Laurie Schmitt Family Law

W. Michigan family law specializing in Collaborative Divorce

616.608.4634

Settlement

The 4 Biggest Roadblocks to Negotiating a Fair and Equitable Divorce Settlement

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Roadblocks in Divorce Settlement
  1. FEELINGS. During a divorce it’s natural for you to have feelings of anger, frustration, resentment, and sadness. And if you don’t address your feelings, it makes it hard for you to move forward and make the important decisions necessary to complete your divorce. Seek a professional counselor to assist you in working through your feelings so that you can move forward, conclude your divorce, and move on with your new life.
  2. NOT UNDERSTANDING THE TRUE VALUE OF REAL PROPERTY. There’s no reason to guess what the value of your real property may be. It’s simple…you hire an appraiser to perform an appraisal.  If you believe obtaining an appraisal isn’t necessary, or too expensive, you may be leaving thousands of dollars on the table in your settlement. Why guess?  Let’s get a professional to tell us what your real property is worth. An appraisal is worth every penny as it prevents you from overpaying your spouse in equity or saves you from losing thousands in your pocket.
  3. NOT UNDERSTANDING THE VALUE OF RETIREMENT ACCOUNTS. Why would you take your spouse at their word. Or, why would you accept rough estimates of the value of your spouse’s retirement accounts. The settlement of your divorce now becomes a business transaction. And good businesspeople to not guess. Have your attorney request up-to-date statements for all of your spouse’s retirement accounts. Without exact information as to value of each account, it is impossible to reach an agreement that is fair and equitable for you.
  4. FAILURE TO DISCLOSE.  If you or your spouse are unwilling to be truthful in disclosures, it once again makes it impossible to discuss division of assets. Failure to disclose comes in many forms such as under valuing or failing to list assets on a financial affidavit. The failure to disclose assets by you or your spouse makes it impossible to arrive at a fair and equitable resolution of your divorce case.

MAKE SURE YOU ARE RECEIVING WHAT IS FAIR.  GRAND RAPIDS COLLABORATIVE DIVORCE ATTORNEY SERVING KENT, OTTAWA, AND ALLEGAN COUNTY.

Do you know what the value of your marital property is? Determining the value of your marital property can be one of the most complex issues in your divorce. You have the right to expect a fair and equitable property division in your divorce. Schmitt Law, PLLC has the knowledge and skill to resolve financial matters using mediation and the collaborative approach, saving you time, money, and stress. To discuss your circumstances and legal options, contact Schmitt Law, PLLC online or call (616) 608-4634 to schedule a consultation. 

Divorce and Confidential Settlement Agreements

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To complete a divorce, a judgment of divorce must be entered with the court. Once the judgment of divorce is signed by the judge, it becomes a public record. Anyone may go to the clerk of the court and request to review and copy the documents contained in your divorce file, including your judgment of divorce.

How can divorcing couples protect their privacy? The answer: through a confidential settlement agreement.

WHAT IS A CONFIDENTIAL SETTLEMENT AGREEMENT?

Settlement Agreement

Often times, parties want the provisions of their divorce agreement to remain confidential from the public.  Keeping the terms of your divorce agreement private can be achieved through a confidential settlement agreement. And as the term implies, that is exactly what a confidential settlement agreement does – keeps your private life away from the public.

WHAT IS THE DIFFERENCE BETWEEN A JUDGMENT OF DIVORCE AND A CONFIDENTIAL SETTLEMENT AGREEMENT?

A judgment of divorce is a public document whereas a confidential settlement agreement is a private contract. It is important that the parties’ assets and liabilities (and division thereof) be clearly addressed. Because a judgment of divorce is public, it should never contain sensitive information such as bank account, credit card, or retirement account numbers. However, because a confidential settlement agreement is not filed with the court, it can contain this information. 

HOW DOES A CONFIDENTIAL SETTLEMENT AGREEMENT WORK?

 A confidential settlement agreement is a binding contract between the parties that is merged and incorporated into the judgment of divorce. This means that the actual document and terms identified within remain confidential (as the actual confidential settlement agreement is not filed with the court). The parties and their attorneys retain copies of the confidential settlement agreement. The only time that a confidential settlement agreement is filed with the court is if one party violates the terms, and the other party seeks assistance from the court in enforcing the terms.

AN ATTORNEY WHO UNDERSTANDS YOUR CIRCUMSTANCES.  GRAND RAPIDS COLLABORATIVE DIVORCE ATTORNEY SERVING KENT, OTTAWA, AND ALLEGAN COUNTY.

At Schmitt Law, PLLC, our clients benefit from years of experience. We treat every client as an individual, taking the time to understand your unique situation, so as to best advise you on the steps you should take. Whatever stage your life is at, you can trust Schmitt Law, PLLC to guide you through the legal process with expertise and compassion, because we understand that family comes first. Contact Schmitt Law, PLLC today by completing our online contact form, or calling us at (616) 608-4634 to schedule a consultation.