Child support is usually more or less by a formula - don't settle for less than the formula would allow.
Spousal support is often a different matter. Long-term marriages often get 1/2 the number of years you were married. However, this can be revisited if his circumstances change (ie if he were to become disabled and couldn't work, he could go to court to get it reduced).
See what your attorney says about the matter. What trade-offs are you getting? Do you get to keep the house equity? What about retirement plans etc.? And what about any debt?
In my case, I was entitled to alimony for 12 years, but accepted a two year reduction in exchange for something else. If my income rises above a certain level, the alimony kicks out (I'd be happy if I could make that much, but so far, come nowhere near). I dislike having that remaining tie to my ex, and it restricts my love life in that I cannot have a man live with me or get married or I will lose the alimony, which I need. I would have been better off with a lump sum, but my ex could not have scrounged that up at the time.
Look at the offer carefully with your attorney, and figure out exactly what you would be giving up if you accepted it. My ex always said that if we both felt like we got scr*wed, then it was probably a fair settlement. I do think he was right on that score.
