How to Write a Divorce Settlement Agreement

Edited by Harri, Wingch, BR

0
Article Edit Discuss

All divorces end with a legally approved divorce settlement agreement. The judge who approves the divorce must be satisfied that the divorce settlement agreement is equitable to both parties in the divorce. In a contested divorce, it falls to the lawyers for each side of the dispute, with approval from their clients, to draft the divorce settlement agreement. If the divorce is uncontested, the parties to the divorce can save time and money by creating their own divorce settlement agreement by mutual consent. In many states, lawyers need not be involved if the divorce is uncontested. Use these tips to learn how to write a divorce settlement agreement.

Edit Steps
Preface the Agreement

1.

State clearly the names, residences and present conditions of the parties involved in the divorce.

o o o

Note the name and current address of each party to the divorce. Also note the date of the agreement. Document that both parties understand their rights to legal council. Indicate that each party has either retained a lawyer or had the opportunity to seek legal advice. Name the jurisdictions. State the jurisdiction that approved the marriage and the date of that marriage. Affirm the jurisdiction in which the divorce is being filed, and that an application for divorce has been filed in that jurisdiction. Confirm that 1 spouse has met the state legal minimum residency requirement in that state and jurisdiction. Declare any minor children of the marriage and their birth dates. Also note if the wife is currently pregnant.

2.

Affirm intent to divorce. Indicate that the parties have been fully appraised of each others' properties and resources. Write down that the parties wish to divorce and that the terms of the divorce settlement agreement will be accepted as legally binding by both parties.

Declare Care for the Children

1.

Specify joint custody and visitation rights. State which parent the child will reside with. Indicate as specifically as possible visitation rights. If there may be flexibility needed in visitation due to work schedules or other commitments, document the plans as clearly as possible.

2.

Stress joint parental responsibility. In the agreement, write that both parties understand the need of the children for support from both parents, including, but not limited to, support in social and organized activities and attendance at special events, such as graduations and birthdays.

3.

Definitively spell out child support responsibilities . State a periodic child support payment to be paid by 1 of the parties, and the periods when those payments are due. Indicate as specifically as possible what other support will be supplied for things like medical coverage, college tuition or special educational needs. Clearly indicate the time or circumstances that will end the payment of child support responsibilities.

Separate the Property

1.

Distribute the tangible property. In the agreement, indicate the distribution of all real estate and general property holdings. Divide all financial instruments, such as stocks, bonds, CDs, savings and cash. Note that credit charges after the agreement will only be the responsibility of the charging party. State how all outstanding debts, such as mortgages, loans and other financial judgments, will be satisfied.

2.

Declare previous determination. If both parties have already distributed the tangible property between them, note that in the agreement. It is not necessary to specify a previous distribution in the divorce settlement agreement.

Plan for the Future

1.

Specify any alimony to be paid to 1 party by the other. Write down the period and due dates of such payments. Define the time and circumstances that will result in termination of alimony payments.

2.

Assess the effect on the taxes of each party. As nearly as possible, assess the new level of tax liabilities that will devolve on the parties and if they are to be the responsibility in some form of both parties. Specifically, write down which party may claim the children as dependents on the tax return of that party.

3.

Research the future value of retirement instruments. Many retirement instruments do not become effective until the named party reaches a certain age. In the settlement agreement, define the proportions of such payments that will be due to the 2 parties.

4.

Specify a clean break. State that with this agreement, both parties waive any future rights to pursue financial or other relief concerning items specified in the divorce settlement agreement.

Edit Warnings

Check your applicable state laws. In some states, lawyers must be involved if there are minor children resulting from the marriage. Minors that are of 1 spouse, but not the other become the responsibility of the biological parent.