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Do you and your spouse need a property settlement agreement?

Your family home has been the center of your life for decades. Now that it's time to get a divorce, though, you and your soon-to-be ex-spouse need to come to a decision about who gets what. You have also amassed a large number of other items -- including art, cars, furniture and investment accounts -- which you need to divide.

Fortunately, for couples who can negotiate with one another amicably, it's possible to reach an out of court property settlement agreement that covers the division of their entire marital estate.

What's a property settlement agreement?

Colorado state law provides clear guidelines for property division. If you and your spouse can work together, then you can follow these guidelines with the aid of your respective divorce lawyers to achieve a fair and lawful property division. Reaching an out-of-court settlement like this is highly beneficial from a time and cost-saving perspective.

Once you and your spouse have agreed to the terms of the division, your respective attorneys will draw out the agreement for you to sign. Next, you'll submit the agreement to the judge presiding over your divorce. The judge will check the agreement for equity. As long as the agreement is sufficiently fair, the judge will grant it.

Mediation can help you come to agreement on difficult matters

Couples who are struggling to agree on specific issues in their property settlement agreements may benefit from out-of-court mediation. A mediation involves both couples meeting with a neutral mediator who helps both sides of the marriage discuss their issues and disagreements in a peaceful and harmonious way.

Mediation is the preferred solution to resolving divorce-related disputes due to its speed and cost efficiency. Indeed, Colorado couples will want to avoid expensive, stressful and time-consuming court proceedings at all costs.

An attorney can help you with your property settlement agreement

As soon as you try to enter an out of court agreement, you are relying on your own sense of fairness and your own understanding of the law. For this reason, an experienced Colorado family law attorney can be vital to ensuring that you protect your legal rights throughout your property settlement agreement negotiations.

Source: Nov. 30, -0001

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