Sample Separation Agreement (Excerpts Only)
Below are a few sample excerpts from one of our separation agreements. We are providing these abbreviated excerpts for example purposes only.
An Abbreviated List of the Issues Addressed:
A Few Sample Agreement Excerpts:
Property & Debt Excerpt: The parties acknowledge and agree that the credit history established by them during their marriage shall be deemed to have the credit history of both parties, not withstanding ordinary practices of creditors and credit reporting agencies that may have reported such credit history in the name of one party. Both parties agree to cooperate and execute any documents as may be required to enable each other to provide to prospective creditors the full credit history of the parties during the marriage.
The parties each represent to the other that from the date of this agreement each party shall not charge or incur or cause to be incurred any liability or obligations based on the credit or name of the other. Each of the parties shall do whatever is necessary to close immediately all joint accounts.
The parties each forever waive any right to inherit from the other and the right to receive any property on the death of the other, except as a beneficiary of any life insurance policy, by reason of a will, codicil, or republication of will by the other party executed subsequent to the date of this agreement.
Marital Home Excerpt: In the event that the parties cannot promptly agree on the actual sale price or any other terms for listing or on terms of any subsequent modification of those terms or on acceptance or counter offer or any offer received, either party may apply to the court for a resolution of the dispute.
Upon the completion of any escrow for sale of the marital home, the net proceeds or losses of this sale after deduction of all expenses, taxes, liens and mortgages will be divided as follows: Husband shall receive 50% from the gains of the sale of the above mentioned real estate. Should the sale of this real estate result in a net loss, the Husband will be obligated to pay 50% of the debt accrued from the sale.
Wife shall receive 50% from the gains of the sale of the above mentioned real estate. Should the sale of this real estate result in a net loss, the Wife will be obligated to pay 50% of the debt accrued from the sale.
Income Tax Excerpt: For each calendar year after the year this agreement is made into effect, each party shall file separate federal, state and city income tax returns, in which each shall include and report all of his or her separate income and shall pay all income taxes due.
The parties each agree to notify the other promptly in the event the IRS or any state or local taxing authority provides notice of an audit, deficiency, refund, or the adjustment regarding a tax return that was jointly filed or that should have been jointly filed. The party receiving such notice from a taxing authority shall provide a copy of the notice to the other party.
Spousal Support Excerpt: The provisions of this agreement pertaining to payments of rehabilitative spousal support, maintenance, and alimony shall be subject to modification by any order or judgment of any court, and each party shall be permitted to request or apply for a modification at anytime or under any circumstances to any court.
The Wife hereby acknowledges and agrees that Husband will make payments to her as set forth on the understanding that the Husband will have the right to deduct the entire amount of payments from his federal and state income tax returns for all years in which payments are made.
The Wife agrees that all payments received by Husband shall be included as gross income by Wife in all federal and state income tax returns filed for the years that such payments are received.
Custody Excerpt: The parties agree that it is in the best interest of the children that the Wife have sole physical custody of the children, born, unborn and legally adopted of this marriage. Both parties acknowledge that the actual physical residence of the children may be changed at anytime as they mutually agree.
The parties agree that the Wife shall have control over the minor day-to-day decisions affecting the children
Child Support Excerpt: The parties agree that for as long as the child support payments are being made, the Husband will carry and maintain health, dental, and hospitalization insurance for the children's benefit, pay any required deductible amount, and pay a portion equal to his or her percentage of income of necessary medical or dental expenses of the children that are not covered by such insurance.
3StepAgreementTM is provided by Divorce Source, Inc., the owner and operator of the Divorce Source Network, the largest and most visited online divorce resource since 1997.
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