Separation and Property Settlement Agreements
Settlement of disputed issues is always preferable to litigation. At Gailor Hunt Jenkins Davis & Taylor PLLC, settlement is always fully explored as an alternative to litigation. If you and your spouse can agree to the terms of your separation and property division, then a separation and property settlement agreement may be for you.
Separation and property settlement agreements are legal contracts which may provide for the terms of your separation, child custody, child support, property division, responsibility for joint debts, alimony provisions and any other issues that you and your spouse may have arising out of your marriage.
In order to ensure the fairness of a separation and property settlement agreement, you should make certain that there has been a full and fair disclosure of all assets, debts, income and financial liabilities by both spouses. In addition, the division of assets requires that most assets be valued. The most typical assets that are valued by appraisers are real estate, business interests, tangible personal property and intangible assets such as retirement benefits.
In deciding what is appropriate amount for child support and/or spousal support, both parties should itemize their expenses based on, at least, the preceding 12 months average prior to the separation as well as current expenses. Tax consequences should always be considered before agreeing to a support arrangement. Very often, accountants are utilized to ensure that there are no unexpected tax consequences to the parties arising from their financial arrangements.
Gailor Hunt Jenkins Davis & Taylor PLLC can help you locate and value assets acquired during the marriage, and negotiate a fair settlement of care and custody of children, support and property division issues.