A divorce settlement is also known as a divorce agreement. In this agreement, both parties agree with the provisions and conditions outlined in the contract. It essentially serves as a way for the parties to avoid long trials and prevent court conflicts. However, there can be a partial agreement on the terms set in the document, and the court can rule on the other terms.
Divorce settlement often means the actual paperwork or the arrangement the couple concurs on. Terms such as divorce agreement, divorce settlement agreement, and marital settlement agreement are also used interchangeably. The term used in your case can depend on your state.
Some people may want to avoid the hassle of court proceedings and settle their case before it reaches a trial. But remember that a court must approve divorce settlement agreements and generally mandate that both parties attend a court hearing.
How Can You Draft a Divorce Agreement?
There are several ways to draft a divorce agreement. You and your attorneys can collaborate with the other parties to formulate an enforceable contract. The main priority to address when drafting these is to adhere to the local state regulations. You and your spouse can agree on the main issues and work out the details later on as needed. The key is ensuring all the terms and conditions comply with the state’s laws.
If you decide to draft a divorce agreement without a lawyer, be sure to utilize wording that will pass the court muster. For example, John will pay Abby $200 in child support each month instead of stating this. Say this, and John will pay Abby $200 in child support by the 14th of each month. The second phrase is more direct and states the exact date the payment should be expected.
Therefore, this is more concise and clear for the parties. It does not leave room for ambiguity and provides clear instructions. Being specific with your word usage is crucial when formulating contracts. If you have further questions, you can directly contact a family lawyer to assist you with the issues.
What Should Be included in a Divorce Agreement?
Most states have similar formatting rules for a divorce agreement. There must be certain terms that have to be included in the agreement for it to be valid in your state. Below are some of the items that are most commonly found in them.
For property things, If you or your spouse own property together, include a detailed description of all of them and how you want to distribute them. These could include a home, car, stock, or other valuable assets. You need to specify who keeps which item and how it will be divided in the contract to prevent any conflicts regarding property in the future.
You can include a general statement for less-valuable properties to allow more flexibility as needed. For instance, you can state, “The parties have distributed between them the furniture, furnishings, and all other belongings (both tangible and intangible) they shared or used together, and neither will claim belongings that are now in the possession or control of the other.”
Furthermore, when dealing with finances, it is crucial to provide all the details. You need to keep bookkeeping of your financial accounts and figure out how they will be distributed in the contract. These accounts include: checking accounts, investment accounts, pensions, debts, loans, and credit cards. After divorce, the couple will be financially responsible for paying off their debts as deemed necessary by the court.
Moreover, the divorce agreement must also include something about spousal support or alimony. There needs to be a clear description of the alimony amount and the payment duration for either part. Some couples choose to make a one-time payment only; if you plan to do this, you must include all the details.
You can also include a provision in the contract that specifies who will pay the court and mediation fees. Additionally, you can list any insurance policy and tax information as needed.
Moreover, If either party owns a business, you have several options for dealing with it in your divorce settlement. There are several legal options available on how to proceed with the business. You can consult a professional who understands your business to provide the necessary information. Remember that owning a business adds extra complexity to divorce negotiations. If you or your spouse is a business owner, you may need additional assistance from legal counsel to draft your divorce settlement agreement.
Besides all the stated terms mentioned earlier, one of the most important ones to include in your contract is child custody and visitation. Your child custody settlement may be a separate document attached to your divorce settlement, or the two may be in one document. The custody part of your settlement is referred to as a parenting plan. The main thing to have in this is your case’s legal and physical custody situation.
Legal custody (parenting responsibility) determines who can decide for your child. You need to clarify whether you will share or divide the parental obligations. Physical custody decides where your child spends their days. Having a detailed custody schedule can be useful in the future. Figuring out where the child will reside and with which parent.
Custody is unique in that all the terms will require you and your spouse to work together on the arrangements collectively. Creating a plan that will be consistent with your schedules and future goals is important. The main focus is the child’s future needs and how you, as parents, will be able to meet them. Your custody agreement will need to be reviewed by a court to ensure it is in your child’s best interest.
Lastly, creating a way to alter or modify the contract is crucial. You must include details on what will stipulate these changes and when they must be applied. You also need to include the dates of when the agreement will take effect and any conditions that must be met. If either party fails to meet the conditions and terms of the agreement, there must be legal consequences.
Enforcement of the contract matters for both parties. When the court approves the agreement and parties sign it, it becomes enforceable. Some divorce websites and other government agencies have examples of how divorce agreements can be formatted. However, research your local state rules on how to format, and you can obtain some samples from your state’s court system.
When Do I Need to Contact a Lawyer?
If you are planning to obtain a divorce and need assistance with a divorce agreement, do not hesitate to seek out a local divorce lawyer to assist you with the process. Your attorney can provide you with the legal advice and representation needed to protect your rights and interests.
Divorce agreements can be complex documents that cover many different legal issues and arrangements. An experienced lawyer can help you draft, review, and finalize such a document to ensure that nothing is missed and that your decisions are accurately represented. If there are any disputes that arise in connection with the agreement, your lawyer can represent you in court as well.
