A divorce agreement, also known as a divorce settlement agreement or marital settlement agreement, is a legal document that outlines the terms of a divorce. These agreements can vary from state to state, but they often contain a few common sections. Here are some common provisions that may be included in a divorce agreement:
Divorce Agreement Provisions to Know About
Child custody and visitation: This provision outlines the custody arrangement for any children involved in the divorce, including where the children will live, visitation schedules, and decision-making responsibilities. This part of the divorce agreement may also be referred to as a parenting plan.
Child support: This provision outlines how much child support will be paid, how often it will be paid, and who will pay it. In most cases, the order addressing child support continues to be valid until the child is 18 (or 23 if they attend college).
Division of property: This provision outlines how property, assets, and debts will be divided between the parties. Major items like vehicles, homes, and marital debts are addressed.
Qualified domestic relations order (QDRO): This provision may be a part of divorces where one of the parties owns a 401(k) or other qualified retirement funds. This fund may be considered marital property, and the QDRO allows for the funds to be distributed free of penalties.
Spousal support (alimony): This provision outlines whether spousal support will be paid, how much will be paid, and for how long. Rehabilitation spousal support may end upon the achievement of a certain milestone such as attaining employer or job training.
Insurance: This provision outlines any insurance policies that will continue after the divorce, such as health insurance or life insurance. Covering minors with healthcare insurance is particularly important.
Taxes: This provision outlines how taxes will be filed and who will claim any tax exemptions or credits.
Debt responsibility: This provision outlines who will be responsible for paying any outstanding debts after the divorce.
Dispute resolution: This provision outlines how disputes will be resolved if they arise in the future, such as through mediation or arbitration.
Termination of marital status: This provision outlines when the parties' marital status will be terminated, allowing them to remarry if they choose.
It's important to note that the specifics of a divorce agreement will depend on the unique circumstances of each case, and it's always best to consult with a divorce attorney to ensure that the agreement is fair and legally binding.
For more information about family law, contact a local law firm.