Divorce Settlement Agreement Template

Going through divorce proceedings is a complex process. The goal is to establish a divorce settlement agreement that both parties are happy with. What is a divorce settlement agreement, and what should it include?

Understanding a Divorce Settlement Agreement

When undergoing divorce proceedings, you will need to take numerous important steps. You should:

• Review your prenuptial agreement
• Update your last will and testament
• Create a divorce settlement agreement

But what is a divorce settlement agreement? This is a legally binding contract between divorcing spouses that outlines the terms for property division, child custody, visitation, spousal support and debt allocation.

Key Elements Included in a Settlement Agreement

This document should clearly state how property and other assets will be divided. Not having a settlement agreement will mean relying on a court's decision, which will follow the default state laws. Some states use equitable distribution, while others have community property laws.

If you have children, the agreement should include custody and visitation arrangements. Focus on both legal and physical custody, since they are not the same. In some cases, divorcing couples may also choose to address the care and ownership of shared pets through a pet custody agreement. If spousal support is necessary, then the terms of this arrangement have to be included in the divorce settlement.

Get Access to All 66 ConsumerShield Legal Templates

How a Settlement Agreement Is Created

A settlement agreement is created via mediation and negotiations. This will typically involve attorneys who can guide the process and help each party obtain the fairest deal possible.

The document is then drafted and reviewed by all parties. If there are no issues, both parties can sign the agreement, and the document is submitted to the court. The court will have the final approval.

Modifying Your Agreement After Divorce

To modify the agreement once the divorce has been finalized will require filing a court order. You will need to show that there has been a significant change in your circumstances that would make the original agreement unfair. This process will usually require a hearing in court.

Enforcing and Avoiding Mistakes in Your Agreement

You can only enforce an agreement if it has been drafted correctly and signed by both parties. Failing to disclose all financial assets is a common mistake that can nullify the agreement. It’s also important not to rush to settle, since you could end up getting less than you deserve.

You should also ensure that the agreement is finalized as a court order. A verbal or even a written agreement that has not been approved by the court is not enough.

Protecting Your Rights During a Divorce

At ConsumerShield, we can help you through divorce proceedings by making it easier to draft and file the settlement agreement. Obtain the forms you need to get the process started.