A divorce settlement agreement should be as good as you can possibly make it. You want it to be fair and you want it to last.
However, mistakes are common. As you work out your agreement, make sure you consider the unforeseen changes that could crop up in your life.
Like most of the population, you likely gained your financial education through day-to-day experience rather than through a college course. Perhaps your spouse handled the family finances throughout your marriage. Do not allow financial mismanagement to trip you up in the future. To better understand your financial picture, make a list of all your assets and debts. This is information your divorce lawyer will need but you should keep a copy for yourself.
Your list of assets and debts will benefit you as you enter the next stage of your life. It will help you prepare a new budget. Remember that your lifestyle is about to change. You may have to downsize and adjust your budget accordingly. Various changes will accompany learning to live on less but planning ahead will help you avoid unwelcome surprises.
Many divorcing couples make the mistake of assuming the status quo will continue after the divorce is final. However, major changes happen in life. You could lose your job. You could become disabled. A property you own could depreciate. Rely on legal guidance to help you anticipate the changes that could occur in your future so as to avoid making mistakes as you develop your divorce settlement agreement.