You are likely dividing up your assets if you’re going through a divorce. Not only that, but you’re also dividing up your debts. Your settlement agreement will be legally binding, so it’s important to get it right the first time.
Not all settlement agreements have everything about the marriage dissolution, and many people choose to have a settlement agreement separate from child custody, alimony or other agreements.
What should you include in your property settlement agreement?
You’ll first want to address who you are, who your spouse is, when you were married and where you were married. This is legal information that is necessary to create this document. Next, there is a homestead section. This should discuss who lives in the home or if the home will be sold. The agreed upon value of the home should be indicated as well as the percentage of the income from the sale of the home that each party should receive.
On this agreement, you’ll need to list your personal property for yourself and your spouse. This should include items like furniture or computer equipment that you haven’t yet divided up between you in other sections of the agreement. Next, agree on how to divide your personal vehicles and retirement accounts.
After the settlement is written, a notary public must affix his or her stamp. At that point, you can use the settlement in a court of law to finalize that portion of your divorce. If you decide to do your alimony or child support sections separately, you will need those documents as well. Our site has more on what you should bring to court.