How to Write a Property Settlement Agreement
Property settlement agreement determines the division of assets & property between 2 spouses in case of separation. So, when a divorce happens, the division of assets & property will not be confusing. So, every married couple needs to be able to make its template rightly. We will discuss it further here.
Step by Step to Create a Property Settlement Agreement
Writing a property settlement agreement template requires you to follow some steps. So, the agreement template will be right and legal. In fact, different types of agreement may have different formats. That is why you have to pay attention to the following guidelines.
Before you decide to make it, you will have to talk to your spouse first. As we know, this agreement is created between 2 spouses. So, it is a must that your spouse knows and agrees it. After that, you can proceed to make a decision about what you & your spouse wants through a proper discussion.
After you and your spouse agree to make this agreement, you can start writing it. The first thing that you should write is the identification of the assets. To reach a good agreement, make sure that the assets should be divided equally. However, there may be assets that should be owed jointly, too.
Then, it is also important to calculate debts. In a marriage, there may be some debts. You also have to decide which debts that should be owed jointly and which ones that should be owed separately. Usually, the debts that are shared by the spouse are the debts that give benefits to marriage like buying foods.
In writing a property settlement agreement form, you can use certain tool. For example, you can use Ms. Word. Alternatively, it is also possible to use Google Docs. Other alternatives of tool that you can use are such as Publisher, Pages, etc. However, Ms. Word still becomes the best option.
Next, what you need to do is to specify the details of marriage. You should begin with introduction. In this section, you will have to state the names, addresses, ages, titles, and occupations of you both. Then, you can continue with the date of wedding & separation.
The next step you should do is to specify the transfer of asset. Before you do it, make sure that both spouses have made full disclosure of their property & assets. Do not forget to state that if someone hides something, she or he will face the consequences.
Lastly, you have to determine the future of your home. If you have kids who live together with you both, you should determine which one who will stay there to look after your children. Sometimes, both spouses may agree to sell your house & divide the credit equally.
There are many samples of property settlement agreement that you can find on internet easily. A divorce can happen to every married spouse. Therefore, every married spouse must learn how to create the template of this agreement.
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