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Asked by Last Updated:

What is a divorce settlement agreement?


What is a divorce settlement agreement?

2 Answers

JamesN Answered:

Both parties work out who will be responsible for what, how the assets and debts will be divided and how the children will be taken care of. It can be a highly emotional subject and it may help to do it through lawyers though it is more costly. Once it has all been worked out it will go to court.

MCNEIL5 Answered:

In a divorce settlement, the partners workout the parameters of the divorce – assets, debts, child custody, etc. – and present the settlement to the family court for review and approval. Divorce settlements mitigate the possibility of a long, litigious divorce proceeding marked by financial duress, long trials and uncertain outcomes. If at all possible, you and your estranged partner should craft a divorce settlement in lieu of a full blown litigation.

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