What Is a Divorce Settlement Agreement?
A divorce settlement agreement is the written plan you and your spouse create to divide your assets and liabilities, handle parenting decisions, and settle support. It helps you avoid court, reduce stress, and make choices that work for your family.
A Contract That Covers Everything
A divorce settlement agreement is a written contract that allows you and your spouse to decide how you want to end your marriage. This includes dividing your assets and debts, addressing parenting arrangements, and deciding whether alimony or child support will be paid.
You do not need to fight it out in court. Most couples in Florida resolve everything through this type of agreement. If you have children, the agreement will address both time sharing, parental responsibility and child support.
How Parenting Is Addressed
Time sharing refers to when your children will be with each parent. In Florida, this is measured by overnights. The agreement also explains how major decisions such as schooling, medical care, and extracurricular activities will be handled. These are called parental responsibilities, and they can be shared or assigned to one parent.
Child support must also be included. In Florida, support is calculated based on a formula that considers each parent’s net income, the number of overnights they have the children, and the cost of health insurance. However, there is some flexibility if both parents agree. While judges have to approve the final agreement, most judges will sign off on the child support as long as the number seems reasonable.
Dividing Assets and Debts
You will also need to identify and divide your marital property. Marital property typically includes anything earned or acquired during your marriage, even gifts you gave to each other. These items are placed into a shared pool and are usually divided equally. While there are some items that may make more sense for one spouse to keep than the other, typically the total value of the assets and liabilities is equally divided with the couple deciding how to divide them.
Liabilities such as credit card balances or mortgages also need to be split. Most couples find a way to do this without going to court.
Alimony and Professional Fees
Your agreement can also include alimony or spousal support. While Florida has alimony guidelines, you and your spouse can agree to whatever you both believe is fair. The same goes for how professional fees such as legal or appraisal costs will be paid.
How the Agreement Gets Written
In most cases, an attorney drafts the settlement agreement. If you are working with attorneys in a Collaborative Divorce case, one lawyer may prepare the first draft and the other will review it. Both of you will give input, and the document may be shared with professionals on the team such as a mental health professional, or a neutral financial professional to get their input.
If you are in Mediation, the mediator may help prepare the written agreement. Florida even offers free marital settlement agreement forms through The Florida Bar or Florida Supreme Court websites. You can adapt these to your own situation without paying a third-party company.
Getting It Finalized
Once you have both signed the agreement, it is submitted to a judge for approval. After that, the terms become legally binding. Until then, it is just a private contract.
Contact the Law Offices of Robert J. Merlin
When you and your spouse work together to create a fair divorce settlement, you save time, money, and stress. You also avoid letting a stranger decide your future. If you are ready to explore this approach, the Law Offices of Robert J. Merlin can help you take the first step toward a better outcome. Contact Robert J. Merlin at (305) 448-1555 to schedule a consultation and learn more about how we can support your goals with respect and cooperation.
The Law Offices of Robert J. Merlin, P.A. are located at 250 Catalonia Avenue, Suite 706, Coral Gables, FL 33134.
Bob Merlin is a Florida Bar Board Certified Family Law Specialist, he practices in the areas of divorce, time-sharing of children and parenting plans, child support, alimony, paternity, pre-nuptial and post-nuptial agreements, and cohabitation/partnership agreements.
As an experienced Collaborative attorney, Bob continually hones his skills in the Collaborative Process and trains other professionals how to become a Collaborative professional as he is.
“My goal is to help divorcing and other family law clients make well-informed decisions so they experience a more efficient process and feel more in control over their futures.”
