Divorce Settlement Agreement

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Some divorce settlement agreements take into consideration several aspects of marital dissolution like child custody, spousal support, child support and property issues. In this article, the general format of a divorce settlement agreement that is related to property issues only is explained.

Contents of Divorce Settlement Agreement related to Property

• The name of the person who can be referred to as the Petitioner
• The name of the person who can be called as the Respondent

Preliminary Matters

• Date of marriage of Petitioner and Respondent
• Name of the city, state and county where the marriage took place
• The following statements are made

  • The Petitioner and the Respondent have developed irreconcilable differences. So, they are residing apart and separate and have filed for divorce. They are trying to resolve their property issues without undergoing a trial
  • The Petitioner and Respondent have made a precise, fair and total disclosure to one another regarding all the economical aspects that impact this agreement
  • The lawyers have advised the Petitioner and Respondent regarding their legal rights concerning this agreement
  • This agreement can be regarded as a final disposition of the issues dealt in it. This agreement can be used as a proof and included in the final decree of divorce
  • While this agreement is being enforced, if any conflict arises between the parties, then the party is warranted the costs and fees of the lawyer

Homestead

• A choice is made whether the Petitioner or the Respondent would reside in the family home
• The address of this home is written
• The resident of this homestead is expected to disburse all the maintenance costs, utility bills, insurance, taxes and mortgage payments
• The resident is supposed to stay in this homestead at least till the youngest kid of the parties
  • Completes 18 years of age, or
  • Graduates from high school, or
  • Becomes emancipated
• The current value of the equity of the homestead is written
• When the home would be sold, whether to divide the equity evenly or equitably is chosen. The amount of equity that must be paid to the Petitioner and the Respondent is decided
• If the resident of the homestead obtains a home equity loan, then he / she would pay the nonresident his or her share. The resident has to accede to pay interest at a particular rate to the nonresident party from the date of finalization of divorce till this payment of loan is made

Personal Property

The personal property that is listed to the Petitioner as well as the Respondent is listed. This is inclusive of but not limited to artwork, computer equipment, collections, clothing and household furnishings.

Vehicles

The term "vehicles" is inclusive of but not limited to boats, recreational vehicles and automobiles. Both the parties have to accede to retain the vehicles that they presently possess. If there is any alteration in the record ownership of these vehicles, then both parties have to execute the essential documents in this regard.

Retirement Accounts

If the Petitioner and Respondent have any rights in each other's pension, both of them accede to waive these rights. Now all retirement accounts would be held individually. They would remain the separate property of the spouse.

Attestation

• The date of the agreement is written down
• The Petitioner and Respondent must put down their signatures
• 2 witnesses or counsels must put down their signatures
• The Notary Public must affix his / her stamp at the end of the agreement

Divorce Papers