PROPERTY SETTLEMENT AGREEMENT
A well-drafted Property Settlement Agreement will:
Provision Information & Benefits:
A marital settlement agreement is a contract between the husband and wife that divides property and debts and resolves other issues of the divorce. In the event of divorce, the husband and wife generally are free to divide their property as they see fit, without the need for a judge deciding property issues or other issues. Parties often prefer to reach their own agreements rather than go through the expense of a trial.
By entering into a premarital or "Prenuptial" agreement, the wife and husband have agreed to waive their rights to have a court consider the usual cluster of factors in dividing property. Instead, the parties through their agreement have determined in advance how their property should be divided in the event of a divorce.
Same as premarital, but settled after or pursuant to a divorce proceeding. This can be voluntary or court-ordered. As stated earlier, a voluntary settlement is usually more desirable.
Nonmarital property includes property that a spouse brought into the marriage and has kept separate during the marriage. The right of a spouse to keep their nonmarital property may depend on the degree to which the property was, in fact, kept separate. Maintain accurate and complete books and records to establish the separate nature of property you wish to keep separate from the marital estate, such as that held by you prior to marriage or received by you alone as a gift or inheritance during the marriage.
Marital or community property
Marital property is defined somewhat differently by different states, but it generally includes property and income acquired during the marriage. Wages earned during the marriage are marital property. A home, furniture, and cars purchased during the marriage usually are considered marital property. When property is considered to be marital or community property, the court has the power to divide the property between the parties. Unlike separate or nonmarital property, one party does not have an automatic right to keep the property in the event of a divorce.
Alimony refers to periodic or installment payments from one spouse to the other spouse for the benefit of the spouse who is receiving payment. Although some states use the term maintenance, the terms are interchangeable.
Written agreements regarding support are necessary if the person making the payments wishes to claim a tax deduction for paying support to the spouse. If the person paying support obtains a deduction for the amount paid, then the same amount will be treated as taxable income to the recipient. Without a written agreement or court order, the payments of support will not be deductible to the payer, nor would they be treated as income to the recipient.
Fixed Monthly, Annual, Income Contingent - with Minimum and Maximum, Fluctuating based upon Net or Gross Income, Lump-Sum, Graduated and Declining Installments, and more.
Based upon remarriage, employment, other income source, disability, Cost of Living, Consumer Price Index
A spouse promises to release the other spouse from any and all debts and/or liabilities acquired by the promising spouse. This can also be a Mutual Release entered into and promised by both Spouses.
In the event any part, portion or provision or paragraph of the Agreement is declared void or invalid by any legislative act or judicial determination, the remaining portions of this Prenuptial Agreement shall not be affected and thereby it shall remain in full force and effect and be binding upon the parties hereto.
Mediation and Arbitration
Mediation and Arbitration should always specify a location in Client's jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).
Always stipulate that the contract will be governed under whatever law the Client ordinarily conducts business. Always make sure that venue and jurisdiction are as convenient to client as possible.
No Modification or Waiver
No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.
This agreement constitutes the entire agreement of the parties and may be modified only in a writing executed by both parties.
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