IN THE CIRCUIT COURT FOR
                       COUNTY,                       (STATE)

                                             PROPERTY SETTLEMENT AGREEMENT
Petitioner,
vs. COURT FILE NO.:                      
                                            
Respondent.

          WHEREAS, this is an action for dissolution of marriage, and the parties want to settle all matters arising out of their marriage; and
          WHEREAS, the parties entered into the Property Settlement Agreement in good faith and after full disclosure. Each party has relied on the other party having fully disclosed all of his or her assets, both real and personal; all debts and liabilities; and all income.
          Now therefore it is hereby stipulated and agreed between the parties as follows:

  1. Neither party was in the military service of the United States at the time of service of the Summons and Petition, and neither is now in the military service.

  2. Defendant hereby waives his right to interpose an Answer and Counter-Petition in this action, and the Petitioner shall proceed with his/her Petition as if on default. It is agreed that the terms of this Property Settlement Agreement shall be incorporated into any final decree of dissolution.

  3. CUSTODY. The parties are awarded custody of the minor children as follows:

  4. VISITATION. Defendant shall have the right of reasonable visitation with the minor children, to include the following:

  5. CHILD SUPPORT. Respondent shall pay to the Petitioner for support of the minor children the sum of $                 per month, payable in equal installments on the 1st and 15th of each month, commencing with the month of                 and continuing until the oldest child reaches the age of 19, or until the child's marriage, death, or emancipation. Respondent shall then pay educational support for the oldest child on the condition the child is a full-time student in college or vocational school, with respondents payment to be $                 per month, payable on or before the first of each month until the child is 21 or has graduated form college, or whichever comes first. At the time the oldest child turns 19, Respondent shall 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

 

 

then pay $                 per month for child support for the remaining minor child, payable in equal installments on the 1st and 15th of each month and continuing until the last minor child turns 19 or until the childís marriage, death, or emancipation. Respondent shall then pay educational support for the last minor child by payment of $                 per month on the condition the child is a full-time student in college or vocational school, and Respondentís payment shall continue until the child turns 21, or graduates from college or vocational school, whichever comes first.

  1. HEALTH INSURANCE FOR CHILDREN. Respondent shall provide health insurance coverage for the minor children as long as child support is payable. Medical and dental expenses not covered by insurance shall be divided equally between the parties.

  2. APPENDIX A. The attached Appendix A is incorporated by reference.

  3. DEPENDENCY EXEMPTION. The dependency exemptions for income tax purposes shall be allocated as follows:

  4. ALIMONY. Respondent shall pay to Petitioner $                per month for alimony, payable on or before the first of each month, commencing with the month of                            , and continuing for a period of                      . Alimony shall then terminate, and the parties shall have no further claim to maintenance from one another. (alternate: Alimony shall then be reserved for further determination by the Court.)
    (alternate) ALIMONY. Neither party shall pay alimony to the other party. Each party waives any claim to alimony from the other. This waiver is final and is an absolute bar to any future claim to alimony by either party regardless of any change in the circumstances of either party. The court is divested from having any future jurisdiction whatsoever to award temporary or permanent alimony to either of the parties.

  5. HEALTH INSURANCE FOR PARTIES. Neither party shall provide health insurance coverage for the other. However, both parties shall be eligible for continuation or conversion coverage pursuant to state law or the Federal COBRA law.

  6. LIFE INSURANCE. Respondent shall maintain life insurance on his life in the amount of $                  with Petitioner as beneficiary for so long as he is obligated to pay child support.

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

 

 
  1. PERSONAL PROPERTY TO PETITIONER. Petitioner is awarded all right, title, interest and equity free and clear of any claim on the part of Respondent in and to the following property:

    1.                                     , subject to the obligation to pay the encumbrance against it.

    2. Household goods, furniture and all other personal property in Petitioner's possession.

    3. Any pension plan, profit sharing plan, or other retirement benefits which Petitioner has earned or accrued.

    4. All savings accounts, checking accounts or certificates of deposit in Petitioner's name or under (his/her) control.

  2. PERSONAL PROPERTY TO RESPONDENT. Respondent is awarded all right, title, interest and equity free and clear of any claim on the part of Petitioner in and to the following personal property:

    1.                                     , subject to the obligation to pay any encumbrance against it.

    2. Household goods, furniture and all other personal property in Respondent's possession.

    3. Any pension plan, profit sharing plan, or other retirement benefits which Petitioner has earned or accrued.

    4. All savings accounts, checking accounts or certificates of deposit in Respondent's name or under (his/her) control.

  3. HOMESTEAD. The Petitioner is awarded the Respondent's entire right, title, interest and equity in and to the homestead of the parties located in                      County,                     , and legally described as:


    subject to a lien running in favor of the Respondent, interest free to the Petitioner, as set forth herein.
    The homestead shall be placed on the market for sale, at fair market value, or the Respondent's lien otherwise satisfied as set forth herein, within 60 days of the first of the following events:

    1. The Petitioner's remarriage;

    2. The Petitioner moving from the said homestead;

    3. The eighteenth birthday or graduation from high school, whichever comes later, of the last minor child of the parties residing in the homestead; or the death of Petitioner.

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

 

 

From the sale price shall be deducted the following:

  1. The balance then existing on encumbrances now of record;

  2. Financing costs related to the sale;

  3. Real estate broker's commission and other costs of sales.

The balance then remaining shall be distributed as follows:

  1. To the Petitioner a sum equal to the difference between the balance on the encumbrances of record as of the date of entry of the Decree, and the balances existing on the same encumbrances as of the date of sale;

  2. To the Petitioner reimbursement of costs incurred to get the homestead ready for sale;

  3. To the Petitioner payment of any arrearages of child support or alimony;

  4. The balance to be divided equally between the parties.

The Respondent shall execute a Quit Claim Deed and such other documents as may be necessary to transfer to the Petitioner his entire right, title, interest, and equity in and to said homestead, subject to his lien contained herein, within ten days of the entry of the Judgment and Decree. In the event he should fail or refuse to execute the Quit Claim Deed, a certified copy of this Judgment and Decree shall operate as conveyance of title to Petitioner.

  1. DEBTS. Petitioner and Respondent shall each assume and pay debts which have been individually incurred by him or her since their separation on                  . Each party shall indemnify the other from payment of debts which are his or her obligation.

  2. INCOME TAX RETURNS AND REFUNDS. The parties shall equally divide any income tax refunds from        . The parties shall file a joint tax return for         and equally divide any tax refunds for        .

  3. ATTORNEY FEES AND COSTS. Each party shall be responsible for his or her respective attorney fees and costs, except that Respondent shall pay $                towards Petitioner's attorney fees within 30 days after entry of the final Judgment and Decree.

  4. PROPERTY DIVISION-NO SALE OR EXCHANGE INTENDED. It is the express intention of this court that the division or disposition of marital property caused by or incident to the decree of dissolution is not a sale, exchange, transfer, or disposition of or dealing in property but is a division of common ownership by spouses in property for the purposes of the property laws of this state and for the

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

 

 

purposes of United States and state income tax laws.

  1. ENFORCEMENT EXPENSES. If either party defaults in the performance of any of the terms, provisions or obligations therein set forth, and it becomes necessary to institute legal proceedings to effectuate the performance of any provisions of said Agreement, then the party found to be in default is ordered to pay all expenses, including reasonable attorney fees, incurred in connection with such enforcement proceedings.

  2. RESTRAINING ORDERS. The parties and their agents and servants are hereby enjoined and restrained from doing, or attempting to do, any act of injuring, maltreating, vilifying or harassing the other party either in person or by telephone or by mail or by any other means.

  3. ATTORNEY/CLIENT RELATIONSHIP. Effective 91 days after entry of the Judgment and Decree, counsel will no longer be the attorneys of record for each party.

  4. OTHER DOCUMENTS. Each party shall execute any and all documents and transfers necessary to accomplish the purposes of the Property Settlement Agreement and the Final Judgment and Decree.

  5. EFFECTIVE DATE. The parties agree that the Property Settlement Agreement shall be effective upon the execution of said document by both parties. In the event that the parties do not sign the Agreement on the same date, the effective date shall be the date of the second signature.

  6. SERVICE. Service of the Final Judgment and Decree may be made upon Respondent by mailing a copy to him by U. S. Mail.

  7. NOTICE OF HEARING. This Agreement may be approved by the Court without further notice to the parties. Respondent waives any right to notice of the default hearing.

  8. Subject to the paragraphs in this Property Settlement Agreement, each of the parties in all other respects releases and fully discharges the other party from any liability, claims or obligations of any kind or character arising out of the marriage relationship or otherwise. This Termination Agreement shall be deemed to constitute a full, final and complete property settlement between the parties. Each party acknowledges receipt of a copy of this Property settlement Agreement.

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

 

 
 

Dated:                                        

                                        

Petitioner

 

Dated:                                        

                                        

(Attorney)

 

Attorney for                                 

Attorney I.D. #                     

Address                                                                                  

Phone Number                                 
Dated:                                                                                 
Attorney for Respondent

 

 

 

 

 

 

 

 

 

 

 

 

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

 

This is not a substitute for legal advice.  An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

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