While the word “divorce” often conjures up images of spouses shouting at each other in the courtroom, the reality is that most divorce cases are resolved amicably. Indeed, the spouses are able to enter into a settlement agreement that addresses all the issues relevant to their particular case. If you and your spouse can agree on all the terms of your divorce, you can present your settlement agreement to the court. If the court determines that your agreement is fair and in accordance with California law, the judge can simply approve the agreement and include those terms in your final divorce decree. A custodial parent is a parent who will have the children most of the time after the divorce. Under this agreement, the non-custodial parent will most likely be required to pay child benefits while having only part-time custody or access to the children. Now it`s time to talk about money and who owns what assets and liabilities. Some will be together or “married,” and others will be personal or “separate.” In general, anything that belongs or was due to a spouse before marriage remains their separate property or debt. Anything acquired during marriage with matrimonial funds is matrimonial property – even if only one spouse has used the item. Only matrimonial property and debts are subject to division upon divorce. (Of course, the distinction is more complicated than that; read “Matrimonial Property vs.
Separating Property in Divorce” for more information.) Tip: Your creditors are not bound by your settlement agreement and may come to pay joint debts after one or both of you. Unpaid debts will still be passed to your credit report and will affect your credit score even after the divorce is finalized. While divorce isn`t the easiest process you can go through being civil with the other party, compromising where you can, and advocating for what you believe in, the process doesn`t have to be as painful – financially and emotionally. You don`t need to specify how each individual asset you own will be divided unless you prefer. It will be easier to list only those points in the agreement that have significant or sentimental value. Items of lesser value can be divided outside of the agreement, unless you fear unfair division. The agreement declares that any property not expressly listed is the property of those who are the physical or documented owners. The model divorce agreement below describes a settlement agreement between the applicant “Lena K Morris” and the respondent “Richard A Saul”. Lena K Morris and Richard A Saul agree on their ownership and financial intentions after their separation.
Divorce is never an easy process, usually filled with emotions, stress, and grief. However, with 40% to 50% of marriages ending in divorce each year, it`s safe to say it`s not as rare as you might think, and you`re not alone. .