Divorce Settlement Agreement
Definition - What does Divorce Settlement Agreement mean?
A divorce settlement agreement is a final legal agreement between a husband and wife that documents the terms of their divorce. When the judge presiding over the divorce approves the agreement as fair and equitable to both spouses, it is incorporated into a binding court order, called a divorce decree, that formally dissolves the marriage.
Justipedia explains Divorce Settlement Agreement
When a husband and wife decide to get a divorce, there are various issues that need to be addressed before the marriage is dissolved. These include property distribution, child custody, and spousal support. A formal agreement, detailing all of these issues and their reached solutions, must be made between the spouses. This is the divorce settlement agreement. In an uncontested divorce, the husband and wife mutually decide on the terms of agreement. In a contested divorce, the lawyers from both sides negotiate and draft the agreement. Depending on the jurisdiction, this agreement is presented to the judge, who evaluates the agreement to determine whether it is fair and equitable to each spouse. If found fair, the judge formally dissolves the marriage by issuing a divorce decree.