My spouse & I are creating a separation agreement. We will be moving to be closer to family and will both have unpredictable, low income for a few years. We are on good terms.
We will maintain one residence for the children, taking turns being present (50/50). We would prefer to work out between us the finances related to maintaining the home and caring for the children in this unique situation, such as initially a 50/50 contribution to measurable mutually agreed upon expenses, rather than rely on fixed table calculations and frequent disclosure of financials and the flow of money from one person to the other.
The questions follow:
1) When filing for divorce, even if we have an agreement, must we include our whole financial situation for the judge to assess if our agreement is appropriate?
2) Must a fixed amount payable to one party be decided on, which the judge will set if we have not? We then lose all flexibility in determining our own arrangement. If paying the expenses directly results in a discrepancy from the court ordered amount, this would put one party in risk of a claim should relations sour.
3) I made 60/60/$40k in the last 3 years, and my spouse made 10/20/$20k (busy with babies, now over). We have similar earning power & will both work parttime. Will a judge take into consideration the loss of work from the move? A 3 year average, or last year’s statement, would create a large amount payable that does not represent our current equal situation.
4) Perhaps postponing the divorce proceedings as long as possible would at least give us the interim flexibility to follow our own arrangement, and give our income a chance to equalize on paper?
5) With the separation agreement in place, what are the pros and cons to delaying divorce? (Besides the obvious fact of ending the legal marriage and being able to remarry. And for the court to more easily enforce the terms.) Is it mostly just a paper matter at this point, or are there financial and other ramifications?
Thanks in advance.
We will maintain one residence for the children, taking turns being present (50/50). We would prefer to work out between us the finances related to maintaining the home and caring for the children in this unique situation, such as initially a 50/50 contribution to measurable mutually agreed upon expenses, rather than rely on fixed table calculations and frequent disclosure of financials and the flow of money from one person to the other.
The questions follow:
1) When filing for divorce, even if we have an agreement, must we include our whole financial situation for the judge to assess if our agreement is appropriate?
2) Must a fixed amount payable to one party be decided on, which the judge will set if we have not? We then lose all flexibility in determining our own arrangement. If paying the expenses directly results in a discrepancy from the court ordered amount, this would put one party in risk of a claim should relations sour.
3) I made 60/60/$40k in the last 3 years, and my spouse made 10/20/$20k (busy with babies, now over). We have similar earning power & will both work parttime. Will a judge take into consideration the loss of work from the move? A 3 year average, or last year’s statement, would create a large amount payable that does not represent our current equal situation.
4) Perhaps postponing the divorce proceedings as long as possible would at least give us the interim flexibility to follow our own arrangement, and give our income a chance to equalize on paper?
5) With the separation agreement in place, what are the pros and cons to delaying divorce? (Besides the obvious fact of ending the legal marriage and being able to remarry. And for the court to more easily enforce the terms.) Is it mostly just a paper matter at this point, or are there financial and other ramifications?
Thanks in advance.
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