Drafting A Divorce Settlement Agreement

Now it`s time to talk about money and who owns what assets and debts. Some will be common or “marital,” others will be personal or “separated.” In general, everything that belonged to or was owed to a spouse before the marriage remains his or her own separate fortune or debt. Everything that was acquired with marital funds during the marriage is marital property, even if only one spouse used the object. Only marital property and liabilities are subject to divorce. (Of course, the distinction is more complicated than that; read “Marital Property vs. Separate Property in Divorce” for more information.) A divorce agreement is a written document that specifically describes all agreements between two parties concerning the sharing of their property, property, debts and custody, custody and, if applicable, custody and custody of their children. Tip: Get a certified copy of your marriage certificate as well as certified copies of the birth certificates of all the children you have. You`ll need it for your divorce. Family law is complicated and you do not want to stick to an unfair or unenforceable agreement because you did not understand what that agreement really meant. We recommend that you answer questions in “5 Questions You Ask Yourself Before Choosing a Do-it-yourself Divorce” before starting this task; Understanding potential pitfalls or problems in advance will help you make better decisions. Predetermined! PandaTip: Agreements generally contain a clause stating that all previous agreements are essentially null and void (see Clause 8 of this agreement).

The above clause helps ensure that this particular agreement cannot be replaced or updated. The following divorce agreement contains a settlement agreement between the petitioner “Lena K Morris” and the respondent Richard A Saul. After their separation, Lena K Morris and Richard A Saul agreed on their ownership and financial intentions. Divorce is never an easy process to go through, usually filled with emotions, stress and grief.