How to Create a Successful Divorce Settlement Agreement



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 be filled. You should also fill your kid’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 kids are located. 

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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