Settlement Arangement for Dissolution of Marriage of Steven and Kathleen Miller - Assignment Example

Contract Drafting SETTLEMENT ARANGEMENT FOR DISSOLUTION OF MARRIAGE OF STEVEN AND KATHLEEN MILLER This agreement covers the issues of dissolution of marriage and deals with the rights and obligations of wife and husband. The parties want to settle by finding amicable solutions to their affairs that include; custody and visitation rights of their minor children, division of their joint and separate property, and any other claims or demands they might have against each other as a result of their marriage. Either party has fully disclosed the amount of their estate, income and financial projections and has been fully briefed of the estate, income and financial prospects of the other, as evidenced in the sworn financial statements provided as exhibits to this agreement. Either party has been properly represented in the grounding of this agreement by autonomous counsel and each, has been fully advised on their respective rights by such counsel therefore considering the terms of this agreement as fair and reasonable. The parties therefore agree to terminate the marriage in an action before court that has docket number........................ The parties agree to the following: 1. Custody, Visitation Rights, Visitation Schedule The Wife shall have sole custody of the two minor children of the parties. A. The children to be in control of the visitation schedule, freely moving between the two homes and the Husband shall have the right to visit the children as follows: (1) Two weekends a month. [The weekend begins Friday at 5.00p.m. continues until Sunday at 5.00p.m. If the weekend is a three- day weekend, then the husband shall have visitation rights for the full extra day (either Friday, beginning at 9.00 a.m. or Monday until 5.00 p.m.)] (2) Every school holiday. (3) Other times as the parties may agree. B. The Husband’s visitation rights shall be vital to any plans the wife may make that might violate on such rights, except the scheduling of activities for the children like attending friends’ birthday parties of participation in extra curriculum activities provided the husband is given at least 7 days notice of such activities and he is further provided with the choice of incorporating such activities into his visitation schedule. 2. Child support The Husband shall pay to the Wife for the support of each child of the parties, the sum of $300 per month until the two children reach their 18th birthday. He is willing to consider a formula to increase this amount to reflect increases in the cost of living. The Husband will pay the Wife a lump sum of $ 75,000 over a period of three years Child support payments may cease with regard to any individual child upon the happening of the first of the following events: (1) The child’s death; (2) The child’s marriage; (3) The child’s entry into the armed forces of the U.S. (4) The child’s 18th birthday, unless the child is still in high school, in which case payments shall be made until the child completes 12th grade. (5) Judicial recognition of the child’s emancipation 3. College Education Expenses The Husband and the Wife agree to share the children’s college education expenses. They will be responsible for up to four years of college unless the child is prevented from attending for any sensible reason. Since the Husband earns more, he will pay more towards the children’s college education. 4. Property Settlement The Wife to live with the children in the parties’ joint house until Sarah graduates from high school, after which they shall sell the house and split the proceeds. The Husband to contribute more towards major repairs as the Wife takes responsibility for minor problems. The Husband to pay real estate taxes as the wife pays the mortgage. 5. Medical Insurance for the Children The Husband currently has medical and dental insurance coverage for the minor children. He shall continue to provide for each of them until either reaches the age of 22 years. All claims shall be submitted to the insurer for payments in accordance with the requirements of the plan. The Husband will provide the Wife with the relevant forms for submission to health care provider and will arrange for her to be approved as a signatory on the claim forma so that she can deal directly with the insurer. The parties will divide the costs of uninsured medical and dental care for the children with the husband paying more because of high level of income. The Husband will make such payments within 7 calendar days upon receipt by him of the proof that such payment is due. 6. Life Insurance The Husband shall provide the children with life insurance on himself and health insurance until they attain the age of 22 years. The husband shall pay premiums on this policy and keep it in force until his death. 7. Personal and Real Property Division The parties make the following deposition and settlement with respect to their marital property: (1) All furniture, furnishings, house hold goods and appliances, fixtures and appurtenances, books and works of art, and other items of personal property located in their former marital residence shall constitute the sole and separate property of the Wife. (2) In the future, except as otherwise provided, each of the parties shall own, have, and enjoy, independently of any claim or right of the other party, all items of tangible personal property , now or in the future belonging to him or her as if she or he were unmarried. 8. Occupation of the House The parties acknowledge that they are joint owner of the real property on ........................... they also agree that the Wife shall have exclusive occupancy of the residence until Sarah graduates from high school or until the following events occur: 1. The wife remarries; 2. The wife cohabits with an unrelated adult male; 3. The wife permanently ceases to reside in the residence; 4. The youngest child becomes emancipated; 5. The Wife chooses to sell the residence; 9. Maintenance of the House The Husband to contribute more towards major repairs that include repair or replacement of existing major appliances , heating system, air conditioning , plumbing and electrical system as well as sanitary and sewage systems. The Wife takes responsibility for minor problems and maintenance costs that include relevant insurance, normal gardening and repairs. The Husband to pay real estate taxes as the wife pays the mortgage. 10. Sale of the House On the occurrence of any of the above stated events, the property shall be placed under sale. Both parties shall cooperate and make effort to get the highest price possible in the market. They shall agree in a prior writing on the minimum gross selling price and the brokerage commission to be incurred during the sale. If the parties fail to agree on the minimum selling price, then a real estate appraiser designated by the parties shall independently fix the price. The determination by the appraiser shall be binding and cost of appraisal shall be shared equally by the parties. The Husband and Wife agree that they will split the net proceeds from the sale 11. Failure of Wife to make prompt Mortgage payments In the event of failure by the Wife to make prompt payments of mortgage instalments and insurance premiums, the Husband shall have the right to make the payments on five days’ notice to the wife and seek immediate reimbursement from her. The parties shall split the allowable Federal and state tax deductions for the mortgage interests and real property taxes relating to the marital home (Sherman, Edward & Yeamans, p 28). 12. Income Taxes The Husband and Wife agree to file separate income tax returns for the year in which the dissolution of the marriage takes place and thereafter. 13. Arbitration Any claim or controversy arising from this settlement agreement including (1) a problem on the payment on non-payment of maintenance or other items, (2) custody of the minor children of the parties including any modifications; or (4) any other terms or conditions of agreement shall be settled in line with the rules and the American Arbitration association. No modification, rescission, termination or amendment of this accord shall be legitimate, unless in writing and completed with the same procedure as this agreement. Of parties cannot agree on the terms of modifications, either party can request for arbitration. 14. Remedies for Breach If either party fails in the actualization of his or her duty under this agreement, the aggrieved party shall have the right to pursue the remedies that are available, an action of damages resulting from the breach, or specific performance as stated in the statute. 15. Law applicable The validity, effect, and operation of this agreement shall be determined according to the law of the State of California. 16. Mutual Drafting This agreement was drafted cooperatively by the parties’ counsels in consultation with the parties. Neither party shall be entitled to the claim the benefit of any ambiguity resulting from the drafting therein The Husband to contribute more towards major repairs as the Wife takes responsibility for minor problems. The Husband to pay real estate taxes as the wife pays the mortgage. 17. Partial Invalidity; Severability The Agreement shall not be invalid as a whole because any or more of its provisions is or are hereafter declared illegal. Work Cited Sherman, Charles Edward, and Robin Yeamans. How to do your own contested divorce in California: a guide for petitioners and respondents. 2nd ed. Soquel, CA: Nolo Press Occidental, 2000. Print. Read More