Fill and Sign the Alabama Settlement Agreement Form

Alabama Separation and Property Settlement Agreement (Life Insurance, IRA, and Pension Benefits Dealt with in Part) In The Marriage of ) ___________ County Circuit Court (Name) ______________________ (Name) ) Plaintiff ) Civil Action No.__________ v. ) ______________________ (Name) ) Defendant ) Separation and Property Settlement Agreement The above named parties, __________________________ (Name of Wife) , (the Wife ), and __________________________ (Name of Husband) , (the Husband ), desiring to settle all financial matters by mutual agreement and having reached this Agreement on this date, do execute this instrument as a Memorandum for Final Agreement and Decree as follows: 1. Children There are no minor children of said marriage, and the Wife is not now pregnant. All children of the marriage are over the age of twenty-one (21) and emancipated. 2. Property 2.1 The Marital Home 2.1.1. [ ] The parties jointly own real estate located at _____________ ______________________________________________ (street address, city, county, state, zip code) , (the House ). The Husband will convey to Wife all of his right, title, and interest in the House by quitclaim deed. The Wife will hereafter have all rights to the escrow account. The Wife will be solely responsible for, and will pay, the mortgage debt on the House as it matures. The Wife will hold the Husband harmless from the mortgage debt on the House. 2.1.2 [ ] The parties do not jointly own a marital home. 2.2. Automobiles [ ] Each party will retain the vehicle or vehicles already owned or leased in Husband Initials ______ Wife’s Initials_________ 1 his or her sole name and shall hold the other party harmless from any liability arising from indebtedness or lease obligations related to such vehicle(s). [ ] Husband shall be entitled to the (describe) ________________________ automobile with VIN No. ______________ and shall make all payments thereon and hold Wife harmless for the payment of same. Wife shall convey all interest in said vehicle to Husband. [ ] Wife shall be entitled to the (describe) ____________________________ automobile with VIN No. ______________ and shall make all payments thereon and hold Husband harmless for the payment of same. Wife shall convey all interest in said vehicle to Husband. 2.3. Bank Accounts [ ] The joint bank account at _____________________________ (Name of Bank) is hereby awarded to the Wife. The Wife will either close this account or have the Husband's name removed from it with Husband’s cooperation. [ ] The joint bank account at ________________________________ (Name of Bank) is hereby awarded to the Husband. The Husband will either close this account or have the Wife’s name removed from it with Husband’s cooperation. [ ] The parties have already agreed on a division of their remaining bank accounts. Each party will retain sole ownership in the accounts that bear his or her name. 2.4. Miscellaneous Personal Property and Accounts 2.4.1 The Husband and Wife have agreed to an equitable division of their personal property. 2.4.2 The sum of $___________ from ___________________________ (origination of funds) shall be rolled over into an IRA account at the Bank of choice of (Husband or Wife), if lawful according to the rules and regulations of the Internal Revenue Service, otherwise said account is to be liquidated with the proceeds payable to (Wife or Husband). Husband Initials ______ Wife’s Initials_________ 2 2.4.3 The Accenture Benefits Retirement account owned by Husband shall be transferred to Wife as a retirement account if lawful according to the rules and regulations of the Internal Revenue Service, otherwise said account is to be liquidated with the proceeds payable to Wife. 2.4.4 Husband will acquire a whole life insurance policy with a face value of $500,000.00 on his life with a reputable company making Wife the Beneficiary of $250,000 of the policy and such designation of Wife as such Beneficiary shall not be changed unless Wife predeceases Husband. 2.4.5 All other items of personal or real property currently in the Husband's name or belonging solely to him (except as specifically described in this Agreement), including without limitation cash, bank accounts, clothing, clothing accessories, jewelry, securities, retirement plans, business interests, partnerships, insurance policies, and books, music, art, tools, equipment, and intellectual property, shall be his sole property, and the Wife hereby renounces any interest that she may have therein. 2.4.6 All other items of personal or real property currently in the Wife's name or belonging solely to her (except as specifically described in this Agreement), including without limitation cash, bank accounts, clothing, clothing accessories, jewelry, securities, retirement plans, business interests, partnerships, insurance policies, and books, music, art, tools, equipment, and intellectual property, shall be her sole property, and the Husband hereby renounces any interest that he may have therein. 3. Marital Obligations 3.1.1 . Each party will be responsible for the debts incurred in that party's sole name and will hold the other party harmless from any liability arising from said indebtedness. 3.1.2 Husband shall be responsible for the following joint debts of the Husband Initials ______ Wife’s Initials_________ 3 parties and hold Wife harmless for the payment of same: a. _______________________________________ b. ________________________________________ c. ________________________________________ d. ________________________________________ 3.1.3 Wife shall be responsible for the following joint debts of the parties and hold Husband harmless for the payment of same: a. ________________________________________ b. ________________________________________ c. ________________________________________ d. ________________________________________ 3.1.4 Other: ______________________________________________ __________________________________________________________ __________________________________________________________ 4. Alimony Both the Husband and the Wife waive any and all right to receive periodic alimony, past, present and future. 5. Miscellaneous 5.1 Taxes 5.1.1. Each party will each prepare and file separate federal and state tax returns for year ________ (year), at each party's sole expense. Each party will pay his or her own deficiency; if any, and each party will retain his or her own refund(s), if any. 5.1.2 [ ] The parties agree that the Wife provided the funds to pay the property taxes and mortgage interest on the House during ____________ (years) and that she is entitled to deduct these expenses 5.1.3 [ ] The parties agree that the Husband provided the funds to Husband Initials ______ Wife’s Initials_________ 4 pay the property taxes and mortgage interest on the House during _________________ (years) and that he is entitled to deduct these expenses 5.1.4 Any tax refund which has not been received for the year ____________ (Number) shall be the property of [ ] Husband, [ ] Wife, [ ] divided equally between Husband and Wife. 5.2 Execution Each party shall execute any and all documents necessary to effectuate the terms of this Agreement including, but not limited to, deeds, bills of sale, certificates of title, tax forms, real estate contracts, and the like. If this Agreement requires the Husband or the Wife to accomplish an act but doesn't state a time limit for completion, the act will be completed within 60 days after the divorce is effective. 5.3. Wife's Name [ ] The Wife's maiden name of _____________________ ( Name) will be restored to her. [ ] No restoration of maiden name is sought. 5.4. Costs Each party shall pay his or her respective attorney, if any. The plaintiff shall pay court costs. 5.5. Law This Agreement shall be governed by the law of Alabama. The Parties have executed this Agreement to be effective on the date the divorce is effective. _________________________________ ______________________________ (Printed Name & Signature of Husband) (Printed Name & Signature of Wife) Husband Initials ______ Wife’s Initials_________ 5