To write it, a couple needs all the financial information they would need if they were going to a financial planner to do estate planning for retirement.

The journey from the decision to divorce, punctuated by a date of separation, to a marital settlement agreement, which will approved by a court and is a necessary step in divorce, may be turbulent and troubled, enervating and exhausting.

As a general rule, couples who are separated find it easier to reach agreement when both have accepted that the marriage is ending. A spouse clinging to the debris of hope probably is not in a position emotionally to negotiate a marital settlement agreement and may resist negotiating in the mistaken hope of reconciliation.

Property settlements are generally permanent, and spouses, who during happier times thought "we," must now think "I." Even when the marriage is ending after long and unhappy times, this is not as easy as it seems. In hammering out an accord, spouses must think long-term and short-term. For example, when Rufus offers Rhonda their two-seat Mercedes convertible she may be very tempted to take it in lieu of their ownership of a mutual fund. The offer of the car has its short-term attraction, but the chances are the mutual fund is a better long-term bet. The car is not liquid and depreciates; the mutual fund is liquid and appreciates. Decisions like these, however, must be made and put in writing and they must be made when two people making them are not always their own best judge of their own best interests.

That said, whatever the spouses can agree to on their own, acting as their own negotiators, is less item on the agenda of unfinished business, and that means more money to divide between the two of them and for their children.

Sometimes couples sketch out a rough draft of an agreement and then pass it back and forth between respective lawyers. Sometimes a third-party can help, but in no case can one lawyer represent the interests of both them in the writing of the agreement.

See Agreement.

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1. Records Needed to Divide a Marital Estate
   A marital settlement divides the marital estate. Here in an incomplete list of records needed to divide the estate. On the asset side, checking and savings accounts, mutual funds and money market accounts; real estate records; retirement plans, including pensions and profit sharing; accrued vacation time, medical savings accounts, cars and other vehicles; valuable personal property, life insurance and season tickets. On the debt side, records of credit cards, vehicle loans, mortgages and home equity loans, promissory notes, student loans and other debt.
   Contributed on 7/9/2007 by: DivorceDex.com Staff

   Category: Agreements  (Applicable in All States)

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