About Divorce Settlements

Divorce settlements can be an important part of the divorce process. If you can come to an agreement with your spouse, you can save yourself quite a bit on legal fees. Settlements can be filed at any point in the process of the divorce. Often, settlement agreements are drafted prior to the parties' filing and incorporated into the petition for dissolution.

Significance

Divorce settlements, if they can be reached, benefit all involved, especially the minor children. While the courts try to do what is in the best interest of the minor children, they do end up getting the short end of the stick if the father gets limited visitation and a mother who will not give one minute of extra time. In settlements, the parties can determine anything up to 50 percent time spent with each parent. Also, parents can make their own schedule--working around their work schedules in a more convenient way for the parents and children. Oftentimes, court officials try to look at equitable distribution. If the parties can equitably distribute their assets and liabilities, they have more leniency to choose which assets and liabilities each will take.

Function

While a petition for dissolution of marriage must still be filed, a settlement agreement makes the entire process much shorter. If an agreement can be made prior to filing, the settlement agreement can be part of a petition. The respondent will be able to file an answer at the same time that the petitioner files the petition, thereby knocking off time for service and the mandated time for the response. Once all of the paperwork is filed, the parties can apply for an uncontested final hearing and become divorced in as early as 20 days.

Types

Settlement agreements do not have to be complete. If the parties can agree on three out of five issues, they may draw up a partial settlement agreement, only litigating the issues that they are not able to agree on. Even though the parties will still need to litigate the other issues, they are still saving money by not litigating all of the issues.

Identification

Settlement agreements must have the notarized signature of both parties. Most will have the case heading on top, and is usually labeled "Settlement Agreement." In addition to being notarized, the signatures must also be accompanied by one or two witness signatures, depending on state and local rules.

Size

Settlement agreements may be anywhere from just a few pages long to as many pages as it takes to spell out the parties' agreement. If there are children involved, it can get quite lengthy, as visitation and custody arrangements are outlined in settlement agreements. Though assets and values are generally not published in a settlement agreement, the particulars may be listed. For example, the wife shall have sole and exclusive use of the marital home and she shall also be responsible for the mortgage, taxes, insurance and repairs.