Divorce proceedings require you to go through piles of paperwork. Be it agreements, disputes, or court orders; you need to prepare yourself for a flood of paperwork. However, the one that is underestimated and least prioritized is the divorce settlement agreement.
Your divorce attorney creates a divorce settlement agreement. The attorney will mention all the terms related to the divorce. That includes terms related to child custody, property distribution, asset management, parenting time, etc.
So, if there is alimony in the picture, there are terms related to alimony covered in detail. If you own different assets and properties, there is outlining of terms associated with the same. Once the final draft has been created, you are expected to go through the whole document, making sure all the important aspects are covered.
It’s crucial to read it thoroughly and then go ahead with signing it up. There might be a big ‘Why?’ popped up in your mind. Right?
Well, on signing up the divorce settlement agreement checklist, it goes into effect right away and thus, expecting you and your partner to bind by the agreement precisely.
That makes it vital for you to make sure that you have each aspect related to your marriage life, and your family needs to be covered well in the agreements. To help you ensure that, we have put together a divorce settlement agreement checklist. This can help you learn what are the key points that need to be well-considered.
- Have you and your partner have decisions in place regarding your child’s support, living arrangements, and visiting rules?
- Do you and your partner have strong ground rules for future disagreements regarding the child’s future?
- Have you and your spouse decided on the cost distribution regarding the school, tuition, and other extracurricular activities?
- Have you and your partner reached an agreement regarding who will bear the child’s medical costs? Also, who will be providing the health insurance of the child?
- Do you strongly believe that your partner is optimistic about the whole agreement and will strictly adhere to the terms mentioned in the agreement?
- Have you and your spouse established rules regarding leaving children alone, and how will you be filling in for each other’s absence?
- Have you and your partner thought about the impact of a divorce agreement on the kid’s life? How will you be managing future situations together? How will you handle unpredictable future situations based on the present agreement?
- Are you and your partner entirely aligned with the terms mentioned in the agreement? Do you mutually believe that they are decided to keep the best interests of the child in mind?
- Have you and your partner decided upon spousal support? Is the total dollar amount for each month determined? Have you kept any space for modifications or future uncertainties?
- Is your spouse utterly alright with the decided amount?
- Does your spouse understand all the terms related to spousal support? Do they intend to adhere to them appropriately?
- Does your divorce settlement clearly cover all the details regarding legal issues like domestic violence and child abuse? Does it mention the compensation that you expect against such problems?
Asset Management/ Property Distribution
- Have you and your partner decided upon distributing the marital home, vacation home, and other properties?
- Have you jointly decided regarding who will be taking care of the taxes as well as future maintenance charges of the properties?
- Is the management and distribution of other belongings like automobiles, etc., well thought?
- Have you come to an agreement regarding future taxes and possible law changes? Also, is there any room for possible modifications in the responsibilities and ownership?
- Have you and your partner agreed upon distributing the financial liabilities like property mortgage loans, bank accounts, credit cards, stocks, etc.?
- Have you both thought about the division of the retirement assets? That included the pensions, 401k, annuity, etc.)
- Do you and your spouse completely understand the financial implications of each and every property? Also, the present and future taxation responsibility and implications of all the assets and properties?
- Have you and your partner decided on how you intend to manage the personal finances as well as other finances related to children?
- Are you well aware of the financial situation of your spouse?
- Does your spouse have an accurate understanding of your finances?
- Have you and your partner come to a decision regarding what rights you will have regarding life insurance and other health insurance policies?
- Are you confident that your partner completely understands the financial terms and is dedicated towards adhering to them?
- Are you and your partner well aware of the possible divorce proceeding costs?
- Have you and your spouse agree on how you will be managing the various divorce costs like lawyer fees, court fees, filing costs, and other possible expenses?
- Are you and your partner aware of the possible implications of the divorce costs on other assets and valuations?
- Do you and your partner have substantial grounds established to address future conflicts due to changing situations?
- Are you and your partner well aware of the financial as well as emotional stability of each other?
- Have you and your spouse thought about the possible future implications of this agreement on your emotional health?
- Do you think that either you or your partner made any of the decisions out of emotional instability? That may be due to anger, frustration, past grudges, denial, or depression?
If your answer to any of these questions is no, it’s better to think them over before moving forward. Also, if you have any doubt about any of the aspects mentioned above, contact your attorney. They can help you re-assess the whole agreement and make sure that it’s in your best interests as well as adheres to the law.
There can be chances of you being in the delusion of being completely aware of your partner’s willingness towards each and every point mentioned in the agreement. However, the tables might turn anytime, and your partner might leave you in shock by disagreeing to terms. Or, showing that they are entirely unaware of what’s there in the divorce settlement agreement.
So, go through each and every point mentioned in the checklist and ponder upon properly about its implications. Try to keep yourself and your partner on the same page at each and every moment. This will help you avoid unnecessary disputes.