If you’re facing a divorce in New York, it is important to understand how to divide up assets and agree on other important issues, such as child support. A divorce settlement agreement is one way. It is a legally binding document that can help you and your partner agree on different terms of your divorce.
1. Create a clear parenting plan
If you have children of the marriage, creating a parenting plan is one of the most important steps you can take when creating a divorce settlement agreement. It will allow you to figure out how best to co-parent your children and what actions to take with regard to time-sharing and future decisions.
2. Document important details
You want to ensure that your own interests stay protected by getting all important and relevant details documented. For example, include the date of your marriage and separation and your current addresses and living arrangements. Note that you or your partner may have moved out of the family home, for instance, or that you’re living apart in the family home.
Also, if you’re not planning on keeping your ex-spouse’s last name, you’ll need to fill out the necessary paperwork and notify everyone of such changes before you get divorced.
3. Determine who is going to own what
You may have various assets as a couple; some may be joint and others may be personal. Anything that you owned as an individual before the marriage is personal, and it should remain your separate asset. The marital debts and assets, which you acquired during your marriage, are the ones you need to divide between you and your spouse. Take enough time to discuss this with your partner and try to reach a fair agreement. You may need legal advice to ensure that everything gets sorted out appropriately.
Your agreement will be presented before the court where a judge will either implement its terms or require revisions.