Settlement Agreement

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

INSTRUCTIONS

When should this form be used?

This form should be used when the parties desire to enter into a Separation Agreement to be effective immediately. This form is for married persons with adult children with joint property or debts. This form is a multi-state form and should be modified for your State.

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 as a contract between the parties regardless of whether a divorce action is filed. Certain conduct may invalidate the agreement such as cohabitation and sexual relations with each other after signing the agreement. If a divorce action is filed, the Court may or may not be bound by all provisions contained in the agreement. For example, Courts generally have the final say about child custody, child support, alimony and other like matters.

STATE OF

COUNTY OF

WHEREAS, (full legal name), hereinafter referred to as "Wife", and (full legal name), 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;

Husband Initials: Wife Initials:

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:

ASSETS: DESCRIPTION OF ITEM(S) WIFE SHALL RECEIVE

Total Assets to Wife $

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

ASSETS: DESCRIPTION OF ITEM(S) HUSBAND SHALL RECEIVE

Total Assets to Husband $

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.

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 , excepting those items already removed by the Wife, or to be removed, with the Husband’s permission, except as listed and provided above.

Husband agrees that the Wife shall retain all of the household furnishings and effects presently located on the premises at , excepting those items already removed by the Husband, or to be removed, with the Wife's permission, and except listed and provided above.

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

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

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

I. Additional Provisions or explanations:

SECTION 4.

DEBTS, LIABILITIES AND EXPENSES

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:

Total Debts to Be Paid by Wife $

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

Total Debts to Be Paid by Husband $

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. In consideration of the provisions contained herein 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.

CHILD(REN)

All child(ren) are adults, self-supporting and emancipated and there is no need to agree on child custody or visitation.

SECTION 8.

MUTUAL INDEMNITY

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

SECTION 9.

INCOME TAXES

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

SECTION 10.

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.

SECTION 11.

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...

SECTION 12.

MODIFICATION

This Agreement shall estop and preclude either party from making other or further demands and claims upon the other, not included herein...

SECTION 13.

ABSENCE OF DURESS OR UNDUE INFLUENCE

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

SECTION 14.

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 15.

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 16.

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 17.

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 18.

FULLY READ AND UNDERSTAND; INFORMED CONSENT

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

SECTION 19.

SEVERABILITY

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

SECTION 20.

CONTROLLING LAW

This Agreement shall be governed according to the laws of the State of .

SECTION 21.

HEIRS AND ASSIGNS

This agreement shall be binding upon their legal representatives, successor, heirs and assigns.

EXECUTED AND AGREED ON THE DATES SET FORTH BELOW.

I certify that I have been open and honest in entering into this settlement agreement. I am satisfied with this agreement and intend to be bound by it.