A divorce agreement or
divorce settlement agreement is a binding legal document that is agreed to between
two people who are divorcing. Each spouse will typically have his or her own
attorney, and the attorneys will assist the divorcing couple in drawing up the
divorce agreement and divorce forms. On the most basic level, this type of
settlement agreement specifies the division of assets, debts and liabilities,
and any agreements regarding living arrangements and child custody.
A divorce agreement is
frequently preceded by a separation agreement. The separation agreement is
drawn up when a couple agrees to separate for a period of time to determine if
divorce is the next step. Many of these specifics will be included in the
separation agreement, which can lead to a divorce agreement being drawn up much
more quickly if the couplewants to get divorced.
Your comprehensive
Divorce Agreement will include:
- Legal
custody of minor children
- Physical
custody and parenting schedules (known as "visitation" in court)
- Child
support
- College
costs, educational trusts, and custodial accounts
- Tax
filing status and exemptions for you and your children
- Martial
residence: buyout, transfer, sale, joint ownership, and tax issues
- Capital
gains and other tax consequences upon sales and transfers of property
- Medical
insurance coverage for children
- Medical
coverage for an ex-spouse
- Life
insurance coverage
- Alimony
- Self-employed,
family, or other business
- Retirement/pension
plans: 401(k), 403(b) TIAA-CREF, IRA, and other plans
- Brokerage,
bank, and investment accounts
- Restricted
stock, stock options, stocks, bonds, and life insurance cash surrender
value
- Federal
and State taxes
- Trusts:
beneficial interests, irrevocable and revocable
- Investment/rental
property
- Vehicles,
house contents, and miscellaneous assets
- Liabilities:
charge card debt, car loans and lease, mortgage and equity line,
promissory note, educational debt, and all other debt
Once both parties have
agreed to the items specified in the divorce settlement agreement, the divorce
agreement may be signed. It may be necessary to go to court and have certain
items decided by a judge if the couple cannot agree. Laws then vary from state
to state; the divorce may be effective immediately once the divorce agreement
is signed, or there may be a cooling-off period required, which can last for a
few months. The agreement may not be changed once it is signed, but in states
that allow a cooling-off period, it may be completely rescinded if the two
parties change their minds.
An uncontested divorce
is an inexpensive and quick divorce. With
this type of divorce, parting couples who aren’t fighting against divorcing can
dissolve their failed marriage privately. However, some details of your divorce
agreement will be available as information on public records.
With an uncontested
divorce, you enter into a divorce agreement. A divorce agreement, also called a
divorce settlement agreement, is a legal document that shows an agreement
between the two divorcing parties.
With a do it yourself divorce, you can enter
into a divorce agreement without hiring a lawyer. Think about this: there’s no
need for an attorney to fight on your behalf if you’re both civil towards each
other. Therefore, you can spare yourself the high expense of hiring an attorney
by settling matters as an agreeable couple in a divorce agreement. Also, you
avoid going to court continuously.
A divorce agreement is
especially best if you have no children and you haven’t been married for a long
time. This is because there’s no child support or assets to discuss.
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