Uncontested Divorce Agreement

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A divorce is a personal affair. It depends on the separating parties whether they want to make it public or not. Some couples are unable to make decision that are mutually-satisfying and take the refuge of law. They choose contested process where the court resolves all the issues and the partners have to obey the court orders. On the other hand, some couples choose to split in an amicable way. They try to settle their disputes and reach to a mutual decision which is approved by the court. This is legally termed as an uncontested process. There are many documents required for this process; among those an agreement is very essential. An uncontested divorce agreement between two parties specifies the way their property, the child custody, and other responsibilities will be shared.

Divorcing partners of an uncontested divorce must ensure that they completely agree to all the vital issues. If any point is not explicitly stated in the settlement papers or documented by the court, then it cannot be enforced as it is not legally binding. The main issues that must be discussed for an agreement are as follows -

  • Property Division
    • Household items
    • Automobiles
    • Annuities
    • Mutual funds
    • Stocks
    • Bank accounts
    • Retirement benefits
    • Residences
  • Debts
  • Life Insurance
  • Medical Insurance
  • Spousal Support
  • Child Support
  • Visitation
  • Child Custody

After reaching an agreement on all these issues, the divorcing couples should prepare a settlement.

Before considering an uncontested divorce, you must think about your financial issues regarding the income of each partner, assets and other liabilities. We present here information on all these facts that will surely help you a lot.

Discussion Regarding Income for Uncontested Divorce Agreement

The initial step for computing the precise support amounts is to calculate the earned and unearned income of the divorcing partners. For this it is essential to exchange and review the following basic financial documents -

  • Statements pertaining to commissions, deferred compensation and stock options
  • Pay stubs and 1099's
  • W2 forms
  • Tax returns

Discussion Regarding Assets and Liabilities for Uncontested Divorce Agreement

It is necessary that both parties should consider the following -

  • Make a roster of the real estate property. Assume that the property is to be sold today and determine its value in the market. From this value, any outstanding loans must be subtracted. This figure is the approximate equity in the house.
  • Find the latest balances of the following -
    • Savings and Checking accounts
    • Deferred compensation plans
    • SEP accounts
    • 403bs
    • 401ks
    • IRAs
    • Bonds
    • Stocks
    • CDs
    • Money market accounts
    • Any other accounts
  • Determine the latest figures of the following -
    • Any loans taken against any account
    • Transfer of money
    • Liquidations
    • Large withdrawals
  • Procure the latest pension statement, in order to find out the projected monthly payments and total benefit amount on the date of distribution.
  • Determine the Blue Book value of vehicles in their present condition. It is advisable to use www.kbb.com (Kelly Blue Book) or www.edmunds.com (Edmunds) to decide the values. From the sum of these values, any loans on the vehicles must be subtracted in order to compute the approximate equity.
  • Prepare a roster of the following -
    • Artwork, train, stamp and coin collections
    • Furnishings and household items
    • Furniture
  • Find out the current status of the following -
    • Outstanding debts and obligations, inclusive of the following -
      • All secured personal loans, inclusive of those with friends and family
      • Hospital bills
      • Credit card balances that have not been paid
      • Student loans

Importance of a Wish List

After the divorcing partners have discussed all of the above, each of them should develop a wish list. The items that each one desires to maintain will be mentioned in this list. This is a very efficient technique to narrow down the dispute between the partners.

The Wish List should be developed smartly. In order to finalize a workable settlement agreement, one should have an equitable and reasonable outlook.

Apparently an uncontested divorce may seem to be a simple process. But if the parties who are going to split soon do not think reasonably, they will be unable to take any proper decision and hence suffer in the future. To a great extent, the uncontested divorce agreement will decide how your future life will be. Actually it will design your future in a new form; this form may be good or not-so-good. So take advice from your elders, act in a mature way and consult with an experienced advocate before reaching to a mutual agreement. Above all, if you have children, consider the child's security and future, and take decisions mutually so that the child is not deprived of any legal right and get what they deserve.

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