The purpose of a divorce is to obtain a marital settlement agreement, sometimes called a property settlement agreement. According to FindLaw, a property settlement agreement sets forth the rights and responsibilities of each of the parties in the future as they are living their lives apart from each other. There are many components to a property settlement agreement, some of which are particular to you and your spouse, and some of which are verbiage that is contained in every property settlement agreement.
The first and most important aspect of a property settlement agreement is, of course, the children. According to DivorceNet, the settlement stipulates who is going to have custody and who the children are going to live with. Of course, one component of custody and children is supporting them. So, how much child support is going to be paid, and how is that going to be determined?
The next issue that comes up is the health care of the children. Who is going to be responsible for maintaining health care? One big issue in New Jersey that is not an issue in many other states is college tuition. Divorced Parents in New Jersey are required to contribute towards the child’s education if the child is able to go to school and if the parent can afford it.
There are also assets that have been acquired during the marriage, and the parties must determine the division of the assets and, of course, the splitting of debts. These are all things that are placed into the property settlement agreement. It is very important to remember that the courts are very mindful of property settlement agreements and without a change in circumstances, they will enforce property settlement agreements.