What to Know about Financial Agreements During Divorce

Posted on: 28 May 2019

When you begin your divorce process, you will notice that your family lawyer mentions financial agreements. You may be wondering what these agreements are, the coverage under these agreements and how these family law agreements hold up over time for both you and your future ex-spouse. Here are a few things to know about these agreements before you enter into them.

Property Ownership

One of the leading ways that couples use financial agreements during a divorce is to determine and mark property ownership. This can include property, cars, vacation homes and other owned property that may be under both your and your future ex-spouse's name. Your family lawyer will discuss the different property items with you and determine which items you want to be marked as yours. Once this is agreed upon, the financial agreement will be made and will financially and legally bind you to the property. Keep in mind, prenuptial agreements covering property will be met. If there is any property that falls outside of previous agreements, like prenuptial agreements, they will fall under the property ownership financial agreements. 

Division of Outstanding Debts

Most couples, when they meet with family lawyers, will have some form of outstanding debts. These can be credit cards, vehicles with outstanding payments and other joint debts that were made during the marriage. With that in mind, you will need to decide who is responsible for those outstanding debts and divide them properly. Your family lawyer can help with this and help you determine if a simple financial agreement covering these items is suitable or if special documents need to be filed.

Child Maintenance Agreement

Child maintenance is something that can be confusing, especially if you already are discussing child custody and child support. Child maintenance does not have to be about just child support. It can also include things like new clothing, over-the-counter medications, school pictures, supplies and related items. You can decide with your family lawyer that these items will need to be taken care of under a financial agreement. This would be in addition to the child-support -payment ruling.

When you are ready to fully discuss financial agreements with a lawyer and your future ex-spouse, consider scheduling a time that works for everyone. You can move forward and have a family lawyer help determine which agreements are best for your needs. They can then move forward helping you arrange and file these agreements so that they are legally binding.


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