ACTIVITY: Making a Financial Agreement
To make a financial agreement regarding your separation, there are a lot of things to think about and a lot of details to work out. It is worthwhile to make a list.
What do you need to think about and include in a financial agreement? Make a list of some of the things you think are important to talk about with your former partner.
Answers:
- Immediate and longer term parenting arrangements for the children
- Total income for each household
- Total expenses for each household
- Child support payments
- Child care expenses including special and extraordinary expenses
- Spousal or partner support - for how much and how long
- Determining what is community property and the value of the community property
- Deciding how to divide community property
- Community debt – how much and how to deal with it