Tennessee Divorce Lawyer, Child Support Lawyer and Knoxville TN Child Custody Attorney
Divorce: Marital Dissolution Agreement
Alimony: Pay attention to the tax treatment of each form of alimony. See the Alimony section.
Bankruptcy : Include a provision that gives you as much protection as possible in the event your spouse declares bankruptcy.
Business Valuation and Liabilities: Who will own the business and be liable for its debts.
Primary Residential Parent/Custody and Residential Time: The more detailed the terms of the agreement, the better it will work for both parties. (Included in the permanent parenting plan.)
Child Support: How much and when are the payments due? Who has the right to the dependency exemption and credits? (Included in the permanent parenting plan.)
Debt and Credit Cards: Future credit worthiness is very important. Protect against loss of good credit by good planning today. Do not let the soon-
Educational Trusts: A few thousand dollars down and a hundred or so dollars a month in a mutual fund over ten years will go a long way to make sure a child gets a college education. Once in place, grandparents may even contribute to a college educational trust. (Included in the permanent parenting plan.)
Health Insurance . Very important. Learn about your health insurance COBRA rights and obligations as soon as possible. To continue your health insurance through your spouse's employer, notice of the divorce must be provided within a certain time frame. Learn all of the particular requirements. Deadlines are subject to change as laws and insurance policies changes. Certain forms may be required. Obtain them. If you have any questions, ask your attorney for assistance and advice.
Attorney's Fees and Court Costs: Who pays how much?
Life Insurance: Consider at least $250,000 per child for each divorcing parent. College is expensive. Life insurance can also insure future alimony payments.
Personal Property: Most often, the parties will divide the property in advance or list how assets are to be divided. See the Property Division section.
Real Estate: If you do not keep the house, you will not want to be potentially liable for mortgage payments on it five years from now in the event your spouse chooses not to pay his or her obligations.
Retirement Investments: Depending on the type of asset, the division can either be very simple or very complex. Often, retirement investments are the largest assets to be divided. Valuation is the key. Even though a monthly pension benefit statement states that accrued benefits are a certain amount, the valuation of the pension benefits for purposes of the divorce may be much greater. Tax implications are also very important.
Taxes: Who pays what and when?
Wills and Trusts: Be careful that you do not die five days after your spouse remarries and a trust you created ten years ago pays for the honeymoon because you did not amend your trusts.