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The ideal situation is the couple lived happily ever after. The harsh reality is divorce in more than fifty percent of the cases. And when the divorce happens, upsetting as the situation is, decisions need to be taken regarding the property of the two spouses. That is when a property settlement agreement is required. And that is where Property Settlement Agreement Templates come into play. Such agreements determine the division of all the assets and property between the two spouses in the case of separation.
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7 Steps to Make a Property Settlement Agreement
Step 1: Talk to Your Spouse
The first thing to do before you consider making a property settlement agreement is to talk to your spouse. A property settlement agreement is made between the two spouses. Hence, it is mandatory that your spouse knows about this and also agrees to it. Then proceed to make decisions about what you want and what your spouse wants. Since this is a very sensitive issue, you need to find a quiet place to talk about it to have a proper discussion.
Step 2: Identify the Assets
The next step before making the agreement is to identify the property and assets of both the spouses. To reach an agreement, the assets would require to be equally divided between the two of you. To do that, you first need to determine what you both own jointly and what property is owned separately by each of you. In common practice, the asset that is acquired during the marriage is owned by the person who bought it. For a wider selection of property agreement templates, check out more options here.
Step 3: Calculate the Debts
There are several debts in a marriage. The debts that the spouses jointly owe and owe separately is generally determined by the state law. This follows the same pattern as the owning of property and assets. For instance, the debt that was acquired during the marriage belongs to both the spouses. However, this debt is shared by the spouses only if the debt was of any benefit to the marriage such as buying food.
Step 4: Use MS Word
Once you have the required elements, you can go ahead with making the contract. There are several tools that you can use to make this agreement such as Google Docs, Word, Pages, Publisher, etc. The most suitable tool, however, in MS Word. This is because Word is the easiest and most user-friendly when it comes to making any kind of agreements or contracts. Make a new document on the application and use the generic fonts such as Arial or Calibri to type in the text.
Step 5: Specify the Marriage Details
Start with the details of your marriage when making the property settlement agreement. The beginning should include your introduction along with your spouse’s. Write down details such as your names, ages, addresses, occupations, and titles, if any. This needs to be followed by the date of your wedding and the date of your separation. Mention here that both spouses understand and agree to make the agreement.
Step 6: Specify the Transfer of Assets
The most important part of the agreement is to determine the transfer of the assets. Before this mention the fact that both the spouses have made full disclosure of their assets and property. Also, mention that if anyone has hidden something, he or she will face the resulting consequences. After this, you need to make a list of the property that one spouse will transfer to the other. And do this for both the spouses separately. This should also include the list of the debts that will be transferred between the two spouses. Find more property management agreement templates by visiting this link.
Step 7: Determine the Future of the Home
The last step of the agreement is to determine the future of the home. If you have children together then you need to first determine which one of you will be staying at home to look after them. The conditions that the person will have to meet also need to be mentioned. This section should also explain what will happen to the home after your children have become emancipated. For instance, both of you may agree to sell the house and divide the credit equally. Explore a variety of property sale agreement templates here.
4+ Property Settlement Agreement Templates
1. Property Settlement Agreement Template
A property settlement agreement is drafted when a married couple decided to get separated due to certain reasons. If you want to make a proper such agreement then you need to download this agreement template in Word. This template has been created especially to help you make agreements for the settlement of your property. The template is very simple and easy to use.
2. Simple Property Settlement Agreement
courts.ca.govA property agreement should be made in such a way that it is easy for both the spouses to understand and interpret. That is why we are offering you this professional agreement template. This template contains a sample property settlement agreement that you can use to make one for you and your spouse’s needs. The template can be downloaded in PDF format.
3. Property Settlement Agreement in PDF
nh.govAccording to statistics, no matter how harsh it is, most marriages end in separation or divorce. That is why you need to have a property settlement agreement form in place to determine what is to be done with your assets. We can help you make this agreement for your needs. This basic agreement template has been built solely to help you make property settlement agreements.
4. Marital Property Settlement Agreement
alrp.orgIn reality, most marriages don’t have all the required ingredients which sometimes results in the ultimate failure of the union. If such a case is with your marriage too, then you need to make a property settlement agreement. And to help you with that task, we are providing you with this marital property settlement agreement template. The template is fully editable and downloadable.
5. Property Settlement Agreement in DOC
adr.govPrevention is always better than cure. Which is why you should make and sign a property settlement agreement just in case the marriage falls apart. And you can make the contract with the help of this free agreement template. The template features a sample property settlement agreement with original headings and content written by professional writers.
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