Uncontested Divorce Agreement

Divorcing partners of an uncontested divorce must ensure that they completely agree regarding all the vital issues. If any point is not explicitly stated in the agreement and documented by the court, then it cannot be enforced as it is not legally binding. The main issues that must be discussed for an agreement are as follows.

• Property Division.
  • Household items.
  • Automobiles.
  • Annuities.
  • Mutual funds.
  • Stocks.
  • Bank accounts.
  • Retirement benefits.
  • Residences.
• Debts.
• Life Insurance.
• Medical Insurance.
• Spousal Support.
• Child Support.
• Visitation.
• Child Custody.

After reaching an agreement regarding all these issues, the divorcing couple should prepare a settlement.

Discussion regarding Income for Uncontested Divorce Agreement

The initial step for computing the precise support amounts is to calculate the earned and unearned income of the divorcing partners. For this it is essential to exchange and review the following basic financial documents.

• Statements pertaining to commissions, deferred compensation and stock options.
• Pay stubs and 1099s.
• W2 forms.
• Tax returns.

Discussion regarding Assets and Liabilities for Uncontested Divorce Agreement

• Make a roster of the real estate property. Assume that the property is to be sold today and determine its value in the market. From this value, any outstanding loans must be subtracted. This figure is the approximate equity in the house.
• Find the latest balances of the following.
  • Savings and Checking accounts.
  • Deferred compensation plans.
  • SEP accounts.
  • 403Bs.
  • 401Ks.
  • IRAs.
  • Bonds.
  • Stocks.
  • CDs.
  • Money market accounts.
  • Any other accounts.
• Determine the latest figures of the following.
  • Any loans taken against any account.
  • Transfer of money.
  • Liquidations.
  • Large withdrawals.
• Procure the latest pension statement, in order to find out the projected monthly payments and total benefit amount on the date of distribution.
• Determine the Blue Book value of vehicles in their present condition. It is advisable to use www.kbb.com (Kelly Blue Book) or www.edmunds.com (Edmunds) to decide the values. From the sum of these values, any loans on the vehicles must be subtracted in order to compute the approximate equity.
• Prepare a roster of the following.
  • Artwork, train, stamp and coin collections.
  • Furnishings and household items.
  • Furniture.
• Find out the current status of the following.
  • Outstanding debts and obligations, inclusive of the following.
    • All secured personal loans, inclusive of those with friends and family.
    • Hospital bills.
    • Credit card balances that have not been paid.
    • Student loans.

Importance of a Wish List

After the divorcing partners have discussed all of the above, each of them should develop a wish list. The items that each one desires to maintain are mentioned in this list. This is a very efficient technique to narrow down the dispute between the partners.

The Wish List should be developed smartly. In order to finalize a workable settlement agreement, one should have an equitable and reasonable outlook.

Divorce Papers