Property Settlement Lawyer

In a vast majority of divorce cases, the parties are able to reach a settlement. Their property settlement agreement will include issues such as:  division of the property and debts of the marriage, child custody, child support, spousal support and attorney fees.

Full and Complete Disclosure

Full and complete disclosure of the assets and debts of the marriage is necessary before the parties can enter into a binding property settlement.  In some cases, both parties are completely knowledgeable about all of the family’s finances.  In many cases, however, one party does not have complete information about the family’s finances.  For that reason, that person’s property settlement lawyer will need to investigate, using the discovery process as provided by the court’s rules.  The court requires the parties to complete a financial form(s) providing important information about assets and debts as well as income and expenses.  These forms are signed under oath so they can be relied upon as trustworthy.

Property Settlement Agreement

When parties to a divorce reach a settlement, the property settlement lawyer prepare a property settlement agreement detailing the specifics about how each asset is divided, who will be responsible for payment of marital debts, child custody, child support, spousal support, and how the costs of the divorce will be paid.  The property settlement agreement, after it is signed, is presented to the court.  The judge reviews the terms of the settlement agreement and determines whether the agreement is fair and if it should be approved by the court.  If the court approves the property settlement agreement, the court enters a Judgment and Decree, which is a court order requiring the parties to honor the terms of their agreement. 

Property Settlement Agreements Often Represent a Cost Savings

In most cases, settling your case and entering into a settlement agreement, saves the parties money.  The preparation for a contested trial, as well as the trial itself, is expensive for both parties.  When considering a settlement agreement, parties should factor in the cost of litigation.

 

The Levy Craig family law team makes client satisfaction, good communication and strong, effective advocacy a top priority. To schedule a property settlement lawyer consultation, please call Janet Woolsey at 816.454.7474.