DIVORCE AGREEMENT

I. Introduction

This Divorce Settlement Agreement ("Agreement") is entered into on [date], by and between [Party A], residing at [address], and [Party B], residing at [address], collectively referred to as "Parties."

II. Divorce Proceedings

The Parties have decided to dissolve their marriage and hereby agree to settle all issues related to their divorce through this Agreement. They acknowledge that this Agreement is being entered into voluntarily and without duress.

III. Division of Assets and Debts

3.1 Assets

The Parties agree to divide their marital assets as follows:

• The marital home located at [address] shall be awarded to [Party A/Party B], and the other Party shall receive a lump sum payment of $100,000 as specified compensation.
  

• Savings and checking accounts shall be divided equally between the Parties.
  

• Retirement accounts, including 401(k)s and IRAs, shall be divided based on the formula:
  

• Equal Division:
  Retirement accounts, including 401(k)s and IRAs, shall be divided equally between Party A and Party B. Each party shall receive 50% of the total value of the retirement accounts as of the date of divorce.
  

• Percentage Allocation:
  Retirement accounts, including 401(k)s and IRAs, shall be divided based on a percentage allocation. Party A shall receive 60% of the total value of the retirement accounts, and Party B shall receive 40% of the total value, as determined by an actuarial valuation as of the date of divorce.
  

• Personal property, such as vehicles, furniture, and electronics, shall be divided according to the Parties' mutual agreement or as determined by appraisal.
  

3.2 Debts

The Parties agree to divide their marital debts as follows:

• Mortgage debt on the marital home shall be assumed by the Party awarded the home.

• Credit card debts shall be divided equally between the Parties.

• Any other outstanding loans or debts shall be allocated based on the Parties' mutual agreement or as determined by the court.

IV. Child Custody and Support

4.1 Custody

The Parties agree to share joint legal custody of their minor children, [Child 1] and [Child 2], with [Party A/Party B] having primary physical custody. The Parties shall make major decisions regarding the children's upbringing together.

4.2 Visitation

The non-custodial parent shall have visitation rights as follows:

• Weekday Visitation
  Parent B shall have weekday visitation on the following days and times:
  

• Mondays from 4:00 PM to 8:00 PM.

• Wednesdays from 4:00 PM to 8:00 PM.

• Fridays from 4:00 PM to 9:00 PM.
  

• Alternate Weekend Visitation

  Parent B shall have alternate weekend visitation as follows:
  

• Starting on Friday at 6:00 PM and ending on Sunday at 6:00 PM on the first and third weekends of each month.

• Starting on Saturday at 9:00 AM and ending on Monday at 9:00 AM on the second and fourth weekends of each month.
  

• Holiday Visitation

  Parent B shall have holiday visitation as outlined in Schedule A attached hereto. The holiday schedule shall include but is not limited to:
  

• Thanksgiving: Parent B shall have visitation from noon on the Wednesday before Thanksgiving until 8:00 PM on Thanksgiving Day, and from 9:00 AM on the Friday after Thanksgiving until 6:00 PM on Sunday.
  

• Christmas and New Year: Parent B shall have visitation from noon on Christmas Eve until noon on Christmas Day, and from noon on New Year's Eve until noon on New Year's Day.

4.3 Support

The Parties agree that [Party A/Party B] shall pay child support for $500 per month to the other Party. Child support payments shall be made on the 1st day of each month and shall continue until each child reaches the age of majority or becomes emancipated.

Details:

• Amount: $500 per month.

• Payment Date: 1st day of each month.

• Duration: Until each child reaches the age of majority or becomes emancipated.

• Expenses Covered: Necessities, educational expenses, medical care, and extracurricular activities.

V. Alimony or Spousal Support

5.1 Amount and Duration

The Parties agree that Party A shall pay spousal support for $1,500 per month for 7 years. The duration of spousal support may be extended or modified based on remarriage of the receiving party or a significant change in financial status, as agreed upon by both Parties.

5.2 Termination

Spousal support shall terminate upon the occurrence of remarriage of the receiving party or upon December 31, 2050, unless otherwise agreed upon in writing by both Parties.

VI. Miscellaneous Provisions

6.1 Legal Representation

Each Party acknowledges that they have had the opportunity to consult with independent legal counsel regarding this Agreement and fully understand its terms and implications.

6.2 Modification

This Agreement may only be modified in writing and signed by both Parties. Any amendments or modifications shall be attached to and incorporated into this Agreement.

6.3 Governing Law

This Agreement shall be governed by and construed under the laws of [state/country]. Any disputes arising under this Agreement shall be resolved through mediation or arbitration before pursuing legal action.

6.4 Entire Agreement

This Agreement constitutes the entire agreement between the Parties regarding the subject matter herein and supersedes any prior agreements or understandings, whether written or oral.

VII. Signatures

IN WITNESS WHEREOF, the Parties have executed this Divorce Settlement Agreement as of the date first above written.

[Printed Name of Party A]

[Printed Name of Party B]

Agreement Templates @ Template.net