New Jersey Property Settlement Agreement
A property settlement agreement, also known as a marital settlement agreement, is the final agreement between two ex-spouses pertaining to all issues regarding their divorce. Not only does this contract determine the distribution of property and assets, but it includes rules about child custody, parenting time, child support, and alimony.
A good property settlement agreement should encompass everything and carefully detail the rights and responsibilities of each party and creating a comprehensive contract should be a couple’s main goal during divorce proceedings. It may be crucial to have the help of an experienced attorney while you undergo the process of finalizing your New Jersey property settlement agreement, so you can ensure that all of the relevant issues have been addressed before you start your post-divorce life.
Settling Pre-existing Properties and Debts
The distribution of assets and liabilities is a central component of a New Jersey property division settlement. It addresses shared assets, marital and pre-marital debts, loans, and tax implications and who should bear them. It also takes into account what the equitable distribution of the property should be and should address all outstanding issues.
A New Jersey lawyer could explain any questions an individual may have about how property distribution is determined in this settlement contract. Before finalizing a settlement agreement, it can also be beneficial to consult with an accountant to discuss the tax implications and other financial issues to be able to minimize them.
A Post-Divorce Manual
For the property settlement agreement to be enforceable, it needs to be submitted to the court along with the judgment of divorce. This document is important because it will essentially serve as a post-divorce manual. Whenever there is a question about an expense, an investment, or a piece of property, the ex-spouses will consult the agreement, as it is constructed to provide guidance on numerous scenarios.
Because this document will likely be revisited many times in the years after a divorce, it is critical that all relevant information is included. The more detail, the better chance that there will be no post-judgment litigation, which can be expensive and emotionally overwhelming.
Consideration of Likely Outcomes
A skilled lawyer in the area could help the two parties in a divorce come up with the most valuable document possible by going beyond current issues at the time of the settlement. They could contemplate potential problems that may arise down the road and address them in the document to avoid future conflicts.
Planning for future concerns or conflicts is one of the most important elements of a good property settlement agreement. A qualified legal professional could take potential issues into account during the drafting process and analyze likely outcomes based on their own experience in this field and the two parties’ specific circumstances. A New Jersey lawyer cannot guarantee a certain outcome in the future, but there is language that can be put into a marital settlement agreement to protect the parties in the event of a dispute later on.
Let a New Jersey Attorney Draft Your Comprehensive Property Settlement Agreement
In New Jersey, a property settlement agreement is one of the most important parts of the divorce process. The clearer and more detailed it is, the less of a risk of more litigation after the divorce is finalized. Enlisting a knowledgeable attorney to draft this agreement could prevent unnecessary conflicts in the long run. Call today to schedule a consultation and learn more from a member of our compassionate legal team.