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How a divorce settlement agreement offers protection

On Behalf of | Jul 21, 2016 | Divorce

For many California couples, their relationship does not end when they divorce. They might still have financial ties or children together that necessitate the creation of a settlement agreement. If this agreement does not have loopholes, it can protect both parties.

The relationship between the couple after they end their marriage may ebb and flow, and if relations are good, a person might be tempted to deviate from the agreement. It is best to avoid this, but even if one party does do a favor for the other one, they are not obligated to continue doing so, and the favor does not nullify the terms of the divorce agreement.

A person might spot an error or a potential ambiguity in the divorce agreement before it becomes legally binding. It is important for the person to mention anything like this to his or her attorney. Understanding the agreement and having one that suits the individual’s situation is important. If the couple later have a dispute, then the divorce agreement will guide the judge in making a decision. A judge’s job is to enforce the document rather than alter it, so both people should be satisfied with the agreement before signing it.

Most assets shared by a couple will be split in a divorce, and dividing marital property may include deciding what to do with items such as retirement accounts, investments and the family home. It is important at this time for people to take steps to safeguard their financial security. For example, people might be tempted to try to keep the family home without considering what the cost will be in insurance, upkeep and taxes, or there might be certain rules in place for splitting retirement accounts without incurring penalties.