Divorce Settlement Or Divorce Contract
Alimony And Child Support
A divorce contract or divorce settlement agreement is a written document that has different names depending on the country or location.
However, whatever name it is called doesn’t really matter. The aim of a divorce contract is to memorialize any agreement that has been reached between the divorcing spouses.
Divorce is never a simple process to undergo, typically full of emotion, tension, and heartbreak. But with 25% to 30 percent of marriages ending in divorce every year, it is safe to say this is not as unusual as you may think, and you are not alone.
Protect Yourself With Marital Contracts
It is essential that you are careful in signing any contract for anything, and more so in a divorce. Once the contract is signed, you become bound by the terms, even if your life changes and it is difficult. Don’t expect to easily wrangle free of any signed contract.
The bottom line is that even if you are stressed, you should go in with a clear mind and a full understanding.
It is highly likely that both parties will reach a compromise on getting the portion of what they want.
There are huge costs with signing a contract and having an experienced UAE divorce attorney is crucial to look things over before you commit.
Identify And Divide Assets And Debts
With identifying and dividing assets and debts, the first thing you should acquire is the necessary legal forms from the state court or justice website.
Like any legal agreement, you need to state the names of the full parties involved in the agreement, which in this case is you and your spouse.
You will also include all the relevant details about the marriage, which include the date of the marriage, date of separation, names, and ages of the children of the marriage.
Properly Identify All Sort Of Assets And Debts
Next is to confirm that the terms of the agreement contained in the document have been accepted by both you and your spouse. This acceptance makes the contract legally binding. Next is to properly identify the assets and debts. Some will be joint and others personal or separate.
Generally speaking, things that were owned by a spouse before marriage remains theirs, while whatever is acquired during the marriage with marital funds is the marital property even if the item was used by one spouse. Only marital assets and debts can be divided.
The next is to discuss any agreement you’ll have when it comes to your children. You’ll have to decide who gets sole custody, split custody, or if shared custody is the best for you. The traditional choice often is sole custody, but many divorced are choosing arrangements where the kids leave with both parents.
Lastly, you’ll need to trash out child support and spousal support. Although a child’s right to receive support cannot be signed away, your own right to receive spousal support can be waived.
5 Things To Make Sure Are Included In Your Divorce Settlement
1. A Detailed Parenting-Time Schedule
Many times clients in a divorce contract or agreement want an elaborate parenting-time plan as this will help to prevent parenting-time disputes.
2. Specifics About Support
In many cases, alimony and child support are exchanged by the parties. It is essential for these provisions to be outlined in the divorce contract. This ensures everyone is aware of what their obligations are.
3. Life Insurance
If you or your spouse will be responsible for paying child support or alimony.
ensure that this includes a provision in your divorce contract that mandates the spouse that is paying life insurance support maintains an amount enough to secure his or her obligation.
4. Retirement Accounts And How They Will Be Divided
Ensure you list all of the retirement assets parties own. Make clear in detail how the assets are to be divided and to who a particular asset goes.
5. A Plan For The Sale Of The House
In a divorce, the home may be sold, or it may be that one party has since moved out. Whatever the case may be, the sale of the home should be detailed so the whole process can move smoothly.
Why You Need An Experienced Divorce Attorney In UAE To Prepare A Divorce Contract
Family Law in the UAE is more than just getting a marriage certificate from the court. It also includes divorce procedures, child custody, and more. This is why it is very important that you hire the right attorney who is experienced in family law.
it is highly recommended to hire an experienced lawyer to prepare the document. However, if your spouse’s attorney has already prepared it, you still have to hire an attorney.
Some phrases like “exclusive possession,” and “sole legal custody,” mean very important things. Only a lawyer can be able to fully understand these terms and their implication in the proposed agreement. They’ll make sure nothing slips so that you don’t end up losing important rights.
