Divorce Settlement Assets and Liabilities Checklist

Divorce Agreement Checklist

Divorce Settlement Assets and Liabilities Checklist

Here is a divorce agreement checklist that will help you form a better, detailed agreement. It will make sure you’re addressing all the possible areas of conflict.

Divorce procedures and the paperwork that goes along with them is something everyone would want to avoid. To start with, this isn’t going to be really easy without a divorce lawyer, so try to hire one as soon as possible. You will eventually need one anyway, to represent you in court.

It is always advisable to discuss every point in detail while going through this agreement. Each divorce is different and there are different problems you need to deal with.

A few issues are listed down for you in this checklist, that will help you while forming the agreement. You can also print this checklist to make things simpler.

Refer to it, to see if you have included everything you need to regarding your assets and liabilities.

1. GENERAL INFORMATION
Name and Addresses of Both Parties
Date of Marriage
Place of Marriage
Names of Children with D.O.B
Acknowledgment of Irretrievable Separation
Date of Separation and Location of Last Joint Residence
Purpose or Intent behind Agreement
Consideration
Merger/Non-merger

2. CHILDREN

   Custody
Physical Custody: Joint or Individual?
Legal Custody: Joint or Individual?
Procedure for Making Important Decisions
Parental Access to Information: Physical, Emotional, Social and Academic
Authority to Allow Emergency Medical Treatment

   Financial Support
Amount
Payment Dates/Frequency of Payments
Payment Method
Duration of Payments
Dept. of Revenue?
Future Changes
Visitation Period Support

    Visitation Issues
Schedule for Visits
Visitation Travel Expenses
Vacations
Removal by Physical Custodian: Temporary/Permanent
Non-custodial Parent Transfer
Interference in Other Activities of Child
Prior Requirement of Notice?

    Medical and Dental Insurance
Policy Maintenance?
Insurer’s Name
Policy Number
Coverage Period?
Claim forms Availability?
Cooperation in Claim Preparation
Policy Substitution

    Coverage Issues
Orthodontic
Psychiatric Expenses
In-patient Facility Expenses
Obligation for Utilization of Facilities
Services of Counseling?
Expenses of Non-prescription Drugs
Optometrist Expenses
Laboratory Expenses
Approval: Extraordinary and Emergency Expenses

    Uninsured Medical and Dental Expenses
Who Will Pay?
Deductibles in Policy
Submission of Bills Agreement
Dispute Resolution Procedure
Elective Treatments Agreements
Emergency Procedure Agreement
Exchanging of Health Information Agreement

    Dependency Exemptions For Tax Purposes

    Higher Education and the Obtaining of Financial Aid
Education in Private School?
Nature of Education
Extent of Education
Agreement for Payment of Educational Costs
Accounting for Educational Costs Agreement
Exchange of Information Agreement
Resolving of Disputes Procedure
Agreement for Provisions of College Costs
Definition of College Expenses
In Event of Parent Death?
Educational Trust Fund?
Usage of Children’s Assets?
Upbringing Religion?

    Determination of Emancipation Events

3. MEDICAL AND DENTAL INSURANCE COVERAGE COSTS

    Is Coverage Available After the Divorce?
Policy Maintenance
Insurer’s Name
Policy Number
Coverage Duration
Forms for Claims
Preparation of Forms Co-operation
Policy Substitution
Issues of Coverage
Obligation to Inform in case of Termination
Authority to Pay Extra Costs of Premium

    Uninsured Medical and Dental Expenses
Who is Responsible and How, for these Expenses?
Submission of Bills Agreement

4. LIFE INSURANCE

    Policies
Policy Ownership
Policy and its Assignment
Right to Encumber
Beneficiaries
Face Values and Authority to Reduce the Value
Premium Payment
Compensation for Failure in Maintenance of Policies
Substitution of Policies Right
In Event of Death, Right to Establish Trust Fund?
Insured Person’s Name
Policy Possession
Insurance Existence Evidence

5. ALIMONY

Payment Structure and Terms
Support for How Long?
Date of Start of Payments
Frequency of Payments
Total Amount
Termination of Payments and Conditions
Issues of Remarriage
Disability of One Party
Increase in Cost of Living
Increase in Percentage of Living
Retirement Issues
Increase in Payee’s Income
Residence Change
Changes in Materials
Any Property Sale
Physical Custody of Child Over for Payee
Party’s Death
Late Payment Penalties
Tax Payment Allocations
Periodic Support Alternatives and Options
Payments on Assets and Liabilities
A Lump sum Payment
Real Estate Conveyance
Net Support at Minimum
Net Payment at Maximum
Remarriage Determination
Bankruptcy Obligation Discharge
Support Payments Security

6. PERSONAL PROPERTY

    Allocation and Division Of:
All Cash and Saving Accounts
Securities, Bonds, Mutual Funds and Stocks Etc.
Money Market Fund Certificates
Furniture and Other House Furnishings
Children’s Furnishings
Tools and Equipment
Art Works
Antiques and Heirlooms
Burial Plots
Retirement Benefits and Funds
I.R.

A.’s
Pensions
S.E.P.

Accounts
Profit Sharing and the Bonus rights
Options of Stocks
Pets
Deferred Compensation Rights
Civil claims Against 3rd Persons
Memberships
Automobiles
Corporate Partnerships
Interests in Sole Proprietorship
Life Insurance (cash surrender values)
Money Owed to Some 3rd Party

7. REAL PROPERTY

    The Agreement to ‘Hold’:
Possession and Other Authorities of Real Estate
Duration of Possession and Authorities
Immediate Vacation Obligation
Conveyance Restriction
In Event of Death
Agreement Against Force Sale
Agreement Against Petition to Partition
Past/Future Lien Satisfaction
Further Additional Burdens Agreement
Insurance Maintenance Agreement
Interest, Taxes and Other Estate Payments
Utility Expenses
Routine Expenses Payment Agreement
Capital Improvements Agreement
Major Repairs Agreement
Non-Compliance Provisions
Non-compliance Compensation Agreement
Spouse Inspection Right
Tenants and Visitors Restrictions
Rent and Other Proceeds Distribution

    The Agreement to ‘Sell’:
Fair Market Value Decision
Past Liens Satisfaction and Content
Standard Closing Expenses Satisfaction
Proceeds from Sale Distribution
Credit for Reduction of Mortgage’s Principal Balance
Credit for Capital Improvements
Other Party Purchase Interest Right

8. INCOME TAXES AND RETURNS

    Joint/Separate
Alimony Tax Allocation
Filing of Returns Agreement
Preparation Help
Past and Future Income Tax Refunds’ Allocation

9. OTHERS

    Miscellaneous Issues
Waiver of Interest in Other Party’s Estate
Allocation of Responsibility for Future Debts Compensation
All Rights and Obligations Satisfaction
Agreement to Issues in the Agreement Only
Jurisdiction of Court Submission
Claims Waiver to Others Estates
Financial Statements Right
Right to Consult Independent Attorney
Reading and Understanding of Agreement
No Extrinsic Inducements
No Coercion
Voluntary and Free Signing

This checklist is the same for men and women, as they are both individuals of equal standing before the court.

The assets should be taken care of properly as these might cause problems in situations where you can’t divide them.

Even though you have thought over all these issues, it is necessary that you talk to your lawyer about the whole agreement to see if you have left out any other issues and settlements that you need to sort out.

Source: https://lovebondings.com/divorce-agreement-checklist

Checklist to Prepare for Property Division

Divorce Settlement Assets and Liabilities Checklist

When it comes to dividing the property during a divorce, many states follow the “equitable distribution” rule that most states have adopted.

All the marital property is divided in a way that the court considers to be fair, which doesn’t necessarily mean equal.

In a litigated divorce, the judge will listen to arguments from both sides about why marital property should be divided in a particular way, and then issue a ruling his own interpretation of what is fair under the circumstances.

It doesn’t have to be that way. Couples choosing a mediated divorce have the power to divide the marital property any way they please. A signed agreement between the parties will be submitted to the court, and that becomes part of the final divorce orders.

There is a tradeoff here. If you want to take control over the process for ending your marriage, that means you have to work a little harder to understand what your current property interests are.

If you’re not willing to make that commitment, then you might as well just ask the judge to make the decision for you.

But if you forfeit your chance to control your own financial future, you only have yourself to blame later on if the property you’re awarded in the divorce isn’t what you wanted.

Using divorce mediation to divide marital property

Many divorcing couples find it best to use an experienced divorce mediator for the task of dividing marital property according to their wishes.

Each spouse will be responsible for helping make a list of all the family’s assets and liabilities.

By doing this voluntarily, the mediation approach will be less expensive than forcing the production of documents during a divorce lawyer’s investigation.

One way you can help the process along is by getting documents together before the first mediation session dealing with property issues. A checklist of some of the information you will want to gather is helpful. Your mediator might send you a list of the information he requires; if not, you can start here:

INCOME

  • Tax returns for each spouse for the past five years (potentially longer if income is variable)
  • Any other ready source of income not recorded (Social Security, pension benefits received, and the )

REAL ESTATE

  • Appraised value of home and property where the family currently lives
  • Appraised values of any other real property owned jointly

OTHER PHYSICAL ASSETS

  • List of motor vehicles owned and their values
  • Value of household furnishings
  • Appraised value of any artwork, coin collections, antiques, jewelry, and the

NONPHYSICAL ASSETS

  • At least three years of statements for each savings and checking account
  • Comprehensive listing of investments owned
  • List of any patents, copyrighted works, or other intellectual property and expected income

FAMILY BUSINESS

  • Profit and loss statements for at least the last five years for a family business that is owned jointly between the spouses

BENEFITS

  • Life insurance premium costs and value
  • Health insurance premium costs and values
  • Retirement account, pension, or 401(k) values

EXPENSES

  • Cost of mortgage, utilities, and taxes on the family home and any other real estate
  • Costs of car insurance, maintenance expenses, car payment or rental fees, and other vehicle expenses
  • Payment schedule from bankruptcy
  • Current expenses for child care or schooling

DEBTS AND OTHER LIABILITIES

  • Personal loans
  • Consumer debt (include credit card debts)
  • Education loans

Don’t go into divorce mediation unprepared

Divorce Done Right provides or arranges for mediation services for clients nationwide, and we are often able to make referrals for people in other jurisdictions. We are proud that clients are often very highly satisfied by our divorce mediation assistance.

Everyone must prepare for divorce by having realistic goals.

You are probably not going to get everything you want, but a mediated divorce from Divorce Done Right should mean significant cost savings and less drama than a no-holds-barred litigated divorce.

Call us today at (866) 337-4448 if you have any questions or if you’re ready to schedule a consultation about how our services can help you.

Source: https://divorcedoneright.com/divorce-mediation/checklist-prepare-property-division/