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Our own property division agreement, both of us decided each

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Our own property division agreement, both of us decided each to keep our own houses, cars, savings, retirement plan and anything in each house. We will do title transferred for cars and houses. The house will be refinanced under each other's name. We also want to make a note on the agreement that after divorce, each spouse will not be responsible for the any debts owed by the other spouse. How to put this terms in a formal agreement? Thanks.
Submitted: 1 year ago.
Category: Family Law
Expert:  LADY LAWYER replied 1 year ago.

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Expert:  LADY LAWYER replied 1 year ago.
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Expert:  LADY LAWYER replied 1 year ago.
I had to change the format so I could provide you with an example of a marital settlement agreement from PA.

Below I have provided a marital settlement agreement that may accompany the No-Fault Divorce form for use within the Commonwealth of Pennsylvania. This agreement is intended to help divorcing parties formalize an allocation of their property and finances. Most courts will require a marital settlement agreement filed in conjunction with a COMPLAINT FOR DIVORCE within the Commonwealth of Pennsylvania. You will need to fully fill it out and insert what you told me in your facts in the appropriate spaces.


Marital Settlement Agreement (No Children)

MARITAL SETTLEMENT AGREEMENT

AGREEMENT made on this ____________ day of ___________________, 20_____, by and between _____________________________________ (hereinafter referred to as "Wife"), who resides at ______________________________________________________________ [insert full residential address of Wife] and _____________________________________ (hereinafter referred to as "Husband"), who resides at ______________________________________________________________ [insert full residential address of Husband].

WHEREAS, we were married on the ___________ day of _____________________, _______, in _________________________, State of _________________________, and we now mutually desire to dissolve our marriage and mutually agree to live permanently separate and apart from each other, as if we were single;

WHEREAS, we each have exercised good faith and have made fair, accurate, and complete disclosure to each other regarding all financial and property matters pertaining to this marital settlement agreement;

WHEREAS, we mutually desire to settle by agreement all matters regarding our marital affairs, personal and real property, and finances;

WHEREAS, we mutually intend this agreement to be a final disposition regarding the marital issues addressed herein and intend that this agreement be incorporated into any subsequent DECREE OF DIVORCE.

THEREFORE, in exchange for the mutual promises herein contained, we agree to live separately and to divide our property and finances according to the following mutually agreed upon terms and conditions:

1. REAL ESTATE
A. RESIDENCE

Husband shall reside at _________________________________________________ ____________________________________________________________________.

Wife shall reside at_____________________________________________________ ____________________________________________________________________.

B. HOMESTEAD

Husband and Wife own the following real property as their family residence, located at ____________________________________________________________________
____________________________________________________________________.

Husband and Wife agree that ____________________________ shall continue to reside at the above mentioned family residence.

Rights, responsibilities and expenses regarding the above mentioned family residence shall be distributed as follows:

1) Title:
Husband shall have the following rights of title and ownership in the family residence: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

Wife shall have the following rights of title and ownership in the family residence:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

2) Expenses, Mortgage and Maintenance:
Husband shall be responsible for and pay the following expenses regarding the family residence:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

Wife shall be responsible for and pay the following expenses regarding the family residence:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

C. OTHER REAL ESTATE

Husband and Wife jointly own the following other real estate to be divided as follows:

1) To Husband: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

2) To Wife:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

2. PERSONAL PROPERTY
A. HOUSEHOLD GOODS
Husband and Wife jointly own the following household goods to be divided as follows:

1) To Husband: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

2) To Wife: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

B. AUTOMOBILES
Husband and Wife jointly own the following automobiles to be divided as follows:

1) To Husband: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

2) To Wife: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________


C. OTHER PERSONAL PROPERTY
Husband and Wife own the following other personal property to be divided as follows:

1) To Husband: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

2) To Wife: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________


3. BANK ACCOUNTS
Husband and Wife jointly hold the following bank accounts:
________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

The above mentioned accounts shall be divided as follows:

1) To Husband: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________



2) To Wife: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

4. DEBTS
Husband and Wife jointly hold the following debts outstanding:

________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

________________________________________ (Account Number)
________________________________________ (Account Balance)

________________________________________
________________________________________
________________________________________
________________________________________
(Name and Address of Institution)

The above mentioned debts shall be divided as follows:

1) Husband agrees to pay and assume all responsibility for the following debts: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________



2) Wife agrees to pay and assume all responsibility for the following debts: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

Husband and Wife agree that from the date of this agreement, neither shall assume any joint debt or liability. Husband and Wife agree that each shall be individually responsible for all debts that he or she acquires subsequent to the date of this agreement.

5. TAX LIABILITY
Husband and Wife agree that any joint tax liability shall be assumed as follows:

1) By Husband: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

2) By Wife: _____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

6. LIFE INSURANCE

A. Husband owns the following life insurance policies naming Wife as beneficiary:

___________________________________ (Policy Number)
___________________________________ (Policy Amount)

___________________________________
___________________________________
___________________________________
___________________________________
(Name and Address of Institution)


___________________________________ (Policy Number)
___________________________________ (Policy Amount)

___________________________________
___________________________________
___________________________________
___________________________________
(Name and Address of Institution)

___________________________________ (Policy Number)
___________________________________ (Policy Amount)

___________________________________
___________________________________
___________________________________
___________________________________
(Name and Address of Institution)

Husband agrees that Wife [check one:] _________shall, or _________shall not remain the beneficiary of the following life insurance policies:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

B. Wife owns the following life insurance policies naming Husband as beneficiary:

___________________________________ (Policy Number)
___________________________________ (Policy Amount)

___________________________________
___________________________________
___________________________________
___________________________________
(Name and Address of Institution)


___________________________________ (Policy Number)
___________________________________ (Policy Amount)

___________________________________
___________________________________
___________________________________
___________________________________
(Name and Address of Institution)

___________________________________ (Policy Number)
___________________________________ (Policy Amount)

___________________________________
___________________________________
___________________________________
___________________________________
(Name and Address of Institution)

Wife agrees that Husband [check one:] _________shall, or _________shall not remain the beneficiary of the following life insurance policies:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

7. HEALTH INSURANCE
Husband and Wife agree as follows in relation to their respective health care coverage:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

8. SPOUSAL SUPPORT
A. Husband shall pay to Wife spousal support in the sum of _____________________________ dollars ($______), _________________________ [specify "weekly" or "monthly"], beginning on the ____________ day of __________________, 20 ____. Husband shall continue to pay this sum for a period of ________________________, subject to the following mutually agreed upon conditions:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

B. Wife shall pay to Husband spousal support in the sum of _____________________________ dollars ($______), _________________________ [specify "weekly" or "monthly"], beginning on the ____________ day of __________________, 20 ____. Wife shall continue to pay this sum for a period of ________________________, subject to the following mutually agreed upon conditions:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

9. LEGAL NAME
Husband and Wife agree that upon final divorce or dissolution of the marriage, Wife shall have the right to retain her married name or shall also have the right to return to her maiden or former name: _________________________________ [insert Wife's maiden name].

10. FINAL AGREEMENT
This agreement sets forth the entire agreement and understanding between the Husband and Wife relating to the settlement of martial property and finances and supersedes all prior discussions between us. No modification of or amendment to this agreement, nor any waiver of any rights under this agreement, will be effective unless in writing signed by the party to be charged.

11. ACKNOWLEDGEMENT
Husband and Wife acknowledge that each has entered into this agreement in good faith, without any duress or undue influence. Each understands his or her right to seek independent counsel regarding this agreement, and each has had the opportunity to seek independent counsel prior to signing this agreement.

12. CHOICE OF LAW
Husband and Wife agree that this agreement shall be governed and construed in accordance with the laws of the Commonwealth of Pennsylvania.

Signed and dated this __________ day of _______________________, 20_____.



________________________________ ________________________________
Wife Husband



________________________________ ________________________________
Witness #1 for Wife Witness #1 for Husband



________________________________ ________________________________
Witness #2 for Wife Witness #2 for Husband
CERTIFICATE OF ACKNOWLEDGMENT OF NOTARY PUBLIC

COMMONWEALTH OF PENNSYLVANIA
COUNTY OF ________________

This document was acknowledged before me on _______________ [Date] by ________________________________________________ [name of principal].


[Notary Seal, if any]:

_______________________________
(Signature of Notarial Officer)

Notary Public for the Commonwealth of Pennsylvania

My commission expires: ___________________
LADY LAWYER, Family Law Attorney
Category: Family Law
Satisfied Customers: 6531
Experience: Family Law Attorney
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