5 Things You Need To Put In Your Divorce Settlement

When it is time to finally settle your divorce and the papers are drawn up by the lawyers, it is easy to miss some of the less obvious things you need to include in the settlement. Major issues, like custody, alimony and child support are covered, but some of the things you may not be thinking about today, but will affect your financial future, are often overlooked.

Here are 5 things you need to consider putting in your divorce settlement:

1. Credit card debt. The division of credit card debt is usually outlined in the final divorce order, but you must make sure that credit card account numbers are also included. It is not enough to say that your ex will pay the american axpress card balance. You need to list the account numbers so that if the credit card company comes after you for payment you can mail them a copy of your divorce order that clearly states whose responsibility the debt is.

2. Car Insurance. If you have children , you may not know that when they reach the age to get their driver's license, most insurance companies will automatically increase your premium. If you are the custodial parent, you need to add a provision in your settlement that when the children get their licenses and your car insurance goes up, you ex will pay 50% of the extra costs. I learned this the hard way, I did not have this in my divorce order and when my daughter got her license, my insurance payments jumped up almost a $1,000 a year, even though she was not driving my car. The insurance company only assesses this fee if the child lives with you, so the non-custodial parent is off the hook. It is only fair that they help out with this extra cost too, so put it in your settlement now.

3. Birthday parties, Christmas presents, clothes, camp and other non-essentials not cover by child support. Be sure to decide now if you are going to split these or if the child support is enough to cover these expenses.

4. Braces. You may think that this would be covered under medical expenses, but it is not. Braces are considered "cosmetic", so if you have kids, make sure to work this out before signing the final divorce papers.

5. College. Again, many parents automatically assume that both parents have to split college costs for the kids. Not true. Most courts consider college an elective and will not force a parent to pay for tuition. Work this out with your ex ahead of time and save yourself grief and money down the road.