When a couple divorces they often go through the process of dividing up the assets (furniture, cars, frequent flyer miles) and the debts (mortgages, credit cards, etc.). The form below is a sample of what a property settlement agreement between divorcing spouses may look like.
Some settlement agreements incorporate all of these aspects of marriage dissolution. The following example, however, is the type of agreement that may be used when the parties are able to resolve their property disputes, but not issues relating to the children or financial support, which are reserved for trial. Whether the agreement is comprehensive and covers all issues in the divorce or only some of the issues, it can be incorporated into the divorce decree and thereby become a legally binding part of the final judgment.
PROPERTY SETTLEMENT AGREEMENT
__________________, hereinafter referred to as "Petitioner," and _________________, hereinafter referred to as "Respondent," hereby agree to the following:
A. Preliminary Matters
1. Petitioner and Respondent were lawfully married on ____________, ______, at ______________ (city), ______________ (state), in the County of ________________. Because certain irreconcilable problems have developed between Petitioner and Respondent, they have agreed to live separately and apart, have filed for divorce, and are attempting to resolve the property issues between them without going to trial.
2. Petitioner and Respondent have made a complete, fair, and accurate disclosure to each other of all financial matters affecting this agreement.
3. Petitioner and Respondent have each been advised and counseled by attorneys of their choosing regarding their legal rights as related to this agreement.
4. This agreement is intended to be a final disposition of the matters addressed herein and may be used as evidence and incorporated into a final decree of divorce or dissolution.
5. Should a dispute arise regarding the enforcement of this agreement, the prevailing party will be entitled to his or her reasonable costs and attorney's fees.
B. Homestead
Petitioner / Respondent (circle one) will remain in the family home, located at _____________________, until at least such time as the youngest child of the parties is eighteen years old, graduates from high school, or becomes emancipated, whichever occurs first. The resident of the homestead agrees to pay all expenses associated with living in the home, including but not limited to the mortgage payments, taxes, insurance, utility bills, and maintenance costs.
The parties agree that the current value of the equity in the homestead is $______. At such time as the youngest child turns eighteen, graduates from high school, or becomes emancipated, whichever occurs first, the home will be sold and the equity will be evenly / equitably divided between the parties as follows: $________ to Petitioner; $_______ to Respondent. In the alternative, the resident of the homestead will obtain a home equity loan at any time up to including that date and will pay the nonresident party his or her share. The resident party agrees to pay interest on the nonresident party's share at the rate of ___% from the date the divorce is finalized until such time as payment is made.
C. Personal Property
The personal property of the parties that has not already been divided between them, including but not limited to household furnishings, clothing, collections, computer equipment, and artwork, will be divided as follows:
To Petitioner:
__________________
__________________
__________________
__________________
__________________
__________________
To Respondent:
__________________
__________________
__________________
__________________
__________________
__________________
D. Vehicles
The parties agree that each will retain the vehicles that are currently in their individual possession, including but not limited to automobiles, recreational vehicles, and boats, and that they will execute whatever documents are necessary to effectuate and reflect any changes in the record ownership of such vehicles.
E. Retirement Accounts
Petitioner and Respondent agree to waive any rights that each may have in the pension of the other. All other retirement accounts now individually held and maintained will be and remain the separate property of the spouse in whose name the asset is now held.
F. Attestation
Agreed to this __________ day of _____________, ____________.
By:
__________________ Petitioner
_________________ Respondent
Witnessed by:__________________ (Witness or counsel signature)
__________________ (Witness or counsel signature)
[NOTARY PUBLIC MAY AFFIX STAMP HERE]Note: This form only addresses property issues as part of a divorce proceeding where the parties agree on how property is to be divided. It does not address any other issues that may arise during a divorce, such as child or spousal support, custody/visitation, or property division where property interests are disputed. It is always recommended that you consult with an attorney before signing any agreement related to your property interests, so that you have a full understanding of your rights, including any marital property rights that you may have acquired during marriage.
Property Settlement Agreements: Releated Resources
Dividing up marital property is hardly an easy task, especially when there are emotional attachments involved, not to mention the fact that the question of who actually owns what isn't always clear. Before signing a property settlement agreement, it's important to understand your rights to marital property. You can find out more with the additional resources below.
Getting Help with Your Property Settlement Agreement
As you go through the process of separating from your significant other, you'll need to make several tough decisions, including deciding on how to allocate your property. If you need help drafting or reviewing a property settlement agreement, or have other questions about the divorce process, it may be in your best interest to contact an experienced divorce lawyer near you.
