The series of actions that make up a divorce can produce a lot of paperwork, agreements, documents, and more. Even simple, uncontested divorces will require a surprising amount of paper. To help you both be prepared for certain divorce events and get familiar with what to expect, read on for a list of some common divorce events expressed with paperwork.
The Legal Separation Agreement
One of the first documents to expect is the separation agreement. Not everyone needs or wants a separation agreement but many couples can benefit in a wide variety of ways if they do make one. Legal separation agreements allow a smoother transition into divorce and address some of the same important issues that divorce will, but do so earlier. Expect an agreement deal with child custody, child support, visitation, use of the home and car, and more.
The Parenting Plan
This umbrella term covers almost any aspect of how a divorce affects a minor child. Within the parenting plan are plans for health insurance, custody, visitation, child support, and more. Parenting plan provisions don't have to be contentious. Only when the parents cannot come to an agreement on all issues do things have to be decided in court. The parenting plan, when complete, is a series of orders signed by the family court judge.
Qualified Domestic Relations Orders (QDRO)
In spite of its name, a QDRO has nothing to do with restraining orders, domestic abuse, or other personal issues. A QDRO pertains to retirement funds and marital property. Many couples don't realize that money put into a retirement plan after the date of the marriage is considered marital property. A QDRO allows the couple to remove and distribute money from funds like a 401(k) and avoid paying the penalties and fees usually associated with withdrawals. A QDRO has to be complete before the final decree is set.
Financial Disclosures
Divorce may seem like an emotional exercise, but it's also a financial one. An important aspect of divorce is full and complete financial disclosure. That means each party must provide information about assets and debts so that important issues like child support and marital property decisions can be made. Among these documents are recent tax returns, bank statements, business ownership information, life insurance documents, deeds and titles to property, mortgage paperwork, and more. When all information is assembled, a marital property and debt agreement is created.
All of the orders, plans, and agreements above are compiled to make up the final divorce decree. To find out more about family law, speak to your divorce lawyer.
Share2 December 2020
Many people assume that when they file Chapter 7 bankruptcy, they will have to give up their homes and other property. This is not necessarily the case. I am a bankruptcy attorney, and I have helped many clients file for Chapter 7 bankruptcy without giving up homes, cars, and other property. When you file for bankruptcy, the property you are allowed to keep depends on your individual circumstances and the state where you live. Most states allow exemption for property you are currently paying for. This blog will guide you through that information and help you determine if filing Chapter 7 bankruptcy is the right choice for you.
