MARITAL SETTLEMENT AGREEMENT CHECKLIST
Below is a basic outline of the provisions that we believe should be included in a marital settlement agreement. If you and your spouse are trying to negotiate between yourselves on the issues of your divorce, you should review and discuss these terms with your spouse. Using this checklist, you can help us to prepare a Marital Settlement Agreement that will best protect your interests and concerns. Bear in mind that some provisions may not apply to you, while there may be other issues not included on this list that should be decided in your case.
- Maintenance provision
a. Waiver of maintenance (spousal support)--this is non-modifiable (permanent) or b. Amount of maintenance--flat amount or modifiable according to some standard (i.e., income of payor or payee, Consumer Price Index for each year or flat percentage)
c. Tax consequences (ordinarily taxable to payee and deductible to payor, unless agreed otherwise)
d. Termination of maintenance based on death of either spouse, payee's remarriage (or payee's cohabitation?)
- Child custody
a. Joint legal custody-shareddecision-making for major choices in child's life (i.e., religion, non-emergency health care, private/public school, tutoring) or
b. Sole custody
c. Primary residence – in cases with joint custody, that parent who has primary residence of the children may have the right to relocate with the children and will be the recipient of child support, if any is due.
a. Parenting time for non-custodial parent (NCP)
b. “Liberal Visitation” - dates and times not specified. Parties will agree to dates and times for parenting time on an ongoing basis.
c. Specified dates/times for parenting time - (i.e., one-half Christmas and summer vacation, every other weekend during school year, plus half of each year's major holidays) - Child support by NCP
a. Cash amount of support per week, month, etc. (considering Kentucky Child Support Guidelines)
b. Medical insurance for child-who pays premiums?
c. Uninsured health and/or dental care expenses - How will this cost be divided? (Typical division is in proportion to parties’ income.) What is included? (i.e., eyeglasses, contact lenses, prescription drugs, orthodontia, psychological/psychiatric treatment, initial deductible amount for insurance) - Additional child-related terms
a. Annual modification of child support – exchange of financial information
b. Maintain life insurance for benefit of child (if NCP dies before child support obligation ceases)
c. Recalculation (or cessation if there are no other children) of child support when a child reaches the age of eighteen, graduation from high school, or emancipation (if earlier)
d. Exemption for each child for federal and/or state returns
e. College Expenses – Kentucky does not require the parents to pay for a child’s college education. You may nonetheless agree to take on this obligation and such an agreement, if incorporated into your divorce decree, is enforceable by the court. - Tax issues
a. Filing status of parties for any unfiled tax returns
b. Dependency exemption (see 4.d above)
c. Taxes due – who pays? Refunds – who receives? - Payment of debts-how much and by whom?
- Property division
a. Real property (land and buildings)
b. Tangible personal property – these items (except for motor vehicles) may be divided but not itemized in your agreement
i. Division of household furnishings
ii. Personal effects of each spouse
iii. Books, tools of a trade, business equipment
iv. Collections, jewels, china, silver
v. Cash
vi. Safety Deposit boxes
vii. Valuable memorabilia
viii. Motor vehicles (cars, boats, planes, motorcycles)
c. Intangible personal property
i. Stocks, stock options, bonds
ii. Individual Retirement Accounts (IRA's),Keogh Plans, vested pension rights and retirementplans
iii. Bank assets (checking and savings accounts, money market fund, certificates of deposit)
iv. Life insurance (whole-life, universal-life and other cash-value insurance)
v. Partnerships, business interests, tax shelters
vi. Accrued leave at work?
vii. "Frequent Flyer" points?
January, 2007
---------------------------------------------Diana L. Skaggs, is the President of the Kentucky Chapter of The American Academy of Matrimonial Lawyers. Practicing divorce law for more than twenty years, Diana was recognized by the Louisville Bar Association in 2006 as the family law practitioner of the year, for being on the forefront of new developments in the practice of family law, for her innovation in the field as well as her continued dedication to families, children and public service. To learn more about Kentucky Divorce Law and Diana L. Skaggs + Associates visit http://www.LouisvilleDivorce.com/legalfyi/.
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