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Deciding How to Divide Your Child’s Assets

During a divorce assets are divided.  What can be harder than dividing up the marital property is for you to determine where your children’s things belong.  Your children have their own things that are theirs and determining where these things are kept can be a challenge.  The main thing that the parents need to remember is that since these are the child’s things, where they are kept needs to be a conversation that is had with the children.  It is unfair to them if you are determining where all of their things will be without talking to them about it.

 

5 Steps to Determine Where Your Child’s Assets Belong

 

Step 1 – Determine Where the Child’s Time Will Be Spent

 

The first thing that you have to do when you are determining where your child’s things should be is to determine where your child is going to be.  If your child is going to be in one place more than the other, then it is important to take note of this and decide what of your child’s is most important so that they will have it there.

 

One option that works for some parents is to have two properties that are to be sold and compensated for after the child turns 18.  How this typically works is that one home is where the children live.  The parent who is to spend the time with the child stays in that home with them. Then the parent that is not with the child gets to stay in the other property.

 

This can work well with parents who are not going to have any other children but if they become involved with someone who has children or have more of their own then it is not something that will work.  So there are many factors to consider before making this an option for your family.

 

Step 2 – Talk to Your Child

 

It really does not matter how old your child is.  At some point you are going to have to discuss the divorce with them.  When you are discussing the divorce, you can talk to the child about where they want certain things to be at.  Explain to your child that they will want some things at each parent’s house.  When you do this, they will be able to help pick out what they have at each place.

 

You can talk about things that they want to take back and forth too like a special stuffed animal and blanket.  You can also help them to choose between things that they will want when they are with each parent.  Try to be fair about dividing things like games and consider which parent played the games with the child while living in the same home.  Also think about these types of things with books.  Being fair is the best way to make sure that your child has what makes them feel at home in both homes.

 

Step 3 – Think About Where the Item Came From

 

With big ticket items, think about where the item came from if there is a struggle.  If it came from a friend or family member, consider whose house that friend or family member will see the child at.  Doing this helps those friends and family members see the child enjoying the things that they have purchased for them.

 

Step 4 – Consider Buying Doubles

 

There are some items that you will even want to consider purchasing so that you have them at both homes.  Consider buying doubles of favorite toys, blankets, and even bedding if that is going to make your child the most comfortable.  Agree to share the cost of these items.  If you do this, it might cost a little bit of money but it is going to make the child feel more comfortable as they transition between homes.

 

Step 5 – Discuss It in Court

 

If you are fighting over items, it can be damaging to your child.  Do not fight over things.  Instead, make a list of the things that you do not agree with.  Then take this list to court with you.  Reasonably consider what is going to be best for your child.  If both parents, feel that it is best for them to have these items then you will have to let a judge determine what the best choices are.

 

Deciding how to separate the child’s belongings can be quite difficult.  The easiest way for this to happen is for both parents to make sure that they have everything that they need and then to think about what their child wants.  The goal is not for one parent to have more than the other.  Instead it is so that the child has what they need to feel comfortable and be happy in both homes.

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The Benefits of Legal Separation

There are many advantages and benefits to choosing a legal separation rather than a divorce when you are trying to make the right decision for your family. A legal separation is a contract between two spouses that is honored by the court. This is the paperwork that needs to be done if a couple chooses to stay married while living separately. There are many reasons that a couple might choose a separation over a divorce. These include: co-parenting benefits, access to medical insurance, financial benefits, religious reasons, or just so that they can meet the state’s mandatory separation period (if this applies).

 

Co-Parenting Benefits

One of the greatest things about a legal separation is that it can help outline issues between spouses for their children. The papers will outline where the child should live, who has the responsibility to make the final decisions, who is required to be financially responsible for the child, and the visitation schedule for the other parent. With legal separation papers you are not going to have to fight and argue about these issues as they are all outlined. If someone does not follow through with this, they can be held in contempt (obviously this is something that is going to look bad if they want to eventually get a divorce). There are many experts that give advice and tips on how to get children through a divorce or separation effectively with the least amount of damage.

 

Medical Benefits

Another huge benefit for spouses comes in the form of medical coverage. During a legal separation spouses still have access to the same medical benefits that they had while married. This is something that can be done if one spouse is ill and unable to get their own medical coverage.

 

Financial Benefits

You can also have a lot of financial benefits with a legal separation. The biggest one being that the spouse who makes more money could potentially have to pay spousal support. Also the spouse who has the majority of custody of the child is going to receive child support during the separation. If legal separation papers are not filed, this is not the case and the individual that is not caring for the child is not going to be held responsible.

 

Religious Benefits

In many religions it is taboo to be divorced. In some cases it is so taboo that the people who practice that religion believe that they have no way to access the highest point of their afterlife. So many times a religious couple might opt for a legal separation. This could potentially mean that they could stay married for the rest of their lives to achieve the ultimate gift after they have died. Plus about 14% of the couples who file separation papers reunite which could mean that they are able to work things out and continue to be married happily.

 

Meeting the State’s Mandatory Periods

Depending on which state that you live in and whether or not the divorce is mutual, your state might require up to 2 full years of separation before your divorce will be granted. This is something that is important to consider and research so that you know what your state expects. By filling the paperwork there is no way that your ex can try to say that you have not been separated the minimum period of time.

 

Continued Work on the Marriage

If you still love your spouse and want to try and make things work with them, then separation should be your first choice. During your separation you can determine if you are happier alone or together. You can also go to counseling, either as an individual to work on your own problems and/or as a couple. This gives you a chance to air all issues that you have and to learn about all of the issues that your spouse has. It is a great way to make sure that you are both happy with the end result. If continued effort doesn’t work and a divorce is the only option, click here for when it’s time for finally file for divorce

To speak to a National Family Solutions representative about a family legal matter, please click on the button below