Legal Equitable Distribution Agreement

LEGAL EQUITABLE DISTRIBUTION AGREEMENT

This Equitable Distribution Agreement (the Agreement) is made on Date: , by and between Party A Name: residing at Party A Address: and Party B Name: residing at Party B Address: .

RECITALS

WHEREAS, the parties were lawfully married and have accumulated assets and liabilities during the marriage, including property and obligations to be allocated between them; and

WHEREAS, the parties separated on Separation Date: , and desire to resolve and finally determine all rights, title and interest in their marital and separate property by the terms set forth in this Agreement; and

WHEREAS, the parties intend that this Agreement constitute a final, binding, and enforceable allocation of property and debts and that the terms be performed without further litigation.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the parties agree as follows.

1. DEFINITIONS

For purposes of this Agreement the following terms shall have the meanings set forth below:

1.1 "Marital Property" means property acquired by either or both parties during the marriage except property acquired by gift, inheritance, or by valid written agreement designating such property as separate.

1.2 "Separate Property" means property owned prior to marriage, property acquired by gift or inheritance, and property designated in a contemporaneous written instrument as separate.

2. ALLOCATION AND DISTRIBUTION

2.1 Allocation. The parties agree to an equitable distribution of the marital estate. Subject to the terms of this Agreement, Party A shall receive of the net marital estate and Party B shall receive of the net marital estate, on the terms set forth below.

2.2 Specific Allocations. The parties agree that the items set forth in Schedule A: Asset List shall be allocated in accordance with the distributions set forth in that schedule. Allocation of individual assets shall be evidenced by transfers, deeds, assignments, or other instruments executed as required by Section 5.

3. SCHEDULES; IDENTIFICATION OF PROPERTY AND DEBTS

3.1 Schedule A — Assets. The parties shall attach a complete and accurate list of assets and their proposed distributions as Schedule A. The parties acknowledge that Schedule A is incorporated by reference and forms part of this Agreement.

4. VALUATION AND APPRAISAL

4.1 Appraisal. For any asset listed in Schedule A for which the parties cannot agree on value, the parties shall obtain a written appraisal by a qualified, independent appraiser selected by mutual agreement. The appraisal shall be completed by Deadline for Appraisal: . The parties agree to share the cost of a single appraisal equally unless otherwise specified.

4.2 Binding Valuation. A written appraisal shall be final and binding on the parties for purposes of this Agreement unless the parties otherwise agree in writing.

5. TRANSFER OF TITLE; PAYMENT OF LIENS

5.1 Conveyances. Each party shall execute and deliver such deeds, assignments, releases, consents and other instruments as are reasonably necessary to effectuate the transfers contemplated by this Agreement within Transfer Deadline: .

5.2 Liens. Any liens or encumbrances on property allocated to a party shall be removed or satisfied by that party as part of the transfer unless otherwise provided in Schedule B. Parties shall cooperate to obtain any necessary payoffs, subordinations or releases.

6. DEBTS AND TAXES

6.1 Debts. Debts appearing on Schedule B shall be allocated as indicated. Each party shall be responsible for timely payment of debts allocated to that party and shall indemnify and hold the other party harmless from any liability for such allocated debts.

6.2 Taxes. The parties shall file all tax returns for periods prior to the effective date of this Agreement in a manner consistent with the allocations herein. Each party shall be responsible for any tax liabilities attributable to property allocated to that party. Each party agrees to indemnify the other for tax obligations arising from that party's failure to pay taxes arising from allocated property.

7. REPRESENTATIONS AND WARRANTIES

7.1 Each party represents and warrants to the other that: (a) they have full power and authority to enter into this Agreement and to carry out its terms; (b) there are no undisclosed liens, claims or encumbrances affecting any asset represented as part of their separate property; and (c) execution of this Agreement does not violate any other agreement, order, or law to which they are subject.

8. RELEASE; NO FURTHER CLAIMS

8.1 Mutual Release. Upon full performance of the terms of this Agreement, each party releases and forever discharges the other from any and all claims, demands, causes of action and liabilities of every kind arising out of the marital relationship, except for obligations and claims arising under this Agreement.

9. COSTS AND ATTORNEYS' FEES

9.1 Each party shall bear their own attorneys' fees and costs incurred in negotiating and preparing this Agreement unless otherwise agreed in writing or ordered by a court.

10. NOTICES

10.1 Any notice required or permitted under this Agreement shall be in writing and delivered to the addresses set forth below by certified mail, overnight courier, or personal delivery and shall be effective upon receipt.

11. AMENDMENT; WAIVER; COUNTERPARTS

11.1 Amendment. This Agreement may be amended only by a written instrument executed by both parties.

11.2 Waiver. No waiver of any provision of this Agreement shall be effective unless in writing signed by the party waiving compliance. No waiver shall operate as a waiver of any other provision or continuing breach.

11.3 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Signatures delivered by electronic means shall be deemed original signatures for all purposes.

12. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

12.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State specified by the parties: , without regard to conflict of laws principles.

12.2 Entire Agreement. This Agreement, including all schedules and attachments, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.

12.3 Severability. If any provision of this Agreement is held invalid or unenforceable, the remainder of this Agreement shall remain in full force and effect and such invalid or unenforceable provision shall be replaced by a valid provision that most closely approximates the intent and economic effect of the invalid provision.

13. MISCELLANEOUS

13.1 Cooperation. Each party agrees to execute and deliver any additional documents and to take all actions reasonably necessary to effectuate the provisions of this Agreement.

13.2 Tax Treatment. The parties acknowledge that the tax consequences of the allocations made hereunder may be significant. Each party is responsible for consulting tax counsel regarding such consequences; the parties' mutual indemnification obligations are set forth in Section 6.

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