Finally, you are out. You have decided to get out. Of course, going through a divorce is challenging. From the heartbreak, emotion, through to stress, a divorce can be challenging. However, with compromise, you can execute a divorce lawsuit effectively. And one of the best things you can do during a divorce is creating a settlement agreement. Also known as a marital agreement, having a divorce agreement can save you time, money, and energy. Here is how you can create an effective divorce based settlement agreement.
Get the Basics Right
The first step is to work on the basics. For instance, consider getting all the required legal forms from your government office. These forms help you understand what’s needed. You will need to fill the names of all parties involved.
Go To the Details
The next step should be to fill in all the details. Here, things like the date of marriage and separation should be correctly filled. You should also fill in your children’s ages, why you are divorcing, and assets. If you are living apart, state it in this form. Also, you should explicitly disclose your income. You should also disclose any assets you jointly own. Even more, you should state where your children are located. Seeking advice from family lawyers in Fergus Falls or wherever you reside can help you grasp the legal implications of these details, ensuring a smoother process.
Confirm the Agreement
The next step involves accepting the agreement. Here, both of you should agree with the contents of the agreement. Appending your signature is a sign that things are headed ion the right direction. Since this agreement is binding in nature, it cannot be contested at a later date.
Divide What You Own
Assets are important components of a divorce agreement. So, you must divide them accordingly. This includes assets and liabilities. Whether they are joint or separate assets, dividing them according to the agreement will eliminate future conflicts. It’s important to note that things that were owned by one party before marriage are considered private or separate assets. You should only divide assets that were owned after the marriage. However, both parties should agree with this issue.
Pro Tip: Understand the differences between marital property and separate property when it comes to divorce.
Parenting Plan
Child custody and visitation are important elements when it comes to divorce. Thus, you must devise a plan for parenting. Here, you have three options. They include:
Sole custody
Shared custody
Split custody
Of course, sole custody is a popular option. However, modern divorce is quickly embracing shared custody. Here, kids will live with both parents on a 50/50 basis.
Child/ Spousal Support
You must also work on a plan for child support. In this case, you will need to discuss with your spouse on child support. Follow the correct child support guidelines. Take into account your capability.
The Bottom-Line
Considered to be legally binding, a divorce agreement can save you the agony of having to go through an extremely strenuous process. Among other things, a divorce agreement contains child custody, property division, as well as visitation rights. So, know how to get divorced. Get a divorce agreement. The above tips and tricks will help you create an effective divorce agreement.
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