Talaq is the Islamic term for divorce. A talaq is used to end a contrct of marriage the nikah, under the terms of Islamic sharia. It should be noted that Talaq is a right given by a Husband and Wife can only exercise the right of Talaq if the same is granted to her in her Nikkahnama (Marriage Contract). If the Husband gives Talaq he must also tender Haq Meher to his Wife, whereas if the Wife excercises her right of Talaq then she must relinquish her right to Haq Meher.
It is important to note that Shia and Sunni Muslims have different rules for performing a Talaq. Sunni practice requires no witnesses, and allows a husband to end a relationship by saying the triple talaq, whereas Shi’a scholars view the triple talaq (in one sitting or at one time) as a custom, forbidden by Holy Prophet Muhammad, but reinstated by Umar ibn al-Khattab, and thus  forbidden. Sunni scholars agree to the facts, but deem it halal (“lawful”) anyway.

Khula is the right of a woman in Islam to divorce and it means separation from her husband. After divorce, the husband is responsible for the education and maintenance of the children. The children live with the mother till the age of Hizanat which is seven years for son and age of puberty for daughters.
After the age of Hizanat, the children have the right to live with the father or the mother, and their opinion will be considered by the court but will not be taken as conclusive and decisive factor.
A woman seeks a Khula while a man seeks a Talaq. The Iddah period also allows for reconciliation for the husband and wife.