Settlement agreement in court on division of property

Settlement agreement in court on division of property

A settlement agreement is a court decision made on the basis of an agreement that the spouses managed to reach as a result of the divorce process. Such a document has full legal force and can serve as a full-fledged basis for applying to the bailiffs if one of the parties is in no hurry to fulfill the established conditions for the division of property.

If the case has reached the court, then a peaceful resolution of the issue is the last chance to shorten the process to a few days (that is how much time it takes to draw up a draft agreement), as opposed to several months of disputes and proceedings when an agreement could not be reached.

A settlement agreement is a compromise reached by a divorce, and not a satisfaction of the claims made by the plaintiff (the initiator of the divorce).

Terms and conditions for concluding a property division agreement

Decisions to enter into a settlement agreement on the distribution of the property of the divorcing party may be made at any stage of the divorce process. This usually occurs after the judge has reviewed the petitions received and explained to the parties their rights.

The acceptance of an agreement usually takes place in 2 stages.

• Stage 1. The spouses, either independently or with the help of a specialist (the best option), draw up the text of the transaction. If one party did this, it must pass the document to the other party so that they can read the text and make amendments if necessary.
• Stage 2. The drawn up settlement agreement is handed over to the court at the hearing for review, and the one who is concerned about its acceptance divorces. It can be stitched or presented as separate sheets. In the latter case, each of them should be signed, and at the end, a legible transcript of the signature should be given.

The judge then reviews the contract. If he finds drafting errors or decides that the document is contrary to the interests of either party, the agreement will need to be revised in that part.

If there are no remaining violations, the court will approve the settlement agreement and issue a decision to terminate the proceedings.

Differences between a settlement agreement and an agreement on the division of marital property

The main difference is that the property division agreement is drawn up and signed by the spouses before the divorce proceedings begin.

A settlement agreement is the result of what the parties have already agreed upon in the course of the trial. It has full legal force, while a voluntary agreement is only significant in the course of the trial.

Contents of the settlement agreement on the division of property between spouses

According to the Family Code of Ukraine, during the distribution of property, equal shares are initially provided for, but by mutual consent, the spouses can deviate from it. In this case, it is necessary to prescribe the size of the shares and indicate which values ​​\u200b\u200bwill go to whom after the divorce.

The settlement agreement does not provide for the definition of conditions for third parties. For example, when dividing a mortgage, spouses will not be able to decide on the distribution of credit obligations between themselves without the bank’s consent.

If monetary compensation is expected to be paid to one party, the document must indicate:

• amount of compensation;
• payment period;
• payment method

Moreover, the agreement can also define guarantees for the fulfillment of conditions. For example, one ex-husband gets a car, for which he must pay the other party compensation after the divorce is finalized. If the ex-husband delays the payment, he may be fined.

Settlement agreement on division of property of spouses: conclusions

A settlement agreement is a compromise that the divorcing parties have reached after the divorce proceedings have begun. The agreement specifies what property the parties will receive, as well as guarantees for the fulfillment of the specified obligations.

The document is drawn up and signed by both parties, after which it is submitted to the judge for review. If no errors are found, the agreement is accepted, and the court issues a decision to end the divorce process. Otherwise, the transaction is returned for correction.