Know the difference between separate and marital property

Separate property is everything you bring into the marriage and keep in your own name. It is also what you receive during the marriage as a gift or an inheritance.

Marital property is everything acquired during the marriage - no matter whose name it is in. And in some states, but not all states, the increase in the value of separate property.

For instance, consider a $30,000 savings account brought into the marriage and is now worth $35,000. The $30,000 would be set aside as separate propety and the $5,000 would be included in the pot of marital assets to be divided.

Assume the wife adds $100 each month to her IRA which is in her name only. That is still considered to be a marital asset because it is "everything acquired during the marriage, no matter whose names it is in."

Check with your own state to see how property is handled.

Property settlement is a done deal

After the divorce is final, if you change your mind about how something was divided, or which property you got, it is too late to change it. The only exceptions would be if you found additional property that was not disclosed or if you feel fraud was involved.

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Collaborative Divorce Teleclass

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Consider cost of living increases for child support

We all know that children seem to get more expensive as they get older. They seem to have more expensive "toys" such as computers, skis, orthodontics, etc. Many couples discuss including a cost of living increase each year for child support.

Child Support Guidelines

All states now have Child Support Guidelines. They are usually based on the incomes of both parents and the amount of time spent with each parent. As each state may vary widely in its calculations, consult with an expert in your state.

Child support is always modifiable

Child support is always modifiable. The courts will not allow us to take away the rights of the chldren.