A divorce settlement is a legal document agreed upon by divorcing spouses with the help of their attorneys. It covers asset division, child custody, and support. A separation agreement can precede it. The negotiation process can take time and may require court intervention. Once signed, it is binding.
A divorce settlement or divorce agreement is a binding legal document that is agreed between two people who are divorcing. Each spouse will typically have their own attorney, and the attorneys will assist the divorced couple in drafting the agreement. At the most basic level, this type of settlement agreement specifies the division of assets, debts and liabilities, and any arrangements regarding living arrangements and child custody.
A divorce agreement is often preceded by a separation agreement. The separation agreement is drawn up when a couple agrees to separate for a period of time to determine if divorce is the next step. Many of these specifics will be included in the separation agreement, which can lead to a much faster divorce settlement if the couple decides to divorce.
Generally, a spouse will file for divorce first and the divorce settlement will begin to be created. Each spouse will meet with their attorney to discuss their divorce settlement; this can include items such as the sale of a home and the division of profits, the division of retirement accounts, checking and savings accounts, and assets such as furniture and vehicles, as well as alimony and child or spousal support. Child custody is always an important part of a divorce settlement. The agreement can include anything the other party wants, but, of course, each must sign and accept it.
This negotiation process can be quick, if both spouses are ready to compromise and agree, or it can take months or years. It is the duty of each individual’s lawyer to protect their interests and to offer advice. More drafts of the divorce settlement are likely to be drawn up. These are just some of the issues that will need to be considered when trying to reach a divorce settlement; a lawyer will be able to explain the process thoroughly.
Once both parties and their lawyers have agreed on the elements specified in the divorce settlement, the divorce settlement can be signed. It may be necessary to go to court and have some elements decided by a judge if the couple does not agree. The laws then vary from state to state; the divorce may take effect immediately once the agreement is signed, or a cooling-off period may be required, which can last a few months. The agreement can’t be changed once it’s signed, but in states that allow a cooling-off period, it can be terminated entirely if both parties change their minds.
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