The divorce settlement agreement is a crucial component of your separation from your spouse. The agreement is the foundation on which your final divorce decree is built. Before signing the proposed agreement from your spouse or working with him or her to create one, here is what you need to know.
What Is in the Agreement?
The settlement agreement covers a wide range of topics, including child custody and support, alimony, and the division of assets and debts. The agreement can be a collaborative effort or one spouse can create a proposed agreement and present it to the other for agreement.
Are Attorneys Needed?
Ideally, you and your spouse will both work with divorce lawyers to create your agreement. There are several reasons why this is important. Attorneys know the state laws regarding aspects such as child custody and property division. He or she can ensure that a client understands those laws and how it can impact what he or she gets in the divorce.
An attorney can also help protect his or her client's interests. For instance, if the attorney feels that the settlement amount being offered is far less than the client deserves, the attorney can help negotiate a fairer amount.
Another added benefit of having an attorney is that he or she will be involved with the case from the beginning. In the event that you and your spouse are unable to reach an agreement and end up in court, your attorney is already up to speed on the case.
When Is the Agreement Created?
The best time for you and your spouse to work on an agreement is as soon as it is evident that you are separating. However, you have until you actually appear in court before a judge to reach an agreement. Some courts even allow you to work on a settlement throughout the court proceedings.
If you and your spouse wait until the last minute to work out an agreement, there is a possibility that some important aspect will be forgotten. Once the decree is final, you and your spouse cannot come back and add in forgotten issues, such as a credit card debt. So it is important that you get it right the first time.
If you and your spouse are divorcing, talk to an attorney. He or she can help you assess your financial and personal needs and work to create an agreement.
Share12 August 2015
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