What should be included in a divorce settlement agreement?

What should be included in a divorce settlement agreement?

A divorce settlement agreement is a legally-binding document* in which you and your spouse agree on the terms of your divorce and can cover a full range of topics, including child support, spousal support, division of property, custody and visitation rights, and any other issues that are relevant to your situation.

Is a house considered marital property?

For example, if you and your spouse bought a house together and continually paid a joint mortgage, the house would be considered to be marital property. Likewise, any debts accrued together are considered joint property debts.

Are bonuses included in spousal support?

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Generally, the court will consider any regularly occurring bonuses as income, subject to the child support guidelines just as wage earnings are. Similarly, for spousal support or property division purposes, regularly occurring bonuses, especially when they are substantial, may be included in the calculation.

How are bonuses handled in divorce?

A bonus earned during the marriage is marital property even if it is not received until after the marriage is over, so long as an enforceable (if contingent) legal right to receive the bonus existed on the date of separation. Of course, a bonus earned entirely after the date of classification is separate property.