Do You Need a Financial Agreement to Get Divorced

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May 14, 2022

For couples who have decided to end their marriage, one of the many questions that arise is whether they need a financial agreement to get divorced. The answer to this question depends on several factors, including the state where the divorce is taking place and the circumstances of the divorce.

In some states, a financial agreement, also referred to as a separation agreement or a property settlement agreement, is required for a divorce to be finalized. This legal document outlines how the couple will divide their assets, debts, and other financial obligations. It can also include provisions for spousal support, child support, and child custody arrangements.

Even in states where a financial agreement is not required, it is still recommended that couples create one. This can help ensure that both parties are clear on how their assets and debts will be divided and can prevent disputes over money from arising later on.

Creating a financial agreement can also provide a sense of closure and allow both parties to move on from the marriage with a clear understanding of their financial obligations. It can also be an opportunity for couples to negotiate and compromise on issues that may be important to them.

If a couple decides to create a financial agreement, it is important to hire an attorney to advise them. An attorney can help ensure that the agreement is fair and legally binding, and can also provide guidance on any legal issues that may arise during the divorce process.

In conclusion, while a financial agreement may not always be required to get divorced, it is a crucial tool for ensuring that both parties are clear on their financial obligations and can move on from the marriage with a sense of closure. Couples should consider hiring an attorney to help them create a legally binding and fair agreement that protects their interests.