Getting through a divorce can never be easy. When couples decide to go through the process, they have to divide the assets and the debts. This is where a Property Settlement Agreement comes in. Basically, having such kind of agreement can save your money in the long run. There are some settle agreements that incorporate all the aspects of marriage dissolution. There are types of agreement that can only be used when the involved parties can resolve the property disputes. Whether the agreement is considered somewhat comprehensive and has the ability to cover the issues in the divorce, it can be incorporated into the official order of divorce and become a legally binding document.
What is a Property Settlement Agreement? By definition, it is a type of contract that is entered between the married couple wherein there have been an ongoing issue between the parties to which they have agreed to in lieu of having a specific judge to do the decision making process. It is also called as a marital settlement agreement. This is the type of document that itemizes what each parties would receive when the decision of having a divorce has already been declared final. It is mainly customized based on the needs of the divorcing couple which includes aspects pertaining to life insurance proceeds, savings accounts, division of furniture, etc. Lastly, it gives an outline of each of their financial responsibilities like paying their shared debts or obligations.
10+ Property Settlement Agreement Samples
1. Property Settlement Agreement Template
2. Dissolution Property Settlement Agreement
3. Property Settlement Agreement
4. Marital Property Settlement Agreement
5. Marital Separation Property Settlement Agreement
6. Property Settlement Agreement Form
7. Child Custody Property Settlement Agreement
8. Separation and Child Property Settlement Agreement
9. Enforcability Property Settlement Agreement
10. Property Settlement Liability Agreement
11. Property Support Settlement Agreement
The Importance of Property Settlement Agreement
There have been a lot of advantages of benefits you can get out of having a property settlement agreement. Parties will become more familiar with the custody, property issues, and support. This type of agreement will be less expensive compared to having a distribution trial. This will also help in creating a hostile environment between the parties and would keep the essential matters agreeable. Lastly, it has less stress, less time consumption and even helps parties move on and get on with their own lives.
Content of Property Settlement Agreement
A Property Settlement Agreement should be able to provide information on the following:
- Distribution of assets – the Property Settlement Agreement should be able to clearly indicate or determine how much does each party will receive in terms of the marital funds, trust funds, personal property, and real estate.
- Division of debt – this document must be able to show the details with regards to the division of debt and assign each debt to the spouse who will be responsible for paying it.
- Alimony – this document should state how much would a spouse receive in support payments including the length of their obligation. If in case that there will be no spousal support, the Property Settlement Agreement should be able to acknowledge that the support has been waived.
- Insurance concerns – the Property Settlement Agreement should be able to address who will be covered under each of their health insurances. This will also include the removal of the proceeds from the life insurance claims.
- Tax payments – each of the spouse will be given a responsibility for a portion of the federal and state taxes which will be divided during the process of divorce.
- Retirement accounts – each spouses can be entitled to just a portion of their partner’s pension or other retirement account distributions.
What are some examples of issues that are usually addressed in the property settlement agreement?
It includes date of marriage, children born, grounds for divorce, child custody, child support, spousal support, no interference clause, assets and liabilities, insurance, taxes, release clause and lawyer fees, effect of reconciliation, waiver of equitable distribution, modification and waiver, severability, situs, effective date of agreement, etc.
Who are the identified relevant parties for the agreement?
It includes all parties of lawsuits, affiliates, subsidiaries, parent, holding companies, exclusive and non-exclusive licensees, and franchisors and franchisees.
If you want to see more samples and format, check out some of the property settlement agreement samples and templates provided in the article for your reference.
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