FIVE MORE SUGGESTIONS FOR PROPERTY SETTLEMENT AGREEMENTS

June 21, 2011 § 3 Comments

  • Sometimes the parties want the property settlement part of the PSA to be a final, binding contract regardless whether there is any contest.  If you don’t include that provision unequivocally stated, the law is clear that the court can not enforce the contract piecemeal.
  • If a payment is to be made, such as child support, specify the first payment date and the regular monthly date for payment.
  • If something is to be done, specify the date by which it is to be done.  In the alternative, include a stock provision in all your PSA’s to the effect that “If no specific date is stated by which an action in this Agreement is to be accomplished then it shall be done and completed not later than thirty days from the date of this agreement.
  • If something is to be done, specify whose responsibility it is to do it.  For instance, the provision that “All child support payments due hereunder shall be made pursuant to the Bank Plan,” was held by Judge Mason not to be clear enough that it was the payor’s responsibility to enroll in and make payments under the plan where he had been unrepresented in the divorce.  Better to say something like “Husband shall be solely responsible to do all acts and things necessary to enroll in and make all child support payments due on and after August 11, 2011, through the Bank Payment Plan.”
  • Section 71(b)(1)(B) of the Internal Revenue Code allows the parties to agree that alimony will be neither taxable nor deductible.

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