A property settlement agreement ("marital separation
agreement") is a written contract between the parties
listing and dividing the marital property and financial
obligations. A marital settlement agreement spells out the
terms of the divorce
and the relationship between the two spouses after the
divorce, often addressing property and debt division, custody,
child
support and spousal
support in Orange County.
Once you begin divorce proceedings this agreement becomes
part of the divorce proceedings and if it is incorporated
into the final divorce then it becomes a court order can be
enforceable. If it is not incorporated into the divorce
proceedings then it can be just a contract or agreement
between your spouse and you.
Although not required, filing a marital settlement agreement
has many advantages. First, because it lays out all of the
agreements in writing, there are no ambiguities. Second, the
spouses may not have to go to court because the judge will
most likely honor the written agreement if written correctly
and covers all material aspects of the divorce. Third, it
shows the court that the issues were thought out, and the
case will move more quickly through the system. If you have
a property settlement agreement in Orange County, California in advance of
the proceedings it will make an uncontested divorce much
simpler and less complicated to obtain.
Once a property settlement agreement is finalized it will
bind both parties to the terms of the agreement unless one
or both parties request that it be amended. Both parties
must agree in order to effect any changes, or this can be
done in court by a judge. Unless the court feels that the
agreement is unfair or obtained through fraudulent means, it
will usually uphold the property settlement agreement
negotiated between the parties.
It is important to note that in California all property
acquired during a marriage is considered to be marital or community
property and all property owned before the marriage is
considered to be non-marital
property. All property, real or personal, in Orange
County or out of
California, that either you or your spouse acquired through
labor or skill during the marriage is community property.
This may include pension and profit-sharing benefits, stock
options, and other retirement benefits. Each spouse owns
one-half of all community property.
Debts are also considered community or marital property and
may include credit card bills, even if the card is in one
person’s name only. Student loans are an exception and are
considered separate property debts. If you and your spouse
cannot agree on the division of property and debts a judge
will review your circumstances and issue an order making the
decision for you.
Separate property is property acquired before your marriage
and may include rents or profits received from these items;
property received after the date of your separation with
your separate earnings; inheritances that were received
either before or during marriage; and gifts to you alone,
not you and your spouse. Debts incurred before your marriage
or after your separation are considered your separate
property debts.
Marital agreements, including property separation, can be
very complicated, particularly with marriages that are being
dissolved after many years. You need a lawyer experienced
with California divorce law to protect your interests in
negotiating a property settlement.
If you have any questions about property settlements in the
state of California, please contact our
Orange County Attorneys today.
Contact us online or call us at
714-835-4444.
Related Information
Pre-marital
Agreements (Pre-nuptial)
Post-marital
Agreements (Post-nuptial)
Community
Property in California
Separate
Property Rights
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