When individuals feel that there are a lot of reasons for divorce, they end up seeking ways on how to get divorced and they are most often going to consider divorce settlements. This is not uncommon and it is often needed in order to determine how things will be divided when it comes to the divorce. This includes bills, any debt, the house, child custody issues, child support and even alimony. Many individuals have assets that they want to protect from their settlement and they worry about what will be included in that settlement. This article will touch upon some of the things that are often protected when it comes to this agreement and the divorce.
First, most individuals do not realize it but things that were acquired before the marriage actually took place are generally left out of the divorce settlement. This could include property that may have been acquired before the couple decided to get married. Gifts that were given to one partner, from the other, are also excluded. So, jewelry would fall into this category as long as it was given before the marriage actually took place.
Another thing that is often excluded is major assets such as homes or automobiles that were purchased by one partner on his, or her, own rather than as a joint venture. So, if one partner purchased a very expensive vehicle and it is their name only and insured by them only, his, or her, partner will most be entitled to that in the settlement. The same is true for homes.
Often individuals worry about money that they have accumulated since the couple decided to end their marriage or they decided to get separated. So, if the couple filed paperwork for a separation and they continued working and making money, this money will not be a part of divorce settlements. Now, each state will look at different things in order to determine this date, but if they couple decided to end their marriage and began the paperwork for a divorce, it is perfectly normal to continue earning a living. Couples should not be afraid to work and save because this income will most likely be left out of the settlement.
Pension plans are usually a concern for many couples as well. There are times when the settlement may give the spouse part of the pension when the divorce is final. But, the thing to remember with this is that if part of the pension was accumulated before the marriage took place, it may be left out of the settlement. It will most likely be considered the sole property of the pension owner because they accumulated that before the marriage took place. While this may not protect the entire pension, it may soften the blow when it comes to a payout.
As you can see, divorce settlements can be very confusing. They can cause a great deal of stress for individuals that may have many assets, or large incomes and retirement plans. The good new is that some things can be protected. Therefore, it is always best to seek legal advice in order to protect what is legally yours before agreeing to any settlement.