When a couple decides to end their marriage, they have two options: dissolution or legal separation. Both options require the couple to have a dissolution/legal separation agreement (Form JD-FM-172) which outlines the terms of the division of property and debts, child custody, child support, and spousal support.
A dissolution agreement is the termination of a marriage and results in a complete and final divorce. A legal separation agreement does not dissolve the marriage but allows for a separation of property and debts, custody and visitation of minor children, and spousal support without actually terminating the marriage.
The dissolution/legal separation agreement (Form JD-FM-172) is a crucial document for a couple to have because it serves as a written agreement that establishes the terms and conditions of the separation. This document is legally binding, and both parties are required to abide by the terms set forth in it. It is important to note that the dissolution/legal separation agreement supersedes any verbal agreements made by the parties.
The dissolution/legal separation agreement should be drafted with the assistance of an attorney to ensure that all legal requirements are met, and all provisions are fair and equitable. The agreement must be signed by both parties in the presence of a notary public to make it legally enforceable.
The dissolution/legal separation agreement should include the following:
1. Division of Property and Debts: The agreement should clearly state how the property and debts will be divided between the parties. This includes any real estate, bank accounts, retirement accounts, personal property, and debts.
2. Child Custody and Visitation: If there are minor children involved, the agreement should establish custody and visitation rights.
3. Child Support: The agreement should specify the amount of child support that will be paid, by whom, and how often.
4. Spousal Support: The agreement should outline whether spousal support will be paid, the amount, and how often.
5. Attorney Fees: The agreement should identify which party will be responsible for attorney fees.
In conclusion, a dissolution/legal separation agreement (Form JD-FM-172) is essential for couples who are ending their marriage. It serves as a legally binding document that outlines the terms of the separation, division of property and debts, child custody and visitation, child support, and spousal support. It is recommended that an attorney assist in drafting the agreement to ensure that all legal requirements are met, and all provisions are fair and equitable.