Divorce Settlement Agreement Review: Tips and Legal Support
A divorce settlement agreement is a legally binding contract that specifies key terms the couple have agreed on now that they’re no longer married, such as how to divide their property and debts, and manage child maintenance obligations.
Since a divorce settlement agreement can have lasting consequences, you want to ensure you’re happy with all the terms it outlines from the start. That’s why reviewing the contract is essential.
Read the rest of this article to explore divorce settlement agreements, what key terms they contain, how to review them, and why you should consult a professional lawyer for a thorough review.
What’s Included in a Divorce Settlement Agreement?
While a divorce settlement agreement can be customized to reflect the couple’s needs and situation, it usually contains common key terms, such as the following:
- Parental duties. This specifies custody care and visitation schedules that are aligned with the child’s best interests.
- Child maintenance. Financial contributions for child maintenance must be detailed to prevent any misunderstandings. What the funds will be used for must also be specified, such as school fees or daily expenses.
- Asset divisions. How assets such as properties, vehicles, and furniture will be distributed between parties must be clarified.
- Division of liabilities. The party who is responsible for paying specific debts, such as credit card debt, will be defined.
- Spousal maintenance. Depending on the situation of the couple, this section outlines if one party will pay the other support, such as in periodic payments.
Why is Reviewing a Divorce Settlement Agreement Important?
Without reviewing your divorce settlement agreement, you could put yourself at major risk, whether legally or financially. Here are some reasons why you should closely review your divorce settlement agreement.
- Breach of contract risk. If you violate any terms in the agreement, even accidentally, this could have legal consequences such as salary garnishment or court action.
- Protecting your interests. It could happen that one party is left better off financially than the other. This is why it’s a must to check that all assets and liabilities are listed correctly and one party isn’t concealing theirs.
- Protecting the child’s welfare. A poorly-drafted divorce settlement agreement might not focus on what’s best for the child, such as not providing sufficient maintenance.
- Negotiating for better terms. A thorough review of the contract lets you identify any issues with it, providing you with the chance to negotiate with the other party prior to signing.
- Revising the contract can be challenging. Once signed, a divorce settlement agreement can be difficult to change.
What are Key Provisions to Review in a Divorce Settlement Agreement?
To help you thoroughly review your divorce settlement agreement, there are some important things to look for.
Evaluate the Proposed Asset Division
You’ll benefit from working with a financial expert to check that all the assets are being fairly allocated and divided, and that no assets have been ignored or left out.
Think About Your Financial Future
One of the most important things to consider when reviewing a divorce agreement settlement is your long-term financial wellbeing. Think about if the terms proposed in the contract will enable you to maintain your standard of living and include the need for additional financial support, such as health insurance.
Make sure you’re getting a good deal and not compromising on something important for your future.
Check Parenting Arrangements
All custody and visitation provisions should be in the best interest of the child. Review the visitation schedules and who will be responsible for various decisions affecting the child. It’s also worth thinking in terms of future scenarios, such as making provisions for what happens if one party chooses to relocate, so you cover your bases.
Understand the Tax Consequences
Divorce settlement agreements can affect your taxes, so consult a tax professional to understand all the finer details. You want clarity on how the agreement will affect your tax liabilities and duties moving forward.
Look for Clarity
Divorce settlement agreements must be professionally drafted and clear so that there are no misunderstandings. Any vague or confusing terms must be flagged and changed so that you prevent future disputes.
How Can a Lawyer Help with a Divorce Settlement Agreement Review?
It’s sometimes not enough to read through the divorce settlement agreement before signing. You could miss specific details that put you at risk, which is why it’s a good move to seek legal guidance from a professional lawyer.
A lawyer will be able to do the following during a divorce settlement agreement review:
- Flagging any unfair or unclear terms that put you at a disadvantage.
- Unpacking dense or legal jargon that can make details challenging to understand.
- Explaining your rights and obligations so that nothing is uncertain prior to signing the agreement.
- Checking that the contract meets all relevant laws and court requirements in your location.
- Preventing disputes in future by clarifying any vague terms.
- Reviewing spousal maintenance and child support so that they’re legal and enforceable.
- Negotiating any terms that require revision.
- Checking and confirming that both parties have disclosed all assets, which minimizes your risk of future challenges or disputes.
- Guiding you on long-term duties and implications so that you feel confident to go ahead with the agreement.
Where to Find a Lawyer for a Divorce Settlement Agreement Review
To ensure that your lawyer provides an in-depth, thorough review of your divorce settlement agreement, you need to hire a qualified and experienced one. You can find one on ContractsCounsel, one of the largest online legal marketplaces where you can connect with lawyers who have been vetted on the platform.
Requesting a legal review of your divorce settlement agreement is easy because you can complete the process online.
1. Go to the ContractsCounsel marketplace, and post your request for free.
2. You’ll receive multiple bids from lawyers on the platform.
3. Review the lawyers' profiles to choose the most suitable one according to data provided by the platform, such as their location, client ratings, credentials, years of experience, and field of expertise.
4. Hire a lawyer to review your agreement for clarity, transparency, and fairness.
