Agreement and Stipulation

Agreement and Stipulation

IN ACCORDANCE WITH SECTION 20-109 AND SECTION 20-109.1 CODE OF VIRGINIA, 1950, AS AMENDED

THIS AGREEMENT AND STIPULATION entered into this day of , by and between , hereinafter referred to as "WIFE" and , hereinafter referred to as "HUSBAND", provides as follows:

WHEREAS, Husband and Wife were lawfully married on , in ; and

WHEREAS, certain differences have arisen between them which appear to be irreconcilable, in consequence of which the parties have agreed to live separate and apart from each other as of the date of this Agreement and Stipulation; and

WHEREAS, there are () children born of this marriage, namely , born , and , born ; and

WHEREAS, both Husband and Wife recognize that each have certain rights and obligations growing out of their marriage which they now desire to settle by mutual agreement;

NOW THEREFORE, in consideration of the mutual covenants, promises and agreements herein contained, Husband and Wife mutually agree as follows:

1. DISCLOSURE: Husband and Wife each agree and represent (a) that each of them has entered into this Agreement and Stipulation upon mature consideration and upon the advice of separate counsel; (b) that consent to the execution of this Agreement and Stipulation has not been obtained by duress, fraud, or undue influence of any person; (c) that no representations of fact or otherwise have been made by either party to the other except as herein expressly set forth and except the advice and counsel that may have been provided each by their own counsel; (d) that each has had full access to the books, records, and files of the other, and the nature, extent, and value of the separate property and the jointly owned property of the parties and (e) that this Agreement and Stipulation is FAIR and EQUITABLE and entered into VOLUNTARILY for valuable CONSIDERATION.

2. PERSONAL LIVES: (a) Husband and Wife agree that each of them may and shall at all times hereafter continue to live separate and apart, continuously and uninterrupted for the rest of their lives. Husband agrees that Wife shall maintain a separate residence with the children away from their marital residence located at . Husband consents to Wife's departure from the marital residence, and Husband agrees not to file any divorce action based on Wife's departure.

(b) Husband and Wife further agree that each may for his or her separate use and benefit, conduct, carry on and engage in any business, profession or employment, may reside at such place or places as he or she may select and shall be at liberty to act and to do as he or she sees fit, and to conduct his or her personal and social life as freely and as fully as if he or she were single and unmarried.

(c) Husband and Wife may choose his or her friends with which to associate whether they be of the same or the opposite sex, and the other shall not inquire as to the nature of the relationship nor interfere with it in any way.

(d) Husband and Wife further agree that they shall not visit the residence of the other except where such a visit is arranged in advance by telephone and mutual agreement, that they shall not annoy, molest, disturb or otherwise interfere with each other professionally, socially or sexually and that they shall not compel or attempt to compel the other to cohabit with him or her by any means whatsoever.

(e) Husband and Wife further agree that neither shall contact, threaten, harass, follow, call or stalk the other either directly or indirectly. Each shall respect the other's right to privacy.

3. ENTIRE AGREEMENT: Husband and Wife agree that this Agreement represents the entire understanding between the parties and that there are no representations, warranties, covenants or undertakings on other issues other than those expressly set forth herein.

4. SUBSEQUENT DIVORCE: Husband and Wife further agree that, upon presentation to the Court of a sketch of a final decree of divorce, Husband and Wife agree to request the Court to file this Agreement and Stipulation with the papers in that case and to affirm, ratify and incorporate such Agreement and Stipulation into any Final Decree. The validity of this Agreement does not depend upon a Court finding that it is fair and equitable. Husband and Wife agree to be bound hereby in any event. Further, it is understood that this Agreement and Stipulation is not a contract for divorce. However, in the event either party files for divorce, Husband and Wife agree to pursue the divorce on no-fault grounds that the parties have lived separate and apart for a period exceeding one year with the intent to remain permanently apart.

5. CONCLUSIVENESS OF AGREEMENT: (a) Husband and Wife understand that "Separate Property" is defined as (i) all property, real and personal, acquired by either party before the marriage; (ii) all property acquired during the marriage by bequest, devise descent, survivorship or gift from a source other than the other party; and (iii) all property acquired during the marriage in exchange for or from the proceeds of sale of separate property, provided that such property acquired during the marriage is maintained as separate property; and (iv) any part of marital property which may be declared separate property pursuant to Court Order. Husband and Wife understand that the increase in value of separate property during the marriage is separate property, unless marital property or the personal efforts of either party have contributed to such increases and then only to the extent of the increases in value attributed to such contributions. The personal efforts such as labor, effort, inventiveness, physical or intellectual skill, creativity or managerial activity, promotional or marketing activity applied directly to this separate property must be significant and result in substantial appreciation of the separate property if any increase in value attributed thereto is to be considered marital property.

(b) Husband and Wife further understand that "Marital Property" is defined as (i) all property titled in the names of both parties, whether as joint tenants, tenants by the entirety or otherwise, and (ii) that part of any property classified as marital pursuant to (a) (iv) above or (iii) all other property acquired by each party during the marriage which is not separate property as discussed in (a) above.

6. ADDITIONAL INSTRUMENTS: Husband and Wife agree that each shall from time to time, at the request of the other, acknowledge, and deliver to the other party any and all further instruments or documents which may be required to give full force and effect to the provisions of this Agreement.

7. MODIFICATION AND WAIVER: Husband and Wife agree that a modification or waiver of any of the provisions of this Agreement shall be effective only if made in writing and executed with the same formality as this Agreement. Failure of either Husband or Wife to insist upon strict performance of any of the provisions of this Agreement shall not be construed as a waiver of any subsequent default of the same or similar nature.

8. SITUS: Husband and Wife agree that this Agreement shall be construed and governed in accordance with the laws of the Commonwealth of Virginia.

9. PARTIAL INVALIDITY: Husband and Wife agree that if any provision of this Agreement is held to be invalid or unenforceable, all other provisions of this Agreement shall nevertheless continue in full force and effect.

10. REVOCATION PRIOR AGREEMENTS: Husband and Wife agree that by execution of this Agreement, Husband and Wife hereby expressly revoke any and all prior separation agreements heretofore discussed or executed between the parties.

11. VALUATION: Husband and Wife acknowledge that the usual and customary method for determining fair value is to employ a competent individual trained in valuation techniques and that they have been advised that the surest way of determining value is to hire such an individual for appraisal of the below described property. Notwithstanding the foregoing, Husband and Wife have elected to agree on the following divisions or equities without employment of an appraiser unless otherwise provided in this Agreement and Stipulation, in order to save cost, and, in so doing assume full responsibility for the results thereafter.

12. MARITAL PROPERTY DISTRIBUTION CONSIDERATION: Husband and Wife agree that the following factors have been considered by each of them in arriving at their agreement on how to distribute marital property:

(a) The contributions, monetary and non-monetary, of each party to the well-being of the family;

(b) The contributions, monetary and non-monetary, of each party in the acquisition and care and maintenance of such marital property of the parties;

(c) The duration of the marriage;

(d) The ages and physical and mental condition of the parties;

(e) The circumstances and factors which contributed to the dissolution of the marriage;

(f) How and when specific items of such marital property were acquired;

(g) The debts and liabilities of each spouse, the basis for such debts and liabilities, and the property which may serve as security for such debts and liabilities;

(h) The liquid or non-liquid character of all marital property;

(i) The tax consequences to each party, and

(j) Such other factors as the parties deem necessary or appropriate to consider in order to arrive at a fair and equitable distribution of marital property.

13. RECONCILIATION: If subsequent to the execution of this agreement, the parties effect a reconciliation, all provisions of this agreement would remain in effect in the event of a subsequent separation.

14. BANKRUPTCY: Husband and Wife understand that both parties have entered this Agreement with certain assets, debts, and liabilities and, as such, have both given valuable consideration in an effort to equitably divide their marital estate to include the issues of spousal maintenance and support. It is further understood that nothing, can prevent either party from filing, bankruptcy in an appropriate Federal Court. As such, Husband and Wife agree that in the event either Husband or Wife shall file bankruptcy which adversely affects the debts and liabilities for these debts, in particular, the joint marital debts, such as the mortgage on the marital residence, then the other shall have the right to petition the appropriate Court to reopen said case and to petition for an award of spousal support or an increase in spousal support in spite of any waiver of spousal support so addressed in this Agreement. Additionally, the party filing bankruptcy will hold the other harmless and indemnify the other.

15. REAL ESTATE: Husband and Wife acknowledge that they are the owners of a certain parcel of real property together with the improvements thereon, known as , in County, (hereinafter, "marital residence"). Husband and Wife agree to sell the marital residence at the fair market value of Dollars ($) or at a sales price mutually agreed upon by them with the advice and counsel of their real estate agent.

If upon the sale of the house, there are deficiencies in the pay-offs of the outstanding mortgages, Husband shall be responsible for such deficiencies, and Husband agrees to pay-off the deficiencies along with any real estate commissions, costs, penalties, late payments, and balances due on the mortgages at the time of closing. If there are any net proceeds from the sell of the marital residence then these net proceeds (after the payment of real estate commissions, fees, taxes, etc.) shall be split evenly (50/50) between Husband and Wife.

Husband and Wife agree that Husband shall be allowed to remain at the marital residence until the sale if he so chooses. Wife agrees to vacate the marital residence within a reasonable period after the execution and delivery of this Agreement and Stipulation. Husband shall assume full responsibility for all expenses of the marital residence including both of the mortgages and interest payments, utilities, taxes, insurance, telephone, water and sewer, and maintenance and repair on the marital residence until the sale of the marital residence has been effectuated and completed. Husband shall be entitled to all tax credits and other credits in return for Husband's payments of the above-mentioned expenses.

Husband shall defend, indemnify, and hold Wife harmless from any liability on the marital residence, including the payment of the mortgage and any and all other expenses and costs which Husband is obligated to pay on the marital residence pursuant to this Agreement and Stipulation.

16. PERSONAL PROPERTY: Husband and Wife agree that they will divide their personal property to their mutual satisfaction in accordance with the attached Exhibits A, B, and C. Husband and Wife shall retain all right, title and interest in such personal property. Any personal property not listed on Exhibits A, B, or C shall be divided by agreement of Husband and Wife. Husband and Wife agree that each shall execute any and all documents necessary to transfer title and interest in such property to the other party. Husband and Wife further agree that each shall be solely responsible for any and all liens, encumbrances or expenses which any property he or she retains is subject to and shall indemnify and hold the other harmless from any suit or claim asserted against him or her on account of such liens, encumbrances or expenses unless as otherwise agreed upon in this Agreement and Stipulation.

17. AUTOMOBILES: (a) Husband and Wife agree that Wife shall retain all right, title and interest in the free of any interest of Husband and that Husband shall retain all right, title and interest in the .

(b) Husband and Wife further agree that each shall be solely responsible for any liens, encumbrances, taxes, insurance, and expenses of the vehicle or vehicles he or she retains and shall indemnify and hold the other harmless from any liability therefrom.

Husband and Wife further agree to execute any and all documents necessary to allow each party to retain his or her vehicle free of any interest of the other.

18. RETIREMENT BENEFITS/401K PLANS: Wife agrees to waive any interest that she has in Husband’s retirement. Husband agrees to waive any interest that that he has in Wife’s retirement.

19. DEBTS: Husband and Wife acknowledge that their joint marital debts have been satisfactorily apportioned between them except as below mentioned. Husband shall assume sole responsibility for the remaining balances of the two (2) mortgages on the marital residence. Husband shall also assume sole responsibility for any deficiencies that may result from the mortgage pay-offs along with any costs attributed to Husband and Wife from the sale of the marital residence. Husband shall be solely responsible for the payment of all utilities, electricity, maintenance, water and sewer, gas, and other expenses related to the marital residence until the marital residence is sold.

Husband/Wife shall assume sole responsibility for the credit card, account # with . Husband/Wife shall not use this credit card account from the date of the execution of this Agreement and Stipulation.

Wife shall be solely responsible for the costs and expenses of her living arrangements be that in an apartment or house. Wife shall be solely responsible for her rent, mortgage, insurance, utilities, telephone, water and sewer, and any and all other personal living expenses.

Husband and Wife further agree that he or she shall defend, indemnify, and hold the other harmless from any liability from any debt for which he or she is solely responsible. Husband and Wife further agree that neither shall be liable for any debt, contract, obligation or liability of the other, and that he or she shall defend, indemnify and hold the other harmless from any liability therefrom.

20. WAIVER OF EQUITABLE DISTRIBUTION: (a) Husband and Wife acknowledge that they have the right to request a court of equity, ancillary to a divorce proceeding or thereafter, to make an equitable distribution of their marital property pursuant to Virginia Code Section 20-107.3 and that they have been fully advised as to the legal effect and meaning of said statutory provision. Husband and Wife agree that the provisions of this Agreement and Stipulation shall be in lieu of their rights under said statutory provision.

(b) HUSBAND, THEREFORE, WAIVES HIS RIGHT TO REQUEST A COURT OF EQUITY TO MAKE AN EQUITABLE DISTRIBUTION OF THE MARITAL PROPERTY.

(c) Likewise, WIFE, THEREFORE, WAIVES HER RIGHT TO REQUEST A COURT OF EQUITY TO MAKE AN EQUITABLE DISTRIBUTION OF THE MARITAL PROPERTY.

21. DISCOVERY NOT USED BECAUSE OF COST: Husband and Wife agree that this Agreement was negotiated and entered into based on each party's own personal knowledge and access to the other's books, records and files with little or no use of any of the discovery procedures available under the law because of the cost involved. Husband and Wife further agree that each has considered the discovery procedures available such as written questions to the other party, sworn statements which may be obtained from witnesses including the other party and the availability of process to summons written papers, but have weighed the potential value of the information which might be obtained with the cost necessary to obtain such information and concluded that the use of such discovery procedures are too costly and, therefore, have elected not to use such procedures.

22. SPOUSAL SUPPORT: (a) Husband and Wife agree that they have considered the following factors in arriving at their agreement on spousal support:

1. The earning capacity, obligations, needs and financial resources of the parties, including but not limited to income from all pension, profit sharing or retirement plans, of whatever nature;

2. The education and training of the parties and the ability and opportunity of the parties to secure such education and training;

3. The standard of living established during the marriage;

4. The duration of the marriage.

5. The age and physical and mental condition of the parties;

6. The contributions, monetary and nonmonetary, of each party to the well-being of the family;

7. The property interests of the parties, both real and personal, tangible and intangible;

8. The provisions made with regard to marital property;

9. Such other factors, including the tax consequences to each party, as are necessary to consider the equities between the parties.

(b) Considering all of Husband's circumstances in light of the above listed factors and considering his reasonable requirements, giving due consideration to his own ability to provide for his own support and maintenance, Husband, therefore, waives all claim to support and maintenance for himself and hereby releases and discharges Wife absolutely and forever for the rest of her life, from any and all claims and demands, past, present or future, for support and maintenance.

(c) Considering all of Wife's circumstances in light of the above listed factors and considering her reasonable requirements, giving due consideration to her own ability to provide for her own support and maintenance, Wife, therefore, waives all claim to support and maintenance for herself and hereby releases and discharges Husband absolutely and forever for the rest of his life, from any and all claims and demands, past, present or future, for support and maintenance subject to the condition that Husband pay to Wife from his 401(k) Plan at work the amount of Dollars ($) at the time that Wife is to leave the marital residence to assist Wife in establishing a residence for her and the children.

23. CHILD CUSTODY AND SUPPORT: (a) Husband and Wife agree that in arriving at their decision on custody, they considered the following factors:

(i) The age and physical and mental condition of the children giving due consideration to the children's changing development needs;

(ii) The age and physical and mental condition of each parent;

(iii) The relationship existing between each parent and the children, giving due consideration to the positive involvement with the children's lives, the ability to accurately assess and meet the emotional, intellectual and physical needs of the children;

(iv) The needs of the children, giving due consideration to other important relationships of the children including but not limited to siblings, peers and extended family members;

(v) The role which each parent has played and will play in the future, in the upbringing and the care of the children;

(vi) The propensity of each parent to actively support the children's contact and relationship with the other parent, the relative willingness and demonstrated ability of each parent to maintain a close and continuing relationship with the children, and the ability of each parent to cooperate in matters affecting the children;

(vii) The reasonable preference of the children, if the Court deems the children to be of reasonable intelligence, understanding, age and experience to express such a preference;

(viii) Any history of family abuse as that term is defined in Virginia Code Section 16.1-228; and

(ix) Such other facts as are necessary and proper to the determination.

(b) Accordingly, Husband and Wife shall have joint legal custody of the parties' minor children, and , with the Wife to have their physical custody. Husband shall have reasonable liberal rights of visitation to include every other weekend from Friday afternoon to Sunday afternoon and one day during the week that the Husband does not have the weekend visitation. If Wife has no plans on the Sundays on which she has the children, Husband may get the children to spend the morning with him. Any additional visitation shall be mutually agreed upon between Husband and Wife.

(c) Husband and Wife agree that should either of the children decide in the future to reside with the Husband, Wife shall allow the child to do so.

(d) Husband and Wife shall confer with each other on all important matters pertaining to the children's health, welfare, education, and upbringing, with a view of arriving at a harmonious policy calculated to promote the children's best interests.

(e) Husband and Wife shall send copies of the children's report cards which will be reviewed before being returned to the school, and school papers to the other. Husband and Wife shall notify the other of any public event in which the children are a participant, for example, graduation or school plays, sporting events, so that the children may benefit from the demonstrated interest of both parties.

(f) Husband and Wife shall have access to the children by telephone at all reasonable times.

(g) Neither Husband nor Wife shall do anything which may estrange said children from the other or hamper the natural development of the lover of the children for both parties.

(h) Husband and Wife agree to keep the other informed at all times of the whereabouts of the children while said children are with the other, and if either of them has knowledge of illness or accident or other circumstances seriously affecting the welfare of the children he or she shall promptly notify the other of said circumstances.

(i) Husband and Wife have reviewed the statutory guidelines set forth at § 20-108.2 of the Code of Virginia, and Husband and Wife agree that Husband shall pay to Wife the sum of Hundred Dollars ($) per month as child support for the parties' minor children until each child becomes eighteen (18) years of age or until nineteen (19) years of age if the child is a full-time student in high school. Such support shall be paid on the first (1st) and fifteenth (15th) of each month.

24. HEALTH INSURANCE AND MEDICAL EXPENSES: Husband and Wife agree that each shall be responsible solely for his or her hospitalization, medical and dental insurance and expenses. Any and all other insurance coverages not mentioned in this Agreement and Stipulation shall be the responsibility of the party who contracted to obtain the coverage. Husband and Wife shall hold the other harmless, defend, and indemnify the other for any liability therefrom.

Husband and Wife agree that Husband shall continue to keep the children on his health and dental policy at work. If Husband cannot maintain the children on his work policy, Husband shall still be responsible to obtain health and dental insurance for the children or be liable for any of their medical and dental expenses that his insurance policy would have covered had he carried the children on it.

Husband and Wife agree that Wife will be responsible for the first Dollars ($) of medical and dental expenses not covered by the Husband's health and dental insurance per month. Any medical and dental expenses exceeding the first Dollars ($) shall be the equal responsibility of Husband and Wife.

25. LIFE INSURANCE: Husband agrees to maintain the life insurance policies which are in effect at this time until Wife can obtain her own life insurance if she so chooses. Husband will change the beneficiaries of his life insurance policies to reflect the children as the beneficiaries.

26. ATTORNEY'S FEES: Husband and Wife agree that each shall be responsible for his or her attorney's fees and costs incurred in the commencement and prosecution of divorce proceedings and for the negotiation and drafting of this Agreement. It is clearly understood that the law firm of , represents solely the Wife, and , represents solely the Husband.

27. TAX CONSEQUENCES: Husband and Wife acknowledge that they have been advised, jointly and individually, that the most appropriate method for determining the tax consequences of this Agreement to each individual is to provide their tax advisor (other than their attorney herein) with a copy of this Agreement, before execution, receive his advice, counsel and criticism and be satisfied that he or she understands the tax consequences of this Agreement. Husband and Wife further acknowledge that either may elect not to seek such advice, counsel and criticism and assumes full, complete and exclusive responsibility for all tax consequences to him or her of this Agreement. After such consideration, Husband and Wife agree to file jointly for the year of as they have done in previous years. However, any tax refunds shall be divided in proportion to the amount of taxes each party paid during the year. Likewise, any and all tax liability shall be attributed to the parties in the same proportion, and Husband and Wife shall be liable as such.

If Husband and Wife file separately in the future, Wife agrees that Husband should be entitled to receive any and all tax credits and other credits given as a result of Husband's payment of all expenses associated with the marital residence. Also, Wife agrees to give to Husband the dependency exemptions for the children since he is paying child support. Wife agrees to sign the necessary documentation to allow the Husband to claim the children on his tax returns.

28. MUTUAL RELEASE AND DISCHARGE OF GENERAL CLAIMS: Subject to the provisions of the Agreement, Husband and Wife hereby mutually release and forever discharge, and by these presents does for himself or herself, and his or her heirs, legal representatives, executors, administrators and assigns, release and forever discharge the other of any and all causes of action, claims, rights or demands whatsoever in law or equity, which either Husband or Wife hereto ever had, or now has, against the other excepting only every right that is given or created by this Agreement and the prosecution and attainment of a suit for divorce pursuant to Virginia Code Section 20-91(9)(a).

29. MUTUAL RELEASE OF CLAIMS TO PROPERTY AND ESTATE: (a) Husband hereby forever relinquishes and releases all right, title and interest which he has or ever may have in and to the real, personal, separate or marital property of the Wife, all right of curtesy, all rights, title and interest which he has or ever may have in and to the property and assets of Wife presently held or acquired in the future or estate of the Wife, at her death, and all right and interest to take against her Will or under the interstate laws, and each and every other right, title and interest he has or ever may have against the Wife, her heirs, executors, administrators and assigns, excepting only every right that is given him by this Agreement.

(b) Likewise, Wife forever relinquishes and releases all right, title and interest which she now has or ever may have in and to the real, personal, separate or marital property of the Husband, all right of dower, all rights, title and interest which she has or ever may have in and to the property and assets of Husband presently held or acquired in the future or estate of the Husband, at his death, and all right and interest to take against his Will or under the intestate laws, and each and every other right, title and interest she has or ever may have against the Husband, his heirs, executors, administrators and assigns, excepting only every right that is given her in and by this Agreement.

30. ENFORCEMENT: Husband and Wife agree that this Agreement may be enforced in any Court of competent jurisdiction by petition for an affirmative injunction, money judgment for arrearage or any other procedure compatible with the rules of such tribunal.

31. COSTS OF ENFORCEMENT: (a) Husband and Wife agree that any costs, including, but not limited to counsel fees, court costs, investigation fees and travel expenses, incurred by a party in the successful enforcement of any of the agreements, covenants, or provisions of this Agreement, whether through litigation or other action necessary to compel compliance herewith, shall be borne by a defaulting party.

(b) Husband and Wife further agree that any such costs incurred by a party in the successful defense to any action for enforcement of any of the agreements, covenants or provisions of this Agreement shall be borne by the party seeking to enforce compliance.

32. FURTHER ASSURANCE: Husband and Wife agree to execute, acknowledge and deliver upon request of the other, his or her heirs, devisees, personal representatives or assigns, any and all instruments to enable each party hereto or his or her heirs, devisees, personal representatives or assigns, to bargain, sell, convey or devise, or otherwise dispose of any property, now owned or hereafter acquired, free and clear of any real or apparent right of the other that might otherwise accrue by virtue of the said marriage.

33. CONFIDENTIALITY: Husband and Wife agree that copies of this Agreement and Stipulation are not to be distributed except to their tax advisors, legal counsel, mortgage lenders, banks, and as required for any subsequent divorce or by legal process.

34. COPIES AS ORIGINALS: Husband and Wife agree that this Agreement and Stipulation is executed in multiple copies and that any executed copy shall be considered as a original.

COMMONWEALTH OF VIRGINIA

CITY/COUNTY OF , TO-WIT:

The foregoing Agreement was duly acknowledged before me on this day of , , by .

_____________________________

Notary Public

My Commission expires: .

COMMONWEALTH OF VIRGINIA

CITY/COUNTY OF , TO-WIT:

The foregoing Agreement was duly acknowledged before me on this day of , , by .

_____________________________

Notary Public

My Commission expires: .