A divorce settlement agreement (also known as marital settlement agreement) is a legally binding contract that is used to resolve all issues related to a divorce case.
A divorce settlement agreement would typically include:
• The division of assets.
• The distribution of debts.
• Deciding on alimony. (How much and for how long).
• Determining a child support order that would be in the best interest of the child.
• Determining the legal and physical custody arrangements of the child.
• A detailed schedule on visitation rights AKA a parenting plan after the divorce.
There are certain instances where a settlement is even more detailed.
A divorce settlement agreement should adequately cover all issues and factors that were a part of the divorce. This includes factors that have the potential to become an issue after the divorce if not resolved properly.
It generally doesn’t matter who created the settlement agreement if both parties come to an agreement and sign it with the presence of a notary. It is essential to remember that if a spouse’s attorney drafts up the agreement him/herself, only that spouse’s interests would be considered. That means that both spouses should only take advice from their own attorneys. That way both spouses can be guaranteed that a proper agreement can be established with mutual understanding.
When it comes to the modification of a divorce, changes can be made to the agreement. The modification can be simple enough if the changes are done before it becomes a part of a court order. Once the settlement agreement becomes a court order, modifications can only be made to certain aspects such as child support, child custody, or alimony payments.
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