Financial separation agreement template – In recent years, increasing numbers of people opted to draft their own separation agreement (also sometimes referred to as a property settlement agreement or marital settlement agreement) without hiring a lawyer. By keeping lawyers out of this process, couples can keep more control over their own affairs and save thousands of dollars on legal fees. Of course, the chance of doing your own separation agreement is that you may not have sufficient knowledge of your state’s domestic relations laws, and so wind up with an agreement that can’t withstand a legal challenge by one of the parties if that should happen.
However, there are a few basic legal attorneys related to legal separation agreements which apply in virtually all 50 states. Perhaps the most important principal is the need for financial disclosure. This means that both parties to any marital agreement must share with each other full and complete financial information. If a single party withholds material information regarding income, assets, liabilities or other financial issues, they may be deemed to have violated his or fiduciary responsibility to the other. Accordingly, prior to the execution of a property settlement agreement, each party must offer the other with a complete, written disclosure of all relevant financial issues.
In addition, it’s essential that neither party be exposed to undue pressure. This means that both the husband and the wife has to be given ample opportunity to take into account the proposed terms and conditions, and that there is a chance to engage in negotiation regarding the agreement. Even if lawyers aren’t kept, both parties should acknowledge in the body of the agreement that he or she is aware of the opportunity to retain independent legal counsel and has voluntarily elected to proceed without an lawyer.
While courts generally enforce the provisions of separation agreements which address property issues (equitable distribution or community property division), the issue of child care is frequently treated differently. In most states, an arrangement between parents regarding child support is subject to subsequent modification by a court. This most often arises when a party into a separation agreement subsequently realised the separation agreement provides for insufficient support or a significant change in circumstances occurs after the separation agreement has been signed. Have a look the sample of financial separation agreement template below at the attachment page.
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