A major element of divorce proceedings is dividing assets between the parties, including money. Divorce statutes in each state include one of two different standards used to determine how to divide money in a divorce case, according to "The Complete Divorce Handbook: A Practical Guide" by Brette McWhorter Sember. The community property standard requires the even division of money between spouses. The equitable division standard mandates division of money in a fair manner, based on the facts and circumstances of the case. Dividing money in a fair manner, however, does not require equal division.
Step 1
Review your state's divorce statutes and determine the standard used by courts to divide assets, including money. Negotiating a division of money with your spouse allows you leeway as to how much money each of you obtain. However, the state property division standard provides you with a useful guideline when negotiating how to split monetary assets.
Step 2
Prepare a written position statement regarding division of money. Using a written list is useful when negotiating a resolution of monetary issues with your spouse.
Step 3
Meet with your spouse to consider and exchange each of your positions in regards to dividing up money accumulated during the marriage.
Step 4
Contact a mediator, if you and your spouse fail to reach a mutual agreement regarding money issues. In some jurisdictions, a judge orders mediation if the parties fail to reach a negotiated agreement. Mediation brings in an impartial professional to assist divorce parties in resolving issues. The mediator does not make decisions for the couple. Rather, she facilitates discussion and negotiation.
Step 5
Prepare a written settlement agreement setting forth the specific details of money division. Include a specific date in the document by which the transfer of money must be completed.
Step 6
Present the written settlement document to the judge in your divorce case for approval. Provided the agreement is not deemed grossly or significantly unfair by the judge, she should approve.
Tips and Warnings
- Due to the complexity of resolving financial matters consistent with divorce laws in your state, consider hiring an attorney. The American Bar Association maintains resources to aid you in finding a suitable attorney for your divorce case.
- Keep in mind that once you sign the settlement agreement regarding how to divide money, the matter is finalized. In the vast majority of cases, you are not able to take up the issue again at a later date to renegotiate the agreement.
Things You'll Need
- Settlement agreement
References
- "The Complete Divorce Handbook: A Practical Guide"; Brette McWhorter Sember; 2009
- Cornell University Law School: Divorce Overview
