What Is a Divorce Settlement Agreement?
Divorce represents an end to an important relationship in your life, but in the eyes of the law, it is the dissolution of a legal contract, which means that it has an important legal job to do. A divorce settlement agreement is a legal document that sets forth how the terms of your divorce will be settled in accordance with terms that you and your divorcing spouse have both agreed to. If you and your divorcing spouse are able to settle these terms between yourselves, you won’t need the court to intervene in the decision-making process, which keeps the outcome of your divorce in your own hands. If you’re facing a divorce, the most important first step you can take is consulting with an experienced Yakima divorce attorney.
Hammering out a Divorce Settlement Agreement
It’s important to note that having a divorce settlement agreement does not necessarily mean that you and your divorcing spouse begin in complete agreement on how you are going to resolve every term of your divorce. In fact, this is far from the case in most situations. Pursuing a divorce settlement agreement, instead, means that you and your soon-to-be ex are both invested in finding a middle ground that works for both of you and in keeping your divorce out of court. Divorce settlement agreements are also private documents, which means that the public will not be privy to the information therein.
The Terms of Your Divorce
Your divorce and your divorce settlement agreement will be unique to you and your ex, but the terms that must be settled remain the same for every divorcing couple, including (as they apply to your divorce):
- The division of your marital assets
- Child custody and parenting time
- Child support
- Alimony
Each of these represents an important component of your divorce settlement agreement and sets the stage for your post-divorce future. The process of resolving each issue is often arduous, and many couples either negotiate terms through their respective divorce attorneys or do so alongside their respective attorneys in mediation.
The Division of Your Marital Property
You’ll need to not only identify every marital asset and debt but will also need to agree on an equitable and fair division of these properties, including all of the following basics:
- Real estate, such as your home mortgage
- Any investment properties
- Retirement and other employee-based assets
- Business ownership interests
- Lines of credit and other loans
- Credit cards
- Student loans
Child Custody and Parenting Time
The child custody and parenting time portion of your settlement will need to address both legal custody (who will be making important decisions on behalf of your children) and your parenting time (how your children will share their time between the two of you). Often, one parent becomes the parent of primary residence, with whom the children live the majority of the time, and the other becomes the parent of alternate residence. Some parents, however, split their time with the children equally. Some of the important concerns you’ll need to address in this portion of your divorce settlement agreement include:
- Both a regular and a holiday schedule that speaks to vacations and school breaks
- Both of your rights to continue accessing your children’s school and health-related records
- Both of your rights to continue attending your children’s school activities and functions
- Any additional financial considerations, such as private school tuition, the costs of camps and activities, and college costs
- Any special circumstances that pertain to any of your children
- Tax implications
Child Support
Child support is based on state calculation guidelines – unless you choose terms between yourselves, which must meet or exceed the state’s child support calculation.
Alimony
Alimony typically only plays a role in divorce if one spouse will experience a financial disadvantage and the other spouse has the financial means to help. The amount and duration of alimony payments are based on wide-ranging factors, but alimony is typically a temporary measure.
After You Reach a Divorce Settlement Agreement
Once you and your divorcing spouse are able to reach an agreement on each of the terms that you must resolve, your signed settlement agreement will proceed to the judge in your case, and he or she will incorporate the terms into your final divorce decree. Your divorce settlement agreement sets the framework for your future, which makes ensuring that yours protects your parental and financial rights paramount.
Tips for Creating a Divorce Agreement
While your divorce will be singular to your unique situation and circumstances, there are three universally helpful tips for creating your divorce agreement.
Commit to Negotiating in Good Faith
One of the most important tips anyone can offer you when it comes to entering a divorce settlement agreement is that you should both confirm your commitment to negotiating your divorce terms outside of court. The fact is that, if your divorcing spouse is not on board and chooses to make your divorce as difficult as possible, he or she can do so, and in the process, he or she is likely to render the divorce agreement process an additional step that you could have bypassed.
Organize Your Finances
One of the most complex aspects of any divorce is determining what your marital assets are (while putting any separate property to the side) and dividing these assets equitably between you. The only way to get this done is by gathering and organizing your financial documents, sharpening your pencils, and getting down to business.
Put Your Kids’ Best Interests First
Resolve your child custody and parenting time issues by putting your children’s best interests first. Remembering that your children love both of you and want to continue spending as much time with both of you as possible will help you get where you need to be.
Divorce Settlement Agreement FAQs
The answers to the following frequently asked questions may help you better navigate the divorce settlement agreement process.
Can I renegotiate my divorce settlement agreement?
Generally, you can only renegotiate the terms of your divorce settlement, which is a binding contract, if you and your ex are both in agreement on the matter, if the involved circumstances have changed considerably, or if you learn that your ex perpetrated fraud (by hiding assets, for example).
What is a marital settlement?
Divorce settlement agreements go by many names, and marital settlement is one of them.
Are all assets split 50/50 in divorce?
In the State of Washington, marital assets are divided equitably, which means fairly given the circumstances involved in your marriage and divorce. While this can mean 50/50, your division of marital assets will not necessarily be 50/50.
What is a reasonable divorce settlement?
A reasonable divorce settlement is one that works for you while protecting your financial and parental rights. Working closely with an experienced divorce attorney is the surest way to accomplish a reasonable divorce settlement for you.
What if we settle everything before going to court?
If you and your divorcing spouse are able to settle every divorce term that applies to your situation prior to going to court, you have achieved an uncontested divorce and will not require the court’s intervention (other than to finalize your divorce). Along the way, you have very likely saved yourself legal expenses, time, and heartache, and you should consider yourself ahead of the game.
What if I don’t like my spouse’s proposed divorce agreement?
You are not obligated to accept your spouse’s proposed divorce agreement, and – in fact – you should not do so (unless it happens to coincide with your own best interests and concerns). No one can force you to accept divorce terms that you do not want to accept – other than the court if your divorce case ends up at trial. Your divorce terms will directly affect your parental and financial rights, which makes proceeding with caution extremely well advised. A good place to start is consulting with an experienced Yakima divorce attorney early in the divorce process.
If my spouse and I agree, can we write our own agreement?
If you and your divorcing spouse are in complete agreement on every term that applies to your divorce, you are doing extremely well, but this does not mean that you should scribble down your divorce terms and proceed to the head of the line. It’s important to consider all the ramifications of the terms you have agreed upon, including tax implications, which makes having a dedicated divorce attorney in your corner imperative. Once you are confident that your terms protect your rights and support your best interests, you’re where you need to be in terms of an uncontested divorce.
If my spouse and I agree on everything, can we just hire one attorney to draft our divorce agreement?
Many couples believe that – once they’ve mastered the terms of their divorce – they can simply hire one attorney who will, in essence, work for both of them. When you hire an attorney, however, he or she works for you – in support of your legal rights and best interests. Because there are two parties to your divorce, one attorney cannot lookout for both of your best interests, and reputable divorce attorneys are very unlikely to sign off on such an arrangement. If you do have your terms squared away, though, you can keep your legal needs to a minimum by working closely with your own experienced divorce attorney and moving forward apace (once your terms are vetted).
What if we both decide not to follow the divorce agreement we signed?
Once signed, your divorce contract is binding, and the court can enforce the terms set forth in it. Since you are both now agreeing to disagree, it might seem like this is the end of the story, but you could face unforeseen challenges ahead. If – down the road – your ex decides that he or she is no longer interested in the changes you have agreed upon between yourselves, the court will back him or her up, and you will be in contempt of court orders. If you need to make a change, going through the official channels and making the necessary modifications with the court is the best path forward, and if you are in agreement on the modifications needed, it makes the matter far less complicated.
Can we modify our divorce agreement?
You can modify your divorce agreement, and if yours no longer works for your family’s unique needs, seek the professional legal guidance of an experienced divorce attorney.
How are divorce settlements calculated?
Divorce settlements are calculated by both parties coming to the table (under the legal guidance of their respective divorce attorneys) and negotiating terms that they are both willing to sign off on. Generally, this means splitting the difference between your positions on each unresolved divorce term and committing to negotiating in good faith.
Reach out to an Experienced Yakima Divorce Lawyer for the Legal Guidance You Need
If you are moving toward a divorce settlement, the resourceful divorce lawyers at Dobbs & Young in Yakima, Washington, take great pride in helping clients like you obtain favorable divorce terms. We’re on your side, so please don’t wait to contact or call us at 509-577-9177 for more information about how we can help you today.