May 2004
 
Marital Settlement Agreement

The following is a list of things to consider and/or include when preparing a marital settlement agreement or attempting to reach a comprehensive agreement. This is only a list of potential issues to address.

I. Facts to include

1. Identity of the parties and minor children.

2. Statistical facts of the marriage.

3. Dissolution proceeding filed.

4. Each parties employment, or background,skills, etc.

5. Each party's current earnings.

6. Each party's age.

7. Health of each party.

8. Finality of agreement, or remaining issues to be resolved.

 

II. General provisions

1. Effect of reconciliation.

2. Judicial action: "approval" vs. "merger".

3. Effect of invalidity.

4. Applicable law.

5. Mutual release.

6. Entry of final judgment.

7. Modification, revocation or termination of agreement.

8. Costs of enforcement or waiver.

9. Execution of instruments.

10. Execution of formalities such as recording, use of a notary, etc.

11. Effective date of the agreement.

12. Independent legal counsel, or acknowledgement of voluntary and knowing refusal to obtain independent legal advice.

13. Persons bound.

14. Identity of the parties.

15. Counsel.

 

III. Property

1. Identity, value and disposition of community and quasi- community property.

2. Identity, value and disposition of non-community property joint tenancy and tenancy in common interests.

3. Confirmation of each spouse's separate property interests.

4. Declarations of disclosure including current income and expense declarations (Family Code Section 2100 et seq.).

5. REA waivers (waiver of survivorship benefit rights in other spouse's ERISA pension).

6. Waiver of rights in deceased spouse's estate.

7. Sale of property and deferred sales (family home award).

8. Warranty: disclosure of property.

9. Warranty: value of property.

10. After discovered property.

11. Disposition of furnishings and personal effects.

12. Allocation of debt responsibility and "hold harmless clauses".

 

IV. Reimbursements

1. Contributions to education and training.

2. Separate property contributions to the acquisition of community property.

3. Payment on debts.

4. Property improvement payments.

 

V. Custody and visitation

1. Sole custody (legal and/or physical).

2. Joint custody (legal and/or physical).

3. Other custody arrangement: shared custody, split custody.

4. Reasonable visitation; or defined visitation.

5. Removal of child from jurisdiction.

6. Child's surname.

 

VI. Child support

1. State guideline requirements for child support.

2. Spouses' recognition of statewide guideline limitations where agreement is for less than the guideline amount.

3. Deferred sale of home award as a component of child support.

4. Payment schedules: weekly, monthly, or other times, and when payments shall commence.

5. Duration of child support payments and time of adulthood.

6. Agreements to support adult children.

7. Special support considerations including healthcare insurance, medical and dental payments, special educations needs, etc.

8. Any rights to claim dependency exemption and waivers of exemption by custodial parent.

 

VII. Spousal support

1. Amount of support.

2. Payment schedules: weekly, monthly, or other times, and when payments shall commence.

3. Combined spousal and child support option known as Family Support.

4. Payment of debts as payment of support.

5. Exclusive use of the family home as alternative to payment of support.

6. Satisfaction of state and federal tax requirements for deductibility to payor.

7. Modifiability of spousal support.

8. Duration of support and reservation of jurisdiction.

9. Waiver of spousal support.

10. Pendente late support.

 

VIII. Fees and costs

1. Attorney fees and costs of litigation for each party.

2. Experts' fees.

 

IX. Tax provisions

1. Tax returns: separate or joint returns during the separation period.

2. Tax refunds and dependencies, and indemnification provisions.

3. Allocation of dependency exemption.

4. Designation of spousal support as non-includible, nondeductible for federal tax purpose.

 

 

 

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