Separation Agreement and Property Settlement

A Separation Agreement and Property Settlement is a comprehensive document that outlines the terms of separation between spouses and details how marital assets and debts will be divided. It also covers other aspects such as alimony, child custody, and support. Here’s a template to help you draft a Separation Agreement and Property Settlement. It’s important to consult with a family law attorney to ensure that the agreement is legally valid and meets your specific needs.

Separation Agreement and Property Settlement

This Separation Agreement and Property Settlement ("Agreement") is made and entered into on [Date], by and between:

Spouse 1: [Full Name], residing at [Address]
Spouse 2: [Full Name], residing at [Address]

Recitals:

1. Marriage: The parties were married on [Date of Marriage] in [City, State].
2. Separation: The parties have separated and wish to settle their financial and personal matters amicably.
3. Purpose: The purpose of this Agreement is to resolve all matters related to their separation, including property division, debts, alimony, and other relevant issues.

1. Division of Property

1.1 Marital Property
The parties agree to divide their marital property as follows:

• Real Estate: [Detail division of any real estate, e.g., "The marital home located at [Address] shall be transferred to Spouse 1. Spouse 2 shall receive [Specify Amount] for their equity in the property."]
• Personal Property: [Detail division of personal property, e.g., "Spouse 1 shall retain ownership of the vehicles, while Spouse 2 shall retain the household furnishings and personal effects."]
• Bank Accounts: [Detail division of bank accounts, e.g., "The joint bank accounts with [Bank Name] shall be divided equally, with each party receiving 50% of the balance."]
• Retirement Accounts: [Detail division of retirement accounts, e.g., "Each party shall retain their respective retirement accounts, including pensions and 401(k)s, or a Qualified Domestic Relations Order (QDRO) will be used to divide any retirement assets."]
• Investments: [Detail division of investments, e.g., "The stocks and bonds held in joint names shall be divided as follows: [Detail division]."]

1.2 Separate Property
The parties agree that the following items shall be considered separate property and not subject to division:

• Spouse 1’s Separate Property: [Detail items, e.g., "Spouse 1’s personal savings accounts and inheritances."]
• Spouse 2’s Separate Property: [Detail items, e.g., "Spouse 2’s business interests and personal savings accounts."]

2. Debts

2.1 Responsibility for Debts
The parties agree to be responsible for the following debts:

• Spouse 1: [Detail which debts Spouse 1 will be responsible for, e.g., "Credit card debt with [Bank Name] and the loan for [Vehicle or Property]."]
• Spouse 2: [Detail which debts Spouse 2 will be responsible for, e.g., "Personal loan from [Lender Name] and credit card debt with [Bank Name]."]

3. Alimony

3.1 Amount and Duration

• Spouse 1 shall pay alimony to Spouse 2 in the amount of [Specify Amount] per [month/year] for a period of [Specify Duration], beginning on [Start Date].

3.2 Modification

• Alimony may be modified based on [Specify Conditions, e.g., significant change in circumstances, such as remarriage or increased income of either party].

4. Child Custody and Support

4.1 Custody Arrangement

• Physical Custody: [Specify who will have physical custody, e.g., "The child(ren) will reside primarily with Spouse 1."]
• Legal Custody: [Specify shared or sole legal custody arrangements.]

4.2 Visitation Schedule

• Spouse 2 will have visitation rights according to the following schedule: [Detail visitation schedule, e.g., "Every other weekend from Friday 6:00 PM to Sunday 6:00 PM, and one evening per week."]

4.3 Child Support

• Spouse 1 will pay child support to Spouse 2 in the amount of [Specify Amount] per [month], beginning on [Start Date], according to the guidelines established by [Specify State or Local Guidelines].

5. Health Insurance

5.1 Coverage

• Spouse 1 shall maintain health insurance coverage for the child(ren) and may also maintain coverage for Spouse 2 until [Specify End Date].

5.2 Medical Expenses

• Uncovered medical expenses for the child(ren) shall be divided as follows: [Detail division of medical expenses, e.g., "50% each."]

6. Tax Matters

6.1 Dependency Exemptions

• The parties agree that the dependency exemptions for the child(ren) will be claimed by [Specify which spouse] for the tax year [Specify Year] and alternately in subsequent years.

7. Dispute Resolution

7.1 Mediation

• In the event of a dispute regarding the interpretation or enforcement of this Agreement, the parties agree to seek mediation before pursuing other legal remedies.

8. Modification of Agreement

8.1 Changes

• This Agreement may be modified by mutual written consent of both parties or by a court order if necessary. All modifications must be documented and signed by both parties.

9. Miscellaneous

9.1 Full Disclosure

• Both parties acknowledge that they have made a full and fair disclosure of their financial circumstances.

9.2 Legal Advice

• Both parties acknowledge that they have had the opportunity to seek independent legal advice before signing this Agreement.

10. Signatures

By signing below, both parties acknowledge that they have read, understood, and agreed to the terms of this Separation Agreement and Property Settlement.

Spouse 1:
Signature: ___________________________
Printed Name: ________________________
Date: _______________________________

Spouse 2:
Signature: ___________________________
Printed Name: ________________________
Date: _______________________________

Notarization

[If required, have the Agreement notarized to add an extra layer of legal authenticity.]

This template provides a comprehensive structure for a Separation Agreement and Property Settlement. Customize it to fit your specific situation, and consult with a family law attorney to ensure that all necessary details are addressed and the agreement complies with applicable laws.