South Carolina Marital Separation and Property Settlement Agreement

MARITAL SEPARATION AND PROPERTY SETTLEMENT AGREEMENT WITH ADULT CHILD(REN)

INSTRUCTIONS

This form should be used when the parties desire to enter into a Separation Agreement in contemplation of an action for dissolution of marriage, which has been filed or will be filed prior to the effective date of this Agreement. This form is for married persons with adult children with joint property or debts. This form is state specific for the State of South Carolina.

This form should be completed on your computer, typed or printed in black ink. Both parties must sign the Agreement and have their signatures witnessed by a notary public. You may desire to print and sign duplicate originals so that both parties will have a signed original of the document.

Transfers of Title to Property

This form may not be sufficient to transfer title to property such as real estate, automobiles and other property to be divided. These transfers must be done by a deed, bill of sale, title or other instruction before the ownership is final.

Opportunity to Consult with Attorney

This Agreement provides that you were given an opportunity to consult with an attorney of your choice prior to execution of the Agreement.

Divorce Proceeding

This form provides that the parties intend to be bound by this Agreement subject to approval by the appropriate Court. The parties will file and for dissolution of marriage prior to signing this Agreement, or have pending a divorce action at the time of execution.

STATE OF SOUTH CAROLINA

COUNTY OF

IN THE FAMILY COURT

__________ JUDICIAL CIRCUIT

IN RE THE MARRIAGE OF

v.

MARITAL SEPARATION AND PROPERTY SETTLEMENT AGREEMENT WITH ADULT CHILD(REN)

NOTICE: THIS IS AN IMPORTANT LEGAL AGREEMENT AND HAS SUBSTANTIAL LEGAL CONSEQUENCES ON YOU, YOUR RIGHTS AND OBLIGATIONS. YOU ARE ADVISED TO CONSULT AN ATTORNEY FOR INDEPENDENT LEGAL ADVICE PRIOR TO EXECUTION OF THIS AGREEMENT.

STATE OF SOUTH CAROLINA

COUNTY OF

WHEREAS, , hereinafter referred to as "Wife", and , hereinafter referred to as "Husband", are now married, having been married on the day of , , in County, ;

WHEREAS, the parties were separated on or about the day of , 20, while residing in County, , and since that date have been living separate and apart;

WHEREAS, 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 eighteen (18) or emancipated;

WHEREAS, as a result of differences that have arisen in the marriage of the parties they have chosen to live separate and apart. There is no chance of reconciliation. The parties make this Agreement to settle once and for all that the parties owe to each other and what the parties can expect to receive from each other; and

WHEREAS, the parties desire to make a mutually acceptable settlement of their rights, liabilities, obligations and property rights arising out of and during the course of their marital relationship. No reconciliation is contemplated; and

WHEREAS, the parties agree to execute and exchange any papers that might be needed to complete this Agreement, including deeds, title certificates, bills of sale, etc.; and

WHEREAS, the parties intend that this Agreement shall be binding and effective subject to approval by the Court in that certain action pending in the Family Court of the Judicial Circuit, County, South Carolina, Cause Number , which is a divorce action involving Husband and Wife.

SECTION 1.

SEPARATION; RELINQUISHMENT OF MARITAL RIGHTS

The parties shall continue to live separate and apart, free from interference, authority and control by the other, as if each were sole and unmarried...

SECTION 2.

FINANCIAL DISCLOSURES

By execution of this instrument, each party warrants and represents to the other party that he or she has fully disclosed their financial status, including their assets and liabilities of all types and agree that the terms of this Agreement are fair, just, and equitable after consideration of the financial status of the parties.

SECTION 3.

ASSETS

A. In General. Husband and Wife are in possession of all personal property belonging to each, and neither makes any claim to any personal property in the possession of the other except as otherwise stated in this Agreement.

B. Wife shall receive as her own and Husband shall have no further rights or responsibilities regarding these assets:

C. Husband shall receive as his own and Wife shall have no further rights or responsibilities regarding these assets:

D. Contingent Assets and Liabilities shall be divided as follows:

E. Additional Retirement Account Provisions.

F. Additional Life Insurance Provisions.

G. Additional Household Furnishing and Effects Provisions. (Select as appropriate)

The household furnishings and effects of the parties have been mutually divided by the parties and neither makes claim to any such property in the possession of the other except as provided above.

Wife agrees that the Husband shall retain all of the household furnishings and effects presently located on the premises at .

Husband agrees that the Wife shall retain all of the household furnishings and effects presently located on the premises at .

H. Additional Marital Home Provisions.

The marital home of the parties shall be:

i) Occupied by Husband Wife.

ii) Titled in the name of Husband Wife.

The expenses of the marital home are and shall be paid as follows:

i) Husband Wife shall pay the mortgage payments. This obligation terminates .

ii) Husband Wife shall pay the utilities and other expenses in connection with the upkeep and maintenance of the home. This obligation terminates .

iii) Husband Wife shall pay all taxes, insurance and assessments. This obligation terminates .

I. Additional Provisions or explanations:

SECTION 4.

DEBTS, LIABILITIES AND EXPENSES

A. Except as otherwise provided herein each party agrees to pay their respective individual debts.

B. Division of Liabilities/Debts. Wife shall pay as her own the following and will not at any time ask Husband to pay these debts/bills:

C. Husband shall pay as his own the following and will not at any time ask Wife to pay these debts/bills:

SECTION 5.

FUTURE EARNINGS AND ACQUISITIONS

All income, earnings, or other property received or acquired by either party to this Agreement on or after the date of execution of this Agreement shall be the sole and separate property of the receiving or acquiring party.

SECTION 6.

SPOUSAL SUPPORT (ALIMONY)

1. The parties mutually waive any and all claim or right to temporary or permanent alimony, maintenance or support.

2. Husband Wife agrees to pay spousal support (alimony) in the amount of every , beginning and continuing until .

Explain type of alimony and any other specifics:

Life insurance in the amount of to secure the above support, will be provided by the obligor.

SECTION 7.

MUTUAL INDEMNITY

The parties agree in regard to the payment of debts and other liabilities as stated in this Agreement that each shall indemnify and hold harmless the other for the payment of same.

SECTION 8.

INCOME TAXES

The parties shall file separately for the year and each year thereafter.

Husband Wife shall be allowed/not allowed to claim the alimony paid hereunder as a deduction for income tax purposes.

SECTION 9.

ADDITIONAL OR FURTHER DOCUMENTS; COOPERATION

Each party agrees that he or she will sign and execute any further or additional documents as may be necessary to put into effect the intended purposes hereof.

Additional documents required include, but are not limited to the following:

i)

ii)

iii)

iv)

SECTION 10.

DIVORCE

It is agreed and understood that this Agreement finally settles all rights of the parties and the property jointly or individually owned by the parties, and that this Agreement shall be incorporated into judgment of the Family Court of the Judicial Circuit, County, South Carolina, Cause Number .

SECTION 11.

MODIFICATION

This Agreement shall stop and preclude either party from making other or further demands and claims upon the other, not included herein, except that such legal action may be taken by either party as is necessary to enforce or modify the terms and provisions hereof, except that the Property Settlement provision shall not be subject to modification.

SECTION 12.

ABSENCE OF DURESS OR UNDUE INFLUENCE

The parties agree and state that each has freely and voluntarily entered into this Agreement.

SECTION 13.

RELEASE, WAIVER, BINDING EFFECT, AND ESTATES

Except as otherwise provided for in this Agreement, each party shall be divested of and each party waives, renounces and gives up all right, title and interest in and to the property awarded to the other.

SECTION 14.

ENFORCEMENT

This Agreement may be enforced by actions and proceedings for Contempt of Court, or attachment and garnishment, for specific performance, or any other remedy legally available to either Husband or Wife.

SECTION 15.

BANKRUPTCY

To the extent of any obligation contained herein is discharged in bankruptcy and the non-bankrupt party is held liable for said debt, the non-bankrupt party shall have the right to petition a court of competent jurisdiction for spousal support.

SECTION 16.

ENTIRE AGREEMENT

This Agreement constitutes the entire Agreement between the parties and each party acknowledges that there are no further Agreements not expressly included herein.

SECTION 17.

FULLY READ AND UNDERSTAND; INFORMED CONSENT

Each party represents and acknowledges that he or she has fully read this Agreement and signed and executed same after such consultation.

SECTION 18.

SEVERABILITY

If any portion of the Agreement shall be held to be void, voidable or unenforceable for any reason, then all the remaining parts or portions shall be construed as if such void, voidable or unenforceable portion did not appear herein.

SECTION 19.

CONTROLLING LAW

This Agreement shall be governed, enforced and interpreted according to the laws of the State of South Carolina.

SECTION 20.

EFFECTIVE DATE; HEIRS AND ASSIGNS

This Agreement shall be binding upon the parties and their legal representatives, successor, heirs and assigns, subject only to approval by the Court in which divorce proceedings are instituted or pending.