Every divorce has unique factors, but nearly all divorces involve issues concerning property division. Although division of assets is one of the biggest sources of disagreement in divorces, the vast majority of divorcing spouses are able to reach a compromise outside of court. In general, parties are more likely to be satisfied with their property division if they can achieve resolution through negotiation rather than by litigation, however there are instances where litigation is necessary. If the parties cannot reach an agreement then a judge will decide how to divide the assets. However, no one knows better than the individuals what are their financial needs are and how best to meet them, so it is prudent to see if an agreement can be reached before litigating. Here are some negotiation guidelines that can assist parties in achieving a property settlement without litigation.
If the parties are successful in using the aforementioned tools to reach resolution, the terms of this agreement should be memorialized in a written settlement agreement which is a binding contract by which each party must abide. It is important that the parties negotiate this agreement thoroughly and seriously because once it is done, for the most part, it cannot be reopened.
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