What Exactly Is Meant by the Term
"Property Settlement Calculator"?
The Foothill Ranch Family Lawyer has developed a property settlements calculator based on their extensive experience in Family Law and Estate Settlements to assist individuals in determining the amount of money that will be awarded to each party in the event of a divorce.
If you know the whole amount, you will have a better chance of negotiating a reasonable settlement with your ex-partner and avoiding expensive legal actions.
To arrive at an accurate estimate of the monetary worth of a divorce settlement for a couple that has already separated, a four-step procedure must be followed.
Create a Pool of Available Assets
The first step in reaching a divorce settlement is to examine both parties' financial records to estimate each party's net worth.
This requires disclosing the amount of money in one's bank account, the value of one's real estate assets, the value of one's stock holdings, and any other monetary interests in trusts, enterprises, or corporations.
If you have a financial obligation to a bank, the government, or anybody else, you must provide evidence of the total amount of money you owe.
During the Relationship, What Were Some of the Things That Were Done?
The second step in settling for a divorce is to determine what each spouse contributed to the table during the marriage.
It makes no difference whether the consideration is monetary or nonmonetary. The beneficiary may receive financial contributions in the form of their wage, payments from the government, and any gifts or inheritances they are entitled to.
Donations that are not monetary may take many forms, including doing chores, watching children, or renovating a house. It is possible to include anything that had a role in maintaining the health of the household, the family, or the relationship.
What Are the Parties' Expectations for the Future?
The third step of settling a divorce involves figuring out what each party's needs will be in the years to come.
After determining the different shares of ownership based on the factors described above, the court makes an "adjustment" to reflect the new circumstances. During the process of creating the adjustment, several aspects, such as the anticipated needs of both parties in the future, are considered.
In this context, the courts take into account a diverse range of factors, such as the parties' present and future earning capacities, their respective states of health and ages, the outcomes of their jobs and their available resources, and the responsibility that each party will have for the care of their children following their divorce and separation, and the extent to which their marriage has impacted their ability to earn a living.
You have the right to demand a certain sum of money in exchange for guaranteeing your continued physical wellbeing or a certain quality of life. In all, there are fifteen factors to consider, the majority of which are based on what each party expects from the other and how much they are ready to pay for the aid of the other party.
Is This a Fair and Equitable Decision?
At this point, the court will consider whether or not its judgment is fair and equitable to you as part of the settlement process.
To determine whether you may retain some of your assets, the court will look at your financial situation. After a divorce, women who have financially dependent children may find themselves in a far more precarious position than males.
Single moms and women over 60 who have recently divorced are particularly vulnerable to a decline in living conditions. As a result, the court may demand that they get a more significant adjustment in their favor.