In most jurisdictions eighty (80%) of contested divorces settle prior to trial. Parties can either settle all issues relating to custody, support, marital property through attending mediation with a private mediator or through a court sponsored mediation program. The mediation process is considered to be non-adversarial however, it is important that parties have detailed information regarding their marital property in advance of mediation. The detailed information can be obtained through formal or informal discovery. If an agreement is reached during mediation, the terms of the agreement must be reduced to writing.
The marital settlement agreement should include real property and personal property. The agreement can state that the parties’ marital home be sold, and the equity from the sale be divided between the parties. In the alternative, the parties can agree to a buyout by one of the parties.
The marital settlement agreement should also include information relating to the division of pensions and retirement benefits, bank accounts, and brokerage accounts.
The settlement agreement should also include information about the parties’ automobiles, household furnishings. Most settlement agreements provide details about which party is responsible for outstanding credit card balances, and other outstanding debts incurred during the marriage.
The child custody component of mediation should include whether the parties will share joint legal custody and whether one of the parties will have tiebreaking authority with respect to issues involving the child. The physical custody and access during the school year, summer, and holidays should also be included in the settlement agreement.
It is very important to ensure that all issues are addressed in the settlement agreement. The language of the agreement should ensure that if either party violates the terms of the agreement, an enforcement action may be filed in the court having jurisdiction over the case.
There are many resources online that give guidance in drafting marital settlement agreement however, the suggested approach to resolving issues through settlement is to have legal representation.
If you are in need of an attorney to guide you through the process of settling your case, the Law Office of Lynndolyn Mitchell is exceptionally qualified to represent you.
