settlement will outline how the property was distributed and which spouse is entitled to certain property.
Alimony is required financial payments that a spouse makes to the other spouse after divorce. Alimony is not always assigned in divorce cases, but may be determined if it’s found to be necessary. Minnesota calculates alimony based on several factors, including who has custody of any children and the ability of each spouse to provide financial support. Alimony calculations will be different case by case, but are often included in divorce settlements.
If child support is applicable to the divorce case, this will be calculated in the divorce settlement. Similar to alimony, child support is dependent on several factors, including the income of the spouse paying child support. Any determining child support will be included in the divorce settlement.
Are All Divorce Settlements Calculated the Same?
Not all divorce settlements are calculated the same. For example, for couples who don’t have children together, the divorce settlement will not need to include anything about child support or child custody. In addition, how a couple reaches their divorce settlement varies as well. If both spouses are cooperative, a divorce settlement may be achieved much faster than if one spouse is non-compliant with divorce proceedings. At Atticus Family Law, we can help evaluate your case and discuss the aspects of your divorce settlement with you. Every case is unique, and we want to help make sure you understand the terms of your settlement.
Contact Us Today
If you have questions about divorce settlements in Minnesota, contact our team today. We’re happy to help with all of your legal needs.