What to Ask for in a Divorce Settlement Agreement

When navigating a divorce settlement agreement, it's crucial to cover several key areas to ensure a fair and comprehensive resolution. Here's a guide to what you should consider asking for:

1. Division of Property: Outline how marital assets will be divided. This includes real estate, vehicles, savings accounts, retirement accounts, and any other significant assets. Specify whether the division will be equal or if there are particular arrangements that need to be addressed.

2. Spousal Support: Determine if spousal support (alimony) will be awarded. If so, define the amount, duration, and conditions under which it will be paid. Consider factors like the length of the marriage, each spouse's financial situation, and contributions to the household.

3. Child Custody and Support: Establish a clear custody arrangement that serves the best interest of the children. This includes physical custody, legal custody, visitation rights, and holiday schedules. Additionally, determine child support obligations, including the amount and method of payment.

4. Debt Allocation: Address how marital debts will be divided. Specify who will be responsible for which debts, including credit card balances, loans, and mortgages. This ensures that both parties are clear on their financial responsibilities post-divorce.

5. Health Insurance: Decide who will maintain health insurance coverage for any dependent children and whether one party will continue to cover the other party under their insurance policy.

6. Retirement Accounts: Detail how retirement accounts, such as 401(k)s and pensions, will be divided. This might involve a Qualified Domestic Relations Order (QDRO) to ensure fair distribution.

7. Tax Implications: Consider how tax responsibilities will be handled, including claiming dependents and dividing any tax refunds or liabilities.

8. Legal Fees: Determine how legal fees and other court costs will be divided. This can include attorney fees, court filing fees, and other related expenses.

9. Modifications and Enforcement: Establish terms for modifying the agreement if circumstances change, and outline the procedures for enforcing the terms of the settlement.

10. Emotional and Personal Considerations: Address any personal or emotional considerations, such as agreements on personal property with sentimental value, or arrangements for pets.

Remember to consult with a legal professional to ensure that the settlement agreement complies with state laws and effectively addresses your specific situation.