Often, divorcing couples want to avoid litigation, which can be expensive, time-consuming and painful. Instead, they opt for alternative dispute resolution methods to construct settlement agreements that avoid court proceedings.
A divorce settlement agreement spells out how assets and debts will be divided. It also outlines spousal support and child custody arrangements.
Identify the Issues
Before drafting and submitting a divorce settlement agreement to the court, both parties must identify all issues that must be addressed. It will help to ensure that all of the most critical aspects of the divorce are covered and that no unresolved problems remain.
It is important to include language that clearly outlines spousal support obligations in the settlement agreement and any other financial arrangements that may have been reached during the divorce process. Parties should also state that any future changes to the spousal support payments will be based on a change in circumstances, such as an increase in income or a spouse’s remarriage.
Divorce attorneys can often craft a stipulation of legally binding settlement that addresses all of the critical points of the divorce. However, a stipulation of compensation needs to be written correctly by an attorney. In that case, it may contain vague or incorrect language that could significantly impact the case outcome.
Outline Future Conflicts
A settlement agreement NJ should outline future conflicts that may arise, such as alimony terminations due to death or remarriage. It should also address changes in income, a change in custody of a child or a new employment opportunity for one of the parties.
It is essential to write straightforward and unambiguous language so that both parties easily understand the terms and obligations of the settlement. Refrain from filling it with legal jargon, but provide precise information, including dates and income figures. It will ensure that your divorce settlement is fair and accurate to both parties. It will also help avoid disputes and legal fees down the road. It can be helpful to draft a ledger of assets, debts, and belongings, their value and who receives them.
Create a List of Assets and Debts
Creating a comprehensive list of your assets and debts will be critical in your divorce case. It will assist you and your attorney in deciding on equitable distribution of your marital assets and obligations.
Ideally, your list will include all property that was acquired during the marriage or received as part of your inheritance or gift during the marriage. It should also have any debts that were incurred during the marriage.
These items can include real estate, investments, accounts, business interests, and anything else with cash value. Gathering and arranging this information before you begin the property-dividing process may relieve your tension.
Outline Custody and Visitation Schedules
A good child custody agreement outlines which parent or parents will have primary physical and legal custody of the children. It also provides a visitation schedule that ensures each parent has time with the children.
Custody arrangements can be shared 50/50; in some cases, one parent has the children full-time, and the other parent has access to them for limited periods. In either case, the parenting plan should address issues such as religion, education and extracurricular activities.
It is essential to consider how visitation schedules may need to be modified as children grow older and work and family live change. For example, if a person moves or starts a new job, the parenting schedules must be flexible to accommodate changes in lifestyle and employment.
Determine the Amount of Alimony and Child Support
Regarding the financial aspects of a divorce, two types of payments can be included in a settlement agreement: alimony and child support. These payments can be essential to the financial well-being of both parties and knowing how to determine the amount is vital to getting a fair outcome.
Alimony, or spousal support, is money paid to a spouse to help them recover financially after a divorce. It can benefit a spouse who gave up their career to care for children and the home.
The judge determines the amount of alimony and considers many factors, including the parties’ earning capacities and contributions to the marriage. However, the state provides forms and calculators to help calculate this amount, and it is often a good idea to use them when negotiating an alimony payment.