Virginia Marital Separation and Property Settlement Agreement

MARITAL SEPARATION AND PROPERTY SETTLEMENT AGREEMENT WITH NO DEPENDENT OR MINOR CHILD(REN)

VIRGINIA

IN THE COURT OF COUNTY

In Re the Marriage of:

NO.

v.

MARITAL SEPARATION AND PROPERTY SETTLEMENT AGREEMENT

WITH NO DEPENDENT OR MINOR 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 VIRGINIA

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;

WHEREAS, irreconcilable differences have arisen in the marriage of the parties which have resulted in the parties living apart and there is no chance of staying together. 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 Court of County, Virginia, 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, and each may conduct, carry on and engage in any employment, business or trade which each shall seem advisable for their sole and separate use and benefit, without, and free from any control, restraint or interference by the other party in all respects as if each were 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.

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: occupied by Husband Wife; titled in the name of Husband Wife.

Mortgage payments shall be paid by Wife Husband until .

Utilities and upkeep expenses shall be paid by Wife Husband until .

Taxes, insurance and assessments shall be paid by Wife Husband until .

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:

Total Debts to Be Paid by Wife $

C. Husband shall pay as his own the following:

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 on or after the date of execution 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 in the amount of $ every week other week month 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 that each shall indemnify and hold harmless the other for the payment of debts and other liabilities as stated in this Agreement.

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 alimony paid hereunder as a deduction for income tax purposes.

SECTION 9.

ADDITIONAL OR FURTHER DOCUMENTS; COOPERATION

Additional documents required include, but are not limited to:

i)

ii)

iii)

iv)

SECTION 10.

DIVORCE

This Agreement shall be incorporated into judgment of the Court of County, Virginia, 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.

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

The parties waive, renounce and give 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, attachment and garnishment, specific performance, or any other remedy legally available.

SECTION 15.

BANKRUPTCY

To the extent any obligation is discharged in bankruptcy, the non-bankrupt party shall have the right to petition for spousal support in an amount sufficient to cover any amounts so discharged.

SECTION 16.

ENTIRE AGREEMENT

This Agreement constitutes the entire Agreement between the parties.

SECTION 17.

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 18.

SEVERABILITY

If any portion of the Agreement shall be held to be void, voidable or unenforceable, then all remaining parts shall be construed as if such 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 Virginia.

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.