Divorce Settlement Agreement

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					This Divorce Settlement Agreement is made between divorcing spouses when the
parties have come to an agreement on property division, child custody, and child and
spousal support. The parties present this agreement to the appropriate court for
approval of the terms. This type of agreement is beneficial because it can eliminate the
need for court intervention. This document contains numerous standard clauses, as
well as opportunities for customization to ensure that the parties' specific needs have
been addressed. Parties should review this agreement carefully before submitting it, as
it may become legally binding. This document should be used by divorcing spouses or
their attorneys.
                            DIVORCE SETTLEMENT AGREEMENT

                        [Instruction: Insert applicable court filing header.]

This Agreement is made and entered into this day of ______________ [Instruction: Insert
date.] by and between the Petitioner, hereinafter referred to as _____, [Instruction: Insert
husband’s name.] the "Husband" and the Respondent, hereinafter referred to as _____,
[Instruction: Insert wife’s name.] or the "Wife". [Comment: Please note, if Petitioner is wife,
please revise above to reflect accurate information.]

                                        W I T N E S E T H:

    1. That the parties hereto were lawfully married on the _____ [Instruction: Insert
       marriage information.], in City of _____, County of _____, State of _____;
       [Instruction: Insert applicable marriage location information.].
    2. That the Petitioner has resided in the jurisdiction for the required applicable time period
       prior to filing for a divorce.
    3. That _____ [Instruction: Insert number of children.] child (_____ [Instruction: Insert
       child’s name, age and date of birth.]) was born to the parties; no children were adopted
       by the parties; and that Respondent is not now pregnant. [Comment: Revise this
       language to reflect applicable information if necessary.]
    4. That there is litigation pending between the parties entitled "_____". [Instruction: Insert
       name of court divorce action, and applicable court filing information.]
    5. That irreconcilable differences have developed between the parties causing an
       irretrievable breakdown of the marriage, that the parties have lived separate and apart for
       a period in excess of six months. [Comment: If the divorce grounds are not
       irreconcilable differences, revise this language to reflect accurate information. Also,
       review applicable state statute regarding how long parties must have lived apart,
       and revise if necessary.]
    6. That without any collusion as to said proceeding and without any intent to obtain or
       stimulate a dissolution of Marriage, the parties hereto consider it to be in their best
       interests to settle between themselves the issues arising out of said litigation, including,
       but not limited to, maintenance, division or real, personal and non-marital property, debts
       and attorneys' fees, and to forever finally and fully settle and adjust between themselves
       the other rights growing out of the marital or any other relationship now or previously
       existing between them and to fully and finally settle any and all rights of every kind,
       nature and description which either of them now has or may hereafter have or claim to
       have against the other, including all rights and claims in and to any property of the other,
       of every kind, nature and description, whether real, personal, marital, non-marital, or
       mixed, now owned or which may hereafter be acquired by either of them, and further,
       including all rights or claims in and to the estate of the other.
    7. That both parties have had the opportunity to consult with their own attorney regarding
       this settlement agreement. That the parties acknowledge that each has been fully
       informed as to the wealth, property, estate and income of the other.


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NOW THEREFORE, in consideration of the mutual and several promises and undertakings
contained herein and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties do freely and voluntarily agree to each and every term
and provision set forth in the Marital Settlement Agreement, to wit:

                           ARTICLE I - RESERVATION OF RIGHTS

    A. That this Agreement is not one to obtain or stimulate a Judgment for Dissolution of
       Marriage. [Comment: Parties should ensure the applicable state statutory name is
       inserted here.]
    B. That each party herein reserves the rights to prosecute or defend any action now pending
       or which may hereafter be brought for relief under applicable state divorce law.

                                ARTICLE II - MAINTENANCE

That the parties agree to waive any and all rights they may have against the other as to
maintenance and/or support (heretofore termed "alimony"), whether past, present or future,
except as to what is provided for below. [Comment: If alimony is to be provided, please
include discussion of same here including amount and term of payment.]

                      ARTICLE III - CHILD CUSTODY & VISITATION

    A. That both Husband and Wife are fit and proper persons to have legal custody of the minor
       child. Accordingly, the parties shall have joint custody of the minor child. Wife shall
       have primary care of the minor child and said child shall reside with her on a daily basis.
       [Comment: Revise as applicable.]
    B. The parties hereby acknowledge the needs of the child for continuing contact with both
       parents and the need for both parents to participate in the important events and decisions
       affecting the life and well-being of said child. Accordingly, the parties shall cooperate in
       scheduling and implementing said child's educational, religious, and social activities so as
       to provide said child with an environment that promotes healthy physical, mental,
       emotional, and social growth and development. The parties shall also use their best
       efforts to foster the child's love and affection for both parents and to attempt to reach an
       agreement on all important questions that require joint decisions by the parties and that
       this provision shall be reviewed annually. If a dispute arises that cannot be resolved by
       the parties, then the parties shall seek assistance from the American Arbitration
       Association (AAA).
    C. Husband shall have reasonable and liberal visitation with the minor child including every
       weekend, eight weeks of summer and one week at Christmas. The parties agree that
       specific Holiday schedule cannot be determined at this time due to work schedules and
       future educational schedule of the minor child, however, it shall be agreed upon by the
       parties.
    D. Comment: Parties may wish to describe in detail any agreement they have reached
       regarding either party moving out of the town/state where located, as well as any
       other agreements which were reached, including but not limited to where the child
       will attend school, and whether such school will be public, private or parochial.



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        Other commonly discussed matters include who will pay for lessons for the child,
        sports activities or other extracurricular activities.

                                ARTICLE IV - CHILD SUPPORT

That Husband shall pay directly to Wife for the support of the minor child the sum of $_____
[Instruction: Insert amount.] per month except as otherwise modified by the parties; a sum
known to be at least the minimum of his net income per month as required pursuant to applicable
regulations. Husband's child support obligations shall continue until the emancipation of the
minor child unless otherwise modified by the parties. [Comment: Parties should ensure this
reflects the agreement regarding payment, otherwise, modify as necessary and
appropriate.] For purposes of this Agreement, the term emancipation shall be defined as the
occurrence of the first of the following events:

    1. The child's death;
    2. The child's attaining the age of 18 years or completion of a High School degree,
       whichever later occurs, provided the child continues schooling without interruption,
       except if such interruption is not due to any fault of the child;
    3. The child's maintaining a full-time residence outside the home of the parent having
       primary care of him, exclusive of that child's residence at a secondary boarding school,
       camp, or similar facility;
    4. The child's obtaining full-time employment, exclusive of employment during school
       vacation periods;
    5. The child's induction in the armed services of the United States or the National Guard; or
    6. The child's marriage.
       [Comment: Parties should carefully review applicable state requirements. Some
       states now consider parent’s education level in determining how long child support
       must be paid.]

That Husband shall provide medical/insurance for the minor child. [Optional language: Parties
may specify type of insurance or level, for instance, that which is currently maintained.
Please note, however, this may become an impossibility to provide at some future point, if
employment is terminated/lost and therefore, this type of information should be carefully
considered prior to inclusion.] That any amount not covered by insurance, including any extra-
ordinary medical expenses shall be split equally by the parties. [Comment: Parties should
consider including what type of medical expenses may/not be included, including
alternative therapies, orthodontic or other cosmetic work. Also, parents may wish to
consider the parties respective financial positions when determining how uncovered
expenses will be paid.]

That both parties shall pay for all college expenses for the minor children in accordance to their
ability to pay according to the Statute. [Comment: Parties should consult applicable state
statute regarding college tuition, as some states now require parents to pay based on
parent’s college achievement. Parties may wish to further spell out to what level they will
pay, for example, state or private school, 2 year or 4 year, and note, some of this may be
guided by state statute or common law.]



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That Husband and Wife shall alternate claiming the minor child as a dependent for tax purposes
with Husband taking the odd years.

                                ARTICLE V - PERSONAL PROPERTY

That each party shall retain all personal property, not otherwise designated by this agreement, in
their respective possession.

                                 ARTICLE VI - OTHER PROPERTY

That all other property has been split by both parties. [Comment: If any of the property
requires providing title to the other party or other evidence of ownership, please describe
how same will be transferred.]

                                    ARTICLE VII - PENSIONS

That both parties shall waive any rights or claims to proceeds from the other party's pension plan,
401(K) plan, 403(b) plan, I.R.A. accounts or other similarly structured retirement accounts.

                                 ARTICLE VIII - LIFE INSURANCE

That each party shall be entitled to any life insurance in his or her name. [Comment: Parties
may wish to consider whether or not each must maintain life insurance on the other,

				
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Description: This Divorce Settlement Agreement is made between divorcing spouses when the parties have come to an agreement on property division, child custody, and child and spousal support. The parties present this agreement to the appropriate court for approval of the terms. This type of agreement is beneficial because it can eliminate the need for court intervention. This document contains numerous standard clauses, as well as opportunities for customization to ensure that the parties' specific needs have been addressed. Parties should review this agreement carefully before submitting it, as it may become legally binding. This document should be used by divorcing spouses or their attorneys.