You would indicate in the agreement that you are going to separate contemporaneously with the execution of the Agreement. Generally, that must be within thirty days of the execution of the Agreement.
You can classify this payment as a distributive award or in a paragraph regarding the division of the debt.
If he is going to make the distributive award payments to you over time you will need to reflect that in the agreement. In addition you may want to secure those payments by taking a lien on the former marital residence.
You can put a paragraph in your agreement stating that you will divide your personal property in another agreement and that you both reserve the right to litigate that issue if you cannot agree.
Helena M. Nevicosi
Attorney with Rosen Law Firm
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I have seen others mention this but I have a similar issue:
H and I are having an amicable separation. We have refi’d the house into his name only (on the note…deed is still joint). I will GWD the house upon signing of the separation agreement.
I am in the process of purchasing a new house. A contingency on the loan is that I need to have my separation paperwork in place to show the freedom to enter into the loan on my own without him (which could be resolved with a Free trader agreement if that was the only issue, but it’s not). We also need to have it reflect the post-separation support/alimony agreement we have entered into, which is minimal.
My first question is this: If I am not moving out until I close on the new house (or shortly thereafter, actually) how should the separation agreement be worded to show this? Because we cannot say that I have left the house upon the signing of the agreement if that is not going to be true, right?
Second question relates to debts: We have easily divided up or paid off any existing credit card debt. But there remains student loan debt that I have incurred in the last couple of years where the money has been used for our joint marital home, so he is liable for 50% of that amount (say I borrowed 10000 in student loans, school cost 2K, leaving 8K coming into the home, so he owes $4K). He is not able to provide me with a financial award in this amount right now, so we want to agree for him to pay this amount in installments, beginning at some point in the future (about the time alimony ends). Where and how should this be reflected in the separation agreement? Should this be under intangible property separation or the distribution award? I think it should be classified as a distribution award (but I also want to be sure I don’t incur any tax liability from it going in the wrong place.
along this same line…the refi of the house did not cover all of my half of the equity in the home, so some of the equity remains in the home, and some of it was eaten up in closing costs, which he needs to reimburse me for. How should this be included in the distribution award, since he will also not be able to pay all of this back right away.
Final Q: Personal property: once I do move out, our stuff is so disorganized that we are going to take our time divvying it up. I want to be sure the agreement reflects that the division of the personal property is still in flux, or that we have reached an agreement related to the division of the tangible personal property in the marital home. Right?