Jun 5, 2011
Legal Checklist For Divorcing Couples
Here is a list of legal considerations for divorcing couples. This list is just a guide and should not be considered a substitute for a divorce attorney. Please seek a licensed professional when entering into the divorcing process.
_____Division of Property—must have an agreement on division of all real and personal property, investment accounts, home, retirement, etc…
_____Marital Debt—define what it is and how it is to be divided
_____Custodial Parent—who will be the custodial parent or will custody be shared.
_____Child Custody Arrangement, visitation for the non-custodial parent
_____Child Support-must agree on an amount to be paid by the payer.
_____College Expenses—if parties agree to take on these expenses (they are not required under PA law), then how will they be split.
_____Health Insurance coverage for the children and splitting the out of pocket costs
_____Health insurance coverage post-divorce for each divorcing party
_____Jointly-Owned Businesses-determining the present market value of the business as an asset and dividing the asset, either through a sale or buyout.
_____Legal/Professional Fees—assessing the cost of divorce, litigation vs. mediation.
_____Make full use of any governmental schemes designed to provide financial aid, including any Tax Credits and Child Support.
_____Notifying all official and relevant organizations of any changes to your circumstances and your soon to be changed marital status.
_____Update wills and trusts
_____Clarify any changes with insurance company on policy beneficiaries
_____Notify banks and other creditors of divorce and change signature cards
_____Review credit score and history and take necessary steps to repair or establish credit for each spouse.