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FORM 61.
Separation Agreement for a Couple with No Children
AGREEMENT AND STIPULATION OF SETTLEMENT made this (date), by and between (name), residing at (address), (hereinafter referred to as the "Wife"), and (name), residing at (address), hereinafter referred to as the "Husband"). RECITALS: WHEREAS the parties were married on (date) at (location); and WHEREAS there are no issue of the marriage and there are no other children expected; and WHEREAS the parties have experienced matrimonial difficulties; and WHEREAS the parties desire that this AGREEMENT AND STIPULATION OF SETTLEMENT (hereinafter referred to as the "Agreement"), which is entered into after due and considered deliberation, shall be and constitute a settlement of all matters and issues between the parties, and an agreement of separation between them with respect to any funds, assets, or properties, both real and personal, wherever situated, now owned by the parties or either of them, or standing in their respective names, or which may hereafter be acquired by either of the parties; and WHEREAS each party is being represented by separate and independent counsel of his or her own choosing with whom each has discussed his or her rights and obligations and the terms of this Agreement; and WHEREAS the parties are entering into this Agreement and Stipulation of Settlement of their own free will, without force, coercion, or duress of whatever nature; and WHEREAS each party fully understands the terms, covenants, and conditions of this Agreement and is of the belief that it is fair, just, adequate, and reasonable as to each of them, and, after due consideration, freely and voluntarily accepts and agrees to such terms, covenants, and conditions; and WHEREAS the parties, having had explained to them the provisions of the law affecting financial and property rights of spouses, including those rights under (specify state's law), make this Agreement in full and complete satisfaction of all claims each may have against the other under any law except for claims as to the entitlement of either party to a divorce; and WHEREAS the parties expressly represent that their respective rights and obligations shall be set forth in this Agreement rather than such as might be provided for, apply, or inure to either party under (specify state's law), and the parties desire and agree that the provisions hereof shall be binding upon them, notwithstanding anything to the contrary existing under (specify state's law); and WHEREAS the parties have waived the exchange of sworn statements of Net Worth disclosing their assets, property holdings, and income, and they have had the opportunity to make an independent inquiry and investigation with respect to the other's past, present, and future assets, property holdings, and income; and WHEREAS in consequence of disputes and irreconcilable differences, the parties have heretofore been living separate and apart from each other and the parties are now, at the time of execution of this Agreement living separate and apart and desire to continue to live separate and apart and shall, upon the sale of the marital premises, obtain separate residences. NOW, THEREFORE, in consideration of the premises and of the mutual promises, covenants, releases, and undertakings herein contained, and for other good and valuable consideration, the parties respectively covenant and agree as follows: ARTICLE I Separation The parties may and shall continue to live separate and apart for the rest of their natural lives. Each shall be free from any restraint, interference, or control of the other and in all respects as if he and she were not and had never been married to each other. Each may reside from time to time at such place or
places of residence or abode as he or she shall respectively choose. Neither party shall directly or indirectly make statements to third parties derogatory of the other. ARTICLE II Employment Each of the parties hereto may, for his or her support, use, and benefit, engage in any employment, business, or profession which he or she may deem advisable without in any way affecting any of the provisions of this agreement. Each shall be free from any restraint, interference, or control of the other and in all respects as if he and she were not and had never been married each to the other. ARTICLE III Debts With the exception of those debts enumerated below, each party hereto represents that he/she has not heretofore incurred nor will he/she at any time after the execution of this Agreement, incur or contract any debt, charge, or liability whatsoever for which the other party, his/her legal representatives, or his/her property or estate, is now or may become liable, and each party further covenants to keep the other party at all times thereafter free, harmless, and indemnified from any and all future debts, credit card charges, and liabilities hereafter contracted by him/her. (Or): The Husband and Wife previously incurred the following (specify, such as credit card) debts, enumerated in greater detail on Exhibit A attached hereto. Each party agrees to pay for the following credit card bills and indemnify and hold the other harmless from any legal fees, expenses, judgments, or otherwise incurred as a result of the failure to pay said bills. Both parties agree to notify the respective credit establishments of the sole obligation to pay off said debts and remove the other from any liability. (Or): The Husband (or Wife) was previously indebted to the other in the sum of (specify $). The Wife (or Husband) agrees to forgive said indebtedness. ARTICLE IV Prior Distribution of Separate and Marital Property Except as herein provided to the contrary, the parties have heretofore established and divided up their separate and marital property as said terms "separate property" and "marital property" are defined in (specify state's law), to their mutual satisfaction. Henceforth, each party shall own and enjoy, independently of any claim or the right of the other, all separate and/or marital property, whether real, personal, or mixed, of every kind whatsoever, with full power to dispose of the same as fully and effectively as if he/she were unmarried. (Or): The Husband waives and releases to the Wife all right, title, and interest, in and to a certain parcel of land located at (address) held in the name of (specify).
ARTICLE V Disposition and Maintenance of Real Property The parties represent that they have weighed all their right, title, and
interest with respect to their marital residence, presently held by the parties as a tenancy by the entirety, and therefore agree to the following: 1. The marital premises located at (address) is presently in the process of being sold. The parties agree to sell said marital residence on the terms and conditions mutually agreeable as outlined below, and to equally divide the net proceeds of said sale, subject to any reimbursements, credits, or adjustments due to either party as more fully enumerated herein. a. On or about (date), both parties shall vacate the marital premises. (Author's note: Optional, if there is a tenant involved): The marital premises shall be rented to (name of tenant) at a monthly rental of $X. The Husband shall collect all monthly rents and be responsible to pay the monthly mortgage on the premises in the amount of $X. The Husband shall apply all rents paid toward the payment of the premises' mortgage only and for no other purpose and shall provide the Wife with an accurate monthly accounting regarding the status of all rents received and mortgage paid. b. The tenant will be responsible to pay for all other changes and has agreed to rent the marital premises for a period of One (1) year through (date). Thereafter, if the tenant declines to purchase the marital residence, but elects to continue to rent same, the parties shall allow him to inhabit the premises for an additional period of X months, at a monthly rental of $X. The parties agree to share equally in all surplus rents. c. In the event the tenant elects to purchase the marital premises, the parties shall give him a credit of $X from previous rent paid, and shall sell him the house at a net amount of $X. The parties agree to retain the services of one attorney to represent both of them in connection with the sale, and whose fee shall be divided equally between the parties from the gross proceeds of sale. d. All obligations, loans, and ordinary closing expenses, including but not limited to mortgage satisfaction, recording fees, brokerage commissions, state transfer taxes if any, and any mortgage shall be payable out of the gross proceeds of sale before division of the proceeds between the parties, and the parties agree to split equally the net proceeds from the sale. e. If, prior to closing, it becomes necessary to expend any sum of money in order to fulfill the representations made in the contract of sale, the party expending said sum shall be entitled to receive reimbursement of said amount payable out of the gross proceeds of sale before division of the proceeds between the parties. f. In connection with the current rental and potential sale to the aforesaid tenant, both parties shall remove their personal effects from the marital premises before (date). g. In the event the tenant decides not to purchase the marital premises (Author's note: or if there is no tenant), the parties shall offer it for sale at the minimum initial price of $X. The parties shall select a licensed real estate broker to handle the sale of the marital premises and to list the house for sale, and both parties agree to act in good faith and cooperate in a reasonable manner in selecting an acceptable real estate broker. In the event the real estate broker is unable to obtain a bona fide offer from a buyer to purchase the house for $X after three (3) months, the parties agree to list the house at $X for a subsequent three (3) month period. In the event the real estate broker is unable to obtain a bona fide offer from a buyer to purchase the house for $X after six (6) months, the parties agree to list the house at a price designed to obtain the highest sales price under current market conditions. h. Upon receipt of a bona fide offer to purchase the subject premises, the parties agree to promptly enter into a contract of sale. The contract of sale shall provide, in addition to other standard representations made in contracts of the sale of real property in (location), that vacant and broom clean possession of the premises shall be delivered at closing of title, that the plumbing, heating, and electrical systems and all appliances included in the sale shall be in working
order at the time of the closing, and that the roof shall be free of leaks, that the purchaser shall be afforded a mortgage contingency clause that will allow no greater than 80% financing of said purchase and no longer than sixty (60) days to obtain a mortgage commitment, and that the attorney for the parties shall act as the escrow agent with respect to the contract deposit, which shall be no less than ten percent (10%) of the total sale price. Both parties further agree to attend the closing of the title, not to delay the scheduling of same, and to execute any and all documents necessary to transfer title to the subject premises, including, but not limited to, the deed, affidavits of title, and all other documents required by the purchaser's lending institution, and to pay all taxes due from the gross proceeds of the sale. In that regard, all obligations and closing expenses, including but not limited to, mortgage pay-off, mortgage pick-up, and brokerage commissions, shall be payable out of the gross sales price before division of the proceeds between the parties. If, prior to closing of title, it becomes necessary to expend any sum of money to fulfill the representations made in the contract of sale, unless said expense is divided equally by the parties, the party expending said sum shall be entitled to a credit of said amount as against the division of the net proceeds of the sale. ARTICLE VI Division of Property The parties represent that they have weighed all their right, title, and interest, be it legal, equitable, or otherwise, in and to the value of their joint and individual personal property and have divided all personal property, including wearing apparel, clothing, jewelry, and personal effects previously hereto (or as annexed on Exhibit B). ARTICLE VII Waiver of Maintenance for Wife and Husband The Wife is in excellent health and is an experienced (specify, such as decorator). In view of the property settlement made before and hereunder, the ability of the Wife to be self-supporting, and other circumstances, the Wife forever waives any claim or right to support, maintenance, or alimony for herself from the Husband, now or in the future, which she ever had, now has, or may have to the maximum extent permitted by law. The Husband is in excellent health and is an experienced (specify, such as architect). In view of the property settlement made before and hereunder, the ability of the Husband to be self-supporting, and other circumstances, the Husband forever waives any claim or right to support, maintenance, or alimony for himself from the Wife, now or in the future, which he ever had, now has, or may have to the maximum extent permitted by law. ARTICLE VIII Equitable Distribution The Husband agrees to pay the Wife the sum of (specify) over a period of X years, commencing (date). On or before (date), the Husband shall pay the first installment to the Wife in the amount of $X by certified check or money order and forwarded to her at her residence or at such other place as she shall designate in writing to the Husband. Thereafter, the Husband shall pay to the Wife the sum of $X per annum on or before the first day of each (specify month) thereafter, commencing on or before (date) and terminating on or before (date), until the aforementioned amount is paid in full. Upon the signing of this Stipulation and Agreement of Settlement, the Husband shall execute a Promissory Note evidencing the aforementioned agreement.
By the terms of said Note, the payments due pursuant to this Article shall not bear interest so long as the Husband is not in default; after default, interest shall be due on the unpaid principal balance at the rate of X percent (X%) per annum. Notwithstanding the foregoing, the Husband may accelerate the above payment schedule and repay the unpaid balance at any time before (date). Upon occurrence of any of the following events of default, the entire amount of the principal hereof, shall, at the option of the Wife, be accelerated and the aggregate amount thereof shall become immediately due and payable without further notice of default, presentation, demand, or protest by the Wife, all of which are waived by the Husband: (1) The Husband fails to make any installment payment within X days after the same is due; or (2) The Husband makes an assignment for the benefit of creditors, commences (as debtor) a case in Bankruptcy, or commences (as debtor) any proceeding under any other insolvency law; or (3) A case in Bankruptcy or any proceeding under any other insolvency law is commenced against the Husband (as debtor) and a court of competent jurisdiction enters a decree or order for relief against the Husband as debtor in such case or proceeding, or such case or proceeding is consented to by the Husband, or remains undismissed for X days, or the Husband consents to or admits the material allegations against him in any such case or proceeding; or (4) A trustee, receiver, or agent (however named) is appointed or authorized to take charge of substantially all of the property, of enforcing a lien against such property, or for the purpose of general administration of such property for the benefit of creditors. In the event the Husband defaults on the payments hereunder and this Note is placed in the hands of an attorney for collection, the Husband shall be liable and agrees to pay all reasonable attorney's fees and court costs in collecting same. No failure or delay on the part of the Wife in the exercise of any power or right in this Note shall operate as a waiver thereof, and no exercise or waiver of any single power or right, or the partial exercise thereof, shall affect the Wife's rights with respect to any and all other rights and powers. The Husband waives presentment and demand for payment, notice of dishonor, protest, and notice of protest of this Note. The provisions of this Note shall inure to the benefit of and be binding upon any successor to the Husband and shall extend to any holder hereof of the Wife. (Or: The parties have two (2) valid patents for a (specify) device currently on file with the United States Patent Office in the name of the Husband. The Husband agrees to pay the Wife X percent (X%) of all profits, cash distributions, royalties, licensing fees, and other monies emanating from the sale, lease, or use of said patents for any purpose whatsoever. The Husband shall pay said profit to the Wife within Ten (10) days of constructive or actual receipt thereof, and shall furnish the Wife with a proper accounting regarding same.) The parties acknowledge that the aforesaid distribution constitutes a fair and reasonable equitable distribution and/or distributive award of the parties' marital property. Additionally, the Wife accepts these monies and the transfer by the Husband of his one-half interest in the marital residence as more fully described in Article V of this Agreement and Stipulation of Settlement, in full and final settlement and satisfaction of all claims she had, presently or may hereafter have against the Husband, with respect to an equitable distribution and/or distributive award of the parties' marital property as defined and used in (specify state's law), which specifically includes, but is not limited to the Husband's professional degree, license, and private architect practice. Likewise, the Husband accepts the distribution of the articles and proceeds as more fully described in this Agreement and Stipulation of Settlement in full and final settlement and satisfaction of all claims that he had, presently has, or
may hereafter have against the Wife, with respect to an equitable distribution and/or distributive award of the parties' marital property, as defined and used in (specify state's law). Subject to the provisions of this Agreement and Stipulation of Settlement, the parties have heretofore divided their real and personal property to their mutual satisfaction, and each party shall hereafter have the right to possess, own, and enjoy, independently of any claim or right of the other, all property of every kind, nature, or description and wheresoever situated, title to which is now or hereafter may be in his or her name and relinquishes all claims to such marital or separate property, as such term is defined in (specify state's law), including, without limitation, to all bank deposits, Money Market Accounts, stocks, pension and/or profit-sharing plans or trusts, deferred compensation, IRA accounts, Keogh accounts and business interests, professional licenses, degrees or practices, real estate, residences, automobiles, and other personal property whether held jointly with another person or in the name of either spouse. Notwithstanding the foregoing, the Wife hereby waives, now and in the future, any and all claims she may assert in or against the Husband's pension plan with (specify). ARTICLE IX Income Taxes The parties have hereto previously filed joint federal and (specify state) personal income tax returns. If in connection with any such personal joint return there is a deficiency assessment on any of said returns, the amount ultimately determined to be due thereon, including penalties and interest, shall be borne by either or both of the parties, depending on whether the deficiency arouse out of the individual income of one or other of the parties (and if so, to what extent), individual deduction, individual deduction or out of a joint deduction. If in connection with any such joint return there is a refund or credit, the same shall belong to that party whose miscalculation, overstatement, or overpayment occasioned such refund or credit provided that the party who made the miscalculation, overstatement, or overpayment made payment of taxes to the extent of such miscalculation. Anything hereinbefore contained to the contrary notwithstanding, each party does hereby agree to hold the other indemnified, free, and harmless from any claim, damage, or expense arising out of the aforesaid returns attributable to him or her as the case may be and any deficiency in connection therewith as to any such tax penalty or interest attributable to him or her as the case may be. Commencing with the filing of the (specify year) federal and state tax returns, the parties shall file separate returns.
ARTICLE X Release of Estates Rights 1. The Wife agrees to release, and hereby does release, any and all claims of the Wife to or upon the property of the Husband, whether real or personal and whether now owned or hereafter acquired, to the end that he shall have free and unrestricted right to dispose of his property now owned or hereafter acquired, free from any claim or demand of the Wife and so that his estate and all income therefrom derived or to be derived shall go and belong to the person or persons who become entitled thereto by will or devise, bequest, intestacy, administration, or otherwise, as if the Wife had died during the lifetime of the Husband and, without in any manner limiting the foregoing, the Wife expressly relinquishes any and all rights in the estate of the Husband and any and all right of election to
take any share of the estate of the Husband, as in intestacy, including, without limiting the foregoing, any right of election pursuant to the provisions of (specify state's law) or pursuant to any other law of any jurisdiction as said laws may now exist or may hereafter be amended, and any and all other right and interest in any real or personal property of which the Husband may die seized or possessed, and the Wife renounces and disclaims, and covenants to renounce and disclaim (i) all interest of the Wife under any will or trust agreement executed by the Husband prior to the execution of this Agreement and any right of the Wife to serve as executor or trustee under any such will; (ii) all interest of the Wife in the proceeds of any life insurance policy on the life of the Husband; (iii) all interest of the Wife under any pension, retirement, death benefit, stock bonus or profit-sharing plan, with respect to which the Husband was a participant or member; and (iv) any right of the Wife under the laws or practice of any jurisdiction to act as guardian, conservator, or committee of the property of the Husband in the event of the incompetency of the Husband or administrator of the estate of the Husband in the event of the death of the Husband intestate. 2. The Husband agrees to release, and hereby does release, any and all claims of the Husband to or upon the property of the Wife, whether real or personal and whether now owned or hereafter acquired, to the end that she shall have free and unrestricted right to dispose of her property now owned or hereafter acquired, free from any claim or demand of the Husband and so that her estate and all income therefrom derived or to be derived shall go and belong to the person or persons who become entitled thereto by will or devise, bequest, intestacy, administration, or otherwise, as if the Husband had died during the lifetime of the Wife and, without in any manner limiting the foregoing, the Husband expressly relinquishes any and all rights in the estate of the Wife and any and all right of election to take any share of the estate of the Wife, as in intestacy, including, without limiting the foregoing, any right of election pursuant to the provisions of (specify state's law) or pursuant to any other law of any jurisdiction as said laws now exist or may hereafter be amended, and any and all other right and interest in any real or personal property of which the Wife may die seized or possessed, and the Husband renounces and disclaims, and covenants to renounce and disclaim (i) all interest of the Husband under any will or trust agreement executed by the Wife prior to the execution of this Agreement and any right of the Husband to serve as executor or trustee under any such will; (ii) all interest of the Husband in the proceeds of any life insurance policy on the life of the Wife; (iii) all interest of the Husband under any pension, retirement, death benefit, stock bonus or profit-sharing plan, with respect to which the Wife was a participant or member; and (iv) any right of the Husband under the laws or practice of any jurisdiction to act as guardian, conservator, or committee of the property of the Wife in the event of the incompetency of the Wife or administrator of the estate of the Wife in the event of the death of the Wife intestate. 3. Except for the obligations, promises, and agreements herein set forth and to be performed by the parties thereto, which are hereby expressly reserved, each of the parties hereto and hereby, for himself and herself and for his or her legal representatives, forever releases and discharges the other of them and his or her heirs and legal representatives from any and all debts, sums of money, accounts, contracts, claims, cause or causes of action, suits, dues, reckoning, bonds, bills, specialties, convenants, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, and demands whatsoever, in law or in equity, which each of them had, now has, or hereafter can, shall, or may have by reason of any matter from the beginning of the world to the execution of this Agreement. ARTICLE XI General Release
Except as herein to the contrary provided, the parties shall and do hereby mutually remise, release, and forever discharge each other from any and all actions, suits, debts, claims, demands, and obligations whatever, both in law and in equity, which either of them ever had, now has, or may hereafter have against the other, upon or by reason of any matter, cause, or thing to the date of the execution of this Agreement and Stipulation of Settlement, including, but not limited to, claims with respect to all separate and/or marital property as those terms are defined and used in (specify state's law). ARTICLE XII Agreement with Respect to Matrimonial Decree Either party shall be free at any time hereafter to institute suit for absolute divorce against the other. The execution of this Agreement and Stipulation of Settlement shall not be deemed to constitute a waiver or forgiveness of any conduct on the part of either party constituting grounds for divorce. In any such action for divorce, this Agreement and Stipulation of Settlement shall not be merged into such judgment or decree, but shall be incorporated into and survive same and shall be forever binding and conclusive upon the parties. ARTICLE XIII Full Disclosure Each party represents that he or she has made an independent investigation into the complete financial circumstances of the other party and represents to the other that he or she is fully informed of the income, assets, property, and financial circumstances of the other party. Each party acknowledges that he or she is aware of all the separate and/or marital property of the other party, and the valuations thereof, as those terms are used and defined in (specify state's law), and is satisfied that full disclosure has been made by the other party. Each party further represents that he or she has previously and fully consulted with his or her attorney. The parties are acknowledging that they are entering into this Agreement and Stipulation of Settlement freely and voluntarily; that they have ascertained and weighed all the facts and circumstances likely to influence their judgment herein; that they have sought and obtained legal advice independently of each other; that they have been duly appraised of their respective legal rights; that all provisions hereof, as well as questions pertaining hereto, have been fully and satisfactorily explained to them; that they have given due consideration to such provisions and questions, and that they clearly understand and accept all the provisions hereof. No representations or warranties have been made by either party to the other, or by anyone else, except as expressly set forth in this Agreement and Stipulation of Settlement, and this Agreement is not being executed in reliance upon any representation or warranty not expressly set forth herein. Without limiting the foregoing, no representations or warranties have been made by either party to the other, or by anyone else in their behalf, with respect to their past, present, or future income or assets. The parties acknowledge that they have been advised by their respective attorneys of their right to compel discovery and inspection of the other's books and records, both business and personal, and of their right to have accountants, appraisers, or others investigate, appraise, and evaluate the other's business and property, and each has waived these rights and they have instructed their respective attorneys not to take any further steps themselves, or through others, in connection with discovery, inspection, investigation, appraisal, or evaluation of the other's business or property.
ARTICLE XIV Legal Representation The parties represent to each other that the Wife has been represented by (specify name and address). The Husband has been represented by (specify name and address). Both parties represent and warrant that they have dealt with no other attorney for which services the other is or may become liable and will indemnify and hold the other party harmless of all loss, expenses (including reasonable attorneys' fees) and damages in the event of a breach by one party of said representation and warranty. Both parties agree to pay for their own respective counsel fees and will make no claim on the other, in whole or in part, for the payment of counsel fees. ARTICLE XV Notices Notices required by this Agreement and Stipulation of Settlement to be sent by either party shall be sufficient if sent certified or registered mail, return receipt requested, to the other. ARTICLE XVI General Provisions This Agreement and Stipulation of Settlement and all obligations and covenants hereunder shall bind the parties hereto, their heirs, executors, administrators, legal representatives and assigns, and shall inure to the benefit of their respective heirs, executors, administrators, legal representatives and assigns. No modification, rescission, or amendment to this Agreement and Stipulation of Settlement shall be effective unless in writing signed by both parties hereto. This Agreement and Stipulation of Settlement and its provisions merge any prior agreements, if any, of the parties, and is the complete and entire agreement of the parties. This Agreement and Stipulation of Settlement shall at all times be governed by the laws of the State of (specify). Each of the parties hereto, without cost to the other, shall at any time and from time to time hereinafter, execute and deliver any and all further instruments and assurances and perform any acts that the other party may reasonably request for the purpose of giving full force and effect to the provisions of the Agreement. ARTICLE XVII Waiver Any Waiver by either party of any provision of this Agreement and Stipulation of Settlement or any right or option hereunder shall not be deemed a continuing waiver and shall not prevent or stop such party from thereafter enforcing such provision, right, or option, and the failure of either party to insist on any one or more instances of the strict performance of any of the terms or provisions of this Agreement by the other party shall not be construed as a waiver or relinquishment in the future of any such term or provision, but the same shall continue in full force and effect. ARTICLE XVIII Reconciliation and Matrimonial Decrees This Agreement and Stipulation of Settlement shall not be invalidated or otherwise affected by a reconciliation between the parties hereto, or a resumption
of marital relations between them unless said reconciliation or said resumption is documented by a written statement executed and acknowledged by the parties with respect to said reconciliation and resumption and, in addition, setting forth that they are canceling this Agreement, and this Agreement and Stipulation of Settlement shall not be invalidated or otherwise affected by any decree or judgment of separation or divorce made in any court in any action which may presently exist or may hereafter be instituted by either party against the other for a separation or divorce. Each party agrees that the provisions of this Agreement and Stipulation of Settlement shall be submitted to any court in which either party may seek a judgment or decree with such specificity as the court shall deem permissible and by reference as may be appropriate under law and under the rules of the court. However, notwithstanding such incorporation, the obligations and covenants of this Agreement and Stipulation of Settlement shall survive any decree or judgment of separation or divorce and shall not merge therein, and this Agreement and Stipulation of Settlement may be enforced independently of any such decree or judgment. ARTICLE XIX Implementation The Husband and Wife shall, at any and all times, upon request by the other party or his or her legal representatives, promptly make, execute, and deliver any and all such other and future instruments as may be necessary or desirable for the purpose of giving full force and effect to the provisions of this Agreement and Stipulation of Settlement, without charge therefor. ARTICLE XX Entire Understanding This Agreement and Stipulation of Settlement contains the entire understanding of the parties, who hereby acknowledge that there have been no representations, warranties, covenants, or undertakings other than those expressly set forth herein. Each of the parties has read this Agreement and Stipulation of Settlement carefully prior to signing thereof. Either party may cause this Agreement and Stipulation of Settlement or memorandum thereof to be filed in accordance with the laws of the State of (specify). All provisions of this Agreement and Stipulation of Settlement shall be binding on the respective heirs, next-of-kin, executors, administrators, and assigns of the parties hereto. ARTICLE XXI Default In the event either party defaults with respect to any obligation hereunder, the defaulting party agrees to indemnify the other against or to reimburse him or her for any and all expenses, costs, and reasonable attorneys' fees resulting from or made necessary by the bringing of any suit or other proceeding to enforce any of the terms, covenants, or conditions of this Agreement and Stipulation of Settlement to be performed or complied with by the other, provided such suit or other proceeding results in a judgment, decree, or order in favor of the other. For the purposes of this Agreement and Stipulation of Settlement, it is understood and agreed that if a party shall institute a suit or other proceeding against the other to enforce any of the terms, covenants, or conditions of this Agreement and Stipulation of Settlement and after the institution of such action or proceeding and before judgment is or can be rendered, the defaulting party shall comply with such term or condition of the Agreement and Stipulation of Settlement, then and in that event, the suit, motion, or proceeding instituted by the party shall be deemed to have resulted in a judgment, decree, or order in favor of the non-defaulting party.
IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals the day and year first above written. _______________________ Name of Wife ("Wife") ________________________ Name of Husband ("Husband") State of (specify) County of (specify) On the day of (date), before me personally came (name of Wife) to me known and known to me to be the person mentioned and described in and who executed the foregoing Agreement and Stipulation of Settlement, and she duly acknowledged to me that she executed same. _________________________ State of (specify) County of (specify) On the day of (date), before me personally came (name of Husband) to me known and known to me to be the person mentioned and described in and who executed the foregoing Agreement and Stipulation of Settlement, and he duly acknowledged to me that he executed same. _________________________ State of (specify) County of (specify)
EXHIBIT A List the parties' debts:
EXHIBIT B The following items of personal property will be distributed per the parties' prior agreement no later than seven (7) days prior to the sale of the marital premises:
Separation Agreement for a Couple with No Children
AGREEMENT AND STIPULATION OF SETTLEMENT made this (date), by and between (name), residing at (address), (hereinafter referred to as the "Wife"), and (name), residing at (address), hereinafter referred to as the "Husband"). RECITALS: WHEREAS the parties were married on (date) at (location); and WHEREAS there are no issue of the marriage and there are no other children expected; and WHEREAS the parties have experienced matrimonial difficulties; and WHEREAS the parties desire that this AGREEMENT AND STIPULATION OF SETTLEMENT (hereinafter referred to as the "Agreement"), which is entered into after due and considered deliberation, shall be and constitute a settlement of all matters and issues between the parties, and an agreement of separation between them with respect to any funds, assets, or properties, both real and personal, wherever situated, now owned by the parties or either of them, or standing in their respective names, or which may hereafter be acquired by either of the parties; and WHEREAS each party is being represented by separate and independent counsel of his or her own choosing with whom each has discussed his or her rights and obligations and the terms of this Agreement; and WHEREAS the parties are entering into this Agreement and Stipulation of Settlement of their own free will, without force, coercion, or duress of whatever nature; and WHEREAS each party fully understands the terms, covenants, and conditions of this Agreement and is of the belief that it is fair, just, adequate, and reasonable as to each of them, and, after due consideration, freely and voluntarily accepts and agrees to such terms, covenants, and conditions; and WHEREAS the parties, having had explained to them the provisions of the law affecting financial and property rights of spouses, including those rights under (specify state's law), make this Agreement in full and complete satisfaction of all claims each may have against the other under any law except for claims as to the entitlement of either party to a divorce; and WHEREAS the parties expressly represent that their respective rights and obligations shall be set forth in this Agreement rather than such as might be provided for, apply, or inure to either party under (specify state's law), and the parties desire and agree that the provisions hereof shall be binding upon them, notwithstanding anything to the contrary existing under (specify state's law); and WHEREAS the parties have waived the exchange of sworn statements of Net Worth disclosing their assets, property holdings, and income, and they have had the opportunity to make an independent inquiry and investigation with respect to the other's past, present, and future assets, property holdings, and income; and WHEREAS in consequence of disputes and irreconcilable differences, the parties have heretofore been living separate and apart from each other and the parties are now, at the time of execution of this Agreement living separate and apart and desire to continue to live separate and apart and shall, upon the sale of the marital premises, obtain separate residences. NOW, THEREFORE, in consideration of the premises and of the mutual promises, covenants, releases, and undertakings herein contained, and for other good and valuable consideration, the parties respectively covenant and agree as follows: ARTICLE I Separation The parties may and shall continue to live separate and apart for the rest of their natural lives. Each shall be free from any restraint, interference, or control of the other and in all respects as if he and she were not and had never been married to each other. Each may reside from time to time at such place or
places of residence or abode as he or she shall respectively choose. Neither party shall directly or indirectly make statements to third parties derogatory of the other. ARTICLE II Employment Each of the parties hereto may, for his or her support, use, and benefit, engage in any employment, business, or profession which he or she may deem advisable without in any way affecting any of the provisions of this agreement. Each shall be free from any restraint, interference, or control of the other and in all respects as if he and she were not and had never been married each to the other. ARTICLE III Debts With the exception of those debts enumerated below, each party hereto represents that he/she has not heretofore incurred nor will he/she at any time after the execution of this Agreement, incur or contract any debt, charge, or liability whatsoever for which the other party, his/her legal representatives, or his/her property or estate, is now or may become liable, and each party further covenants to keep the other party at all times thereafter free, harmless, and indemnified from any and all future debts, credit card charges, and liabilities hereafter contracted by him/her. (Or): The Husband and Wife previously incurred the following (specify, such as credit card) debts, enumerated in greater detail on Exhibit A attached hereto. Each party agrees to pay for the following credit card bills and indemnify and hold the other harmless from any legal fees, expenses, judgments, or otherwise incurred as a result of the failure to pay said bills. Both parties agree to notify the respective credit establishments of the sole obligation to pay off said debts and remove the other from any liability. (Or): The Husband (or Wife) was previously indebted to the other in the sum of (specify $). The Wife (or Husband) agrees to forgive said indebtedness. ARTICLE IV Prior Distribution of Separate and Marital Property Except as herein provided to the contrary, the parties have heretofore established and divided up their separate and marital property as said terms "separate property" and "marital property" are defined in (specify state's law), to their mutual satisfaction. Henceforth, each party shall own and enjoy, independently of any claim or the right of the other, all separate and/or marital property, whether real, personal, or mixed, of every kind whatsoever, with full power to dispose of the same as fully and effectively as if he/she were unmarried. (Or): The Husband waives and releases to the Wife all right, title, and interest, in and to a certain parcel of land located at (address) held in the name of (specify).
ARTICLE V Disposition and Maintenance of Real Property The parties represent that they have weighed all their right, title, and
interest with respect to their marital residence, presently held by the parties as a tenancy by the entirety, and therefore agree to the following: 1. The marital premises located at (address) is presently in the process of being sold. The parties agree to sell said marital residence on the terms and conditions mutually agreeable as outlined below, and to equally divide the net proceeds of said sale, subject to any reimbursements, credits, or adjustments due to either party as more fully enumerated herein. a. On or about (date), both parties shall vacate the marital premises. (Author's note: Optional, if there is a tenant involved): The marital premises shall be rented to (name of tenant) at a monthly rental of $X. The Husband shall collect all monthly rents and be responsible to pay the monthly mortgage on the premises in the amount of $X. The Husband shall apply all rents paid toward the payment of the premises' mortgage only and for no other purpose and shall provide the Wife with an accurate monthly accounting regarding the status of all rents received and mortgage paid. b. The tenant will be responsible to pay for all other changes and has agreed to rent the marital premises for a period of One (1) year through (date). Thereafter, if the tenant declines to purchase the marital residence, but elects to continue to rent same, the parties shall allow him to inhabit the premises for an additional period of X months, at a monthly rental of $X. The parties agree to share equally in all surplus rents. c. In the event the tenant elects to purchase the marital premises, the parties shall give him a credit of $X from previous rent paid, and shall sell him the house at a net amount of $X. The parties agree to retain the services of one attorney to represent both of them in connection with the sale, and whose fee shall be divided equally between the parties from the gross proceeds of sale. d. All obligations, loans, and ordinary closing expenses, including but not limited to mortgage satisfaction, recording fees, brokerage commissions, state transfer taxes if any, and any mortgage shall be payable out of the gross proceeds of sale before division of the proceeds between the parties, and the parties agree to split equally the net proceeds from the sale. e. If, prior to closing, it becomes necessary to expend any sum of money in order to fulfill the representations made in the contract of sale, the party expending said sum shall be entitled to receive reimbursement of said amount payable out of the gross proceeds of sale before division of the proceeds between the parties. f. In connection with the current rental and potential sale to the aforesaid tenant, both parties shall remove their personal effects from the marital premises before (date). g. In the event the tenant decides not to purchase the marital premises (Author's note: or if there is no tenant), the parties shall offer it for sale at the minimum initial price of $X. The parties shall select a licensed real estate broker to handle the sale of the marital premises and to list the house for sale, and both parties agree to act in good faith and cooperate in a reasonable manner in selecting an acceptable real estate broker. In the event the real estate broker is unable to obtain a bona fide offer from a buyer to purchase the house for $X after three (3) months, the parties agree to list the house at $X for a subsequent three (3) month period. In the event the real estate broker is unable to obtain a bona fide offer from a buyer to purchase the house for $X after six (6) months, the parties agree to list the house at a price designed to obtain the highest sales price under current market conditions. h. Upon receipt of a bona fide offer to purchase the subject premises, the parties agree to promptly enter into a contract of sale. The contract of sale shall provide, in addition to other standard representations made in contracts of the sale of real property in (location), that vacant and broom clean possession of the premises shall be delivered at closing of title, that the plumbing, heating, and electrical systems and all appliances included in the sale shall be in working
order at the time of the closing, and that the roof shall be free of leaks, that the purchaser shall be afforded a mortgage contingency clause that will allow no greater than 80% financing of said purchase and no longer than sixty (60) days to obtain a mortgage commitment, and that the attorney for the parties shall act as the escrow agent with respect to the contract deposit, which shall be no less than ten percent (10%) of the total sale price. Both parties further agree to attend the closing of the title, not to delay the scheduling of same, and to execute any and all documents necessary to transfer title to the subject premises, including, but not limited to, the deed, affidavits of title, and all other documents required by the purchaser's lending institution, and to pay all taxes due from the gross proceeds of the sale. In that regard, all obligations and closing expenses, including but not limited to, mortgage pay-off, mortgage pick-up, and brokerage commissions, shall be payable out of the gross sales price before division of the proceeds between the parties. If, prior to closing of title, it becomes necessary to expend any sum of money to fulfill the representations made in the contract of sale, unless said expense is divided equally by the parties, the party expending said sum shall be entitled to a credit of said amount as against the division of the net proceeds of the sale. ARTICLE VI Division of Property The parties represent that they have weighed all their right, title, and interest, be it legal, equitable, or otherwise, in and to the value of their joint and individual personal property and have divided all personal property, including wearing apparel, clothing, jewelry, and personal effects previously hereto (or as annexed on Exhibit B). ARTICLE VII Waiver of Maintenance for Wife and Husband The Wife is in excellent health and is an experienced (specify, such as decorator). In view of the property settlement made before and hereunder, the ability of the Wife to be self-supporting, and other circumstances, the Wife forever waives any claim or right to support, maintenance, or alimony for herself from the Husband, now or in the future, which she ever had, now has, or may have to the maximum extent permitted by law. The Husband is in excellent health and is an experienced (specify, such as architect). In view of the property settlement made before and hereunder, the ability of the Husband to be self-supporting, and other circumstances, the Husband forever waives any claim or right to support, maintenance, or alimony for himself from the Wife, now or in the future, which he ever had, now has, or may have to the maximum extent permitted by law. ARTICLE VIII Equitable Distribution The Husband agrees to pay the Wife the sum of (specify) over a period of X years, commencing (date). On or before (date), the Husband shall pay the first installment to the Wife in the amount of $X by certified check or money order and forwarded to her at her residence or at such other place as she shall designate in writing to the Husband. Thereafter, the Husband shall pay to the Wife the sum of $X per annum on or before the first day of each (specify month) thereafter, commencing on or before (date) and terminating on or before (date), until the aforementioned amount is paid in full. Upon the signing of this Stipulation and Agreement of Settlement, the Husband shall execute a Promissory Note evidencing the aforementioned agreement.
By the terms of said Note, the payments due pursuant to this Article shall not bear interest so long as the Husband is not in default; after default, interest shall be due on the unpaid principal balance at the rate of X percent (X%) per annum. Notwithstanding the foregoing, the Husband may accelerate the above payment schedule and repay the unpaid balance at any time before (date). Upon occurrence of any of the following events of default, the entire amount of the principal hereof, shall, at the option of the Wife, be accelerated and the aggregate amount thereof shall become immediately due and payable without further notice of default, presentation, demand, or protest by the Wife, all of which are waived by the Husband: (1) The Husband fails to make any installment payment within X days after the same is due; or (2) The Husband makes an assignment for the benefit of creditors, commences (as debtor) a case in Bankruptcy, or commences (as debtor) any proceeding under any other insolvency law; or (3) A case in Bankruptcy or any proceeding under any other insolvency law is commenced against the Husband (as debtor) and a court of competent jurisdiction enters a decree or order for relief against the Husband as debtor in such case or proceeding, or such case or proceeding is consented to by the Husband, or remains undismissed for X days, or the Husband consents to or admits the material allegations against him in any such case or proceeding; or (4) A trustee, receiver, or agent (however named) is appointed or authorized to take charge of substantially all of the property, of enforcing a lien against such property, or for the purpose of general administration of such property for the benefit of creditors. In the event the Husband defaults on the payments hereunder and this Note is placed in the hands of an attorney for collection, the Husband shall be liable and agrees to pay all reasonable attorney's fees and court costs in collecting same. No failure or delay on the part of the Wife in the exercise of any power or right in this Note shall operate as a waiver thereof, and no exercise or waiver of any single power or right, or the partial exercise thereof, shall affect the Wife's rights with respect to any and all other rights and powers. The Husband waives presentment and demand for payment, notice of dishonor, protest, and notice of protest of this Note. The provisions of this Note shall inure to the benefit of and be binding upon any successor to the Husband and shall extend to any holder hereof of the Wife. (Or: The parties have two (2) valid patents for a (specify) device currently on file with the United States Patent Office in the name of the Husband. The Husband agrees to pay the Wife X percent (X%) of all profits, cash distributions, royalties, licensing fees, and other monies emanating from the sale, lease, or use of said patents for any purpose whatsoever. The Husband shall pay said profit to the Wife within Ten (10) days of constructive or actual receipt thereof, and shall furnish the Wife with a proper accounting regarding same.) The parties acknowledge that the aforesaid distribution constitutes a fair and reasonable equitable distribution and/or distributive award of the parties' marital property. Additionally, the Wife accepts these monies and the transfer by the Husband of his one-half interest in the marital residence as more fully described in Article V of this Agreement and Stipulation of Settlement, in full and final settlement and satisfaction of all claims she had, presently or may hereafter have against the Husband, with respect to an equitable distribution and/or distributive award of the parties' marital property as defined and used in (specify state's law), which specifically includes, but is not limited to the Husband's professional degree, license, and private architect practice. Likewise, the Husband accepts the distribution of the articles and proceeds as more fully described in this Agreement and Stipulation of Settlement in full and final settlement and satisfaction of all claims that he had, presently has, or
may hereafter have against the Wife, with respect to an equitable distribution and/or distributive award of the parties' marital property, as defined and used in (specify state's law). Subject to the provisions of this Agreement and Stipulation of Settlement, the parties have heretofore divided their real and personal property to their mutual satisfaction, and each party shall hereafter have the right to possess, own, and enjoy, independently of any claim or right of the other, all property of every kind, nature, or description and wheresoever situated, title to which is now or hereafter may be in his or her name and relinquishes all claims to such marital or separate property, as such term is defined in (specify state's law), including, without limitation, to all bank deposits, Money Market Accounts, stocks, pension and/or profit-sharing plans or trusts, deferred compensation, IRA accounts, Keogh accounts and business interests, professional licenses, degrees or practices, real estate, residences, automobiles, and other personal property whether held jointly with another person or in the name of either spouse. Notwithstanding the foregoing, the Wife hereby waives, now and in the future, any and all claims she may assert in or against the Husband's pension plan with (specify). ARTICLE IX Income Taxes The parties have hereto previously filed joint federal and (specify state) personal income tax returns. If in connection with any such personal joint return there is a deficiency assessment on any of said returns, the amount ultimately determined to be due thereon, including penalties and interest, shall be borne by either or both of the parties, depending on whether the deficiency arouse out of the individual income of one or other of the parties (and if so, to what extent), individual deduction, individual deduction or out of a joint deduction. If in connection with any such joint return there is a refund or credit, the same shall belong to that party whose miscalculation, overstatement, or overpayment occasioned such refund or credit provided that the party who made the miscalculation, overstatement, or overpayment made payment of taxes to the extent of such miscalculation. Anything hereinbefore contained to the contrary notwithstanding, each party does hereby agree to hold the other indemnified, free, and harmless from any claim, damage, or expense arising out of the aforesaid returns attributable to him or her as the case may be and any deficiency in connection therewith as to any such tax penalty or interest attributable to him or her as the case may be. Commencing with the filing of the (specify year) federal and state tax returns, the parties shall file separate returns.
ARTICLE X Release of Estates Rights 1. The Wife agrees to release, and hereby does release, any and all claims of the Wife to or upon the property of the Husband, whether real or personal and whether now owned or hereafter acquired, to the end that he shall have free and unrestricted right to dispose of his property now owned or hereafter acquired, free from any claim or demand of the Wife and so that his estate and all income therefrom derived or to be derived shall go and belong to the person or persons who become entitled thereto by will or devise, bequest, intestacy, administration, or otherwise, as if the Wife had died during the lifetime of the Husband and, without in any manner limiting the foregoing, the Wife expressly relinquishes any and all rights in the estate of the Husband and any and all right of election to
take any share of the estate of the Husband, as in intestacy, including, without limiting the foregoing, any right of election pursuant to the provisions of (specify state's law) or pursuant to any other law of any jurisdiction as said laws may now exist or may hereafter be amended, and any and all other right and interest in any real or personal property of which the Husband may die seized or possessed, and the Wife renounces and disclaims, and covenants to renounce and disclaim (i) all interest of the Wife under any will or trust agreement executed by the Husband prior to the execution of this Agreement and any right of the Wife to serve as executor or trustee under any such will; (ii) all interest of the Wife in the proceeds of any life insurance policy on the life of the Husband; (iii) all interest of the Wife under any pension, retirement, death benefit, stock bonus or profit-sharing plan, with respect to which the Husband was a participant or member; and (iv) any right of the Wife under the laws or practice of any jurisdiction to act as guardian, conservator, or committee of the property of the Husband in the event of the incompetency of the Husband or administrator of the estate of the Husband in the event of the death of the Husband intestate. 2. The Husband agrees to release, and hereby does release, any and all claims of the Husband to or upon the property of the Wife, whether real or personal and whether now owned or hereafter acquired, to the end that she shall have free and unrestricted right to dispose of her property now owned or hereafter acquired, free from any claim or demand of the Husband and so that her estate and all income therefrom derived or to be derived shall go and belong to the person or persons who become entitled thereto by will or devise, bequest, intestacy, administration, or otherwise, as if the Husband had died during the lifetime of the Wife and, without in any manner limiting the foregoing, the Husband expressly relinquishes any and all rights in the estate of the Wife and any and all right of election to take any share of the estate of the Wife, as in intestacy, including, without limiting the foregoing, any right of election pursuant to the provisions of (specify state's law) or pursuant to any other law of any jurisdiction as said laws now exist or may hereafter be amended, and any and all other right and interest in any real or personal property of which the Wife may die seized or possessed, and the Husband renounces and disclaims, and covenants to renounce and disclaim (i) all interest of the Husband under any will or trust agreement executed by the Wife prior to the execution of this Agreement and any right of the Husband to serve as executor or trustee under any such will; (ii) all interest of the Husband in the proceeds of any life insurance policy on the life of the Wife; (iii) all interest of the Husband under any pension, retirement, death benefit, stock bonus or profit-sharing plan, with respect to which the Wife was a participant or member; and (iv) any right of the Husband under the laws or practice of any jurisdiction to act as guardian, conservator, or committee of the property of the Wife in the event of the incompetency of the Wife or administrator of the estate of the Wife in the event of the death of the Wife intestate. 3. Except for the obligations, promises, and agreements herein set forth and to be performed by the parties thereto, which are hereby expressly reserved, each of the parties hereto and hereby, for himself and herself and for his or her legal representatives, forever releases and discharges the other of them and his or her heirs and legal representatives from any and all debts, sums of money, accounts, contracts, claims, cause or causes of action, suits, dues, reckoning, bonds, bills, specialties, convenants, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, and demands whatsoever, in law or in equity, which each of them had, now has, or hereafter can, shall, or may have by reason of any matter from the beginning of the world to the execution of this Agreement. ARTICLE XI General Release
Except as herein to the contrary provided, the parties shall and do hereby mutually remise, release, and forever discharge each other from any and all actions, suits, debts, claims, demands, and obligations whatever, both in law and in equity, which either of them ever had, now has, or may hereafter have against the other, upon or by reason of any matter, cause, or thing to the date of the execution of this Agreement and Stipulation of Settlement, including, but not limited to, claims with respect to all separate and/or marital property as those terms are defined and used in (specify state's law). ARTICLE XII Agreement with Respect to Matrimonial Decree Either party shall be free at any time hereafter to institute suit for absolute divorce against the other. The execution of this Agreement and Stipulation of Settlement shall not be deemed to constitute a waiver or forgiveness of any conduct on the part of either party constituting grounds for divorce. In any such action for divorce, this Agreement and Stipulation of Settlement shall not be merged into such judgment or decree, but shall be incorporated into and survive same and shall be forever binding and conclusive upon the parties. ARTICLE XIII Full Disclosure Each party represents that he or she has made an independent investigation into the complete financial circumstances of the other party and represents to the other that he or she is fully informed of the income, assets, property, and financial circumstances of the other party. Each party acknowledges that he or she is aware of all the separate and/or marital property of the other party, and the valuations thereof, as those terms are used and defined in (specify state's law), and is satisfied that full disclosure has been made by the other party. Each party further represents that he or she has previously and fully consulted with his or her attorney. The parties are acknowledging that they are entering into this Agreement and Stipulation of Settlement freely and voluntarily; that they have ascertained and weighed all the facts and circumstances likely to influence their judgment herein; that they have sought and obtained legal advice independently of each other; that they have been duly appraised of their respective legal rights; that all provisions hereof, as well as questions pertaining hereto, have been fully and satisfactorily explained to them; that they have given due consideration to such provisions and questions, and that they clearly understand and accept all the provisions hereof. No representations or warranties have been made by either party to the other, or by anyone else, except as expressly set forth in this Agreement and Stipulation of Settlement, and this Agreement is not being executed in reliance upon any representation or warranty not expressly set forth herein. Without limiting the foregoing, no representations or warranties have been made by either party to the other, or by anyone else in their behalf, with respect to their past, present, or future income or assets. The parties acknowledge that they have been advised by their respective attorneys of their right to compel discovery and inspection of the other's books and records, both business and personal, and of their right to have accountants, appraisers, or others investigate, appraise, and evaluate the other's business and property, and each has waived these rights and they have instructed their respective attorneys not to take any further steps themselves, or through others, in connection with discovery, inspection, investigation, appraisal, or evaluation of the other's business or property.
ARTICLE XIV Legal Representation The parties represent to each other that the Wife has been represented by (specify name and address). The Husband has been represented by (specify name and address). Both parties represent and warrant that they have dealt with no other attorney for which services the other is or may become liable and will indemnify and hold the other party harmless of all loss, expenses (including reasonable attorneys' fees) and damages in the event of a breach by one party of said representation and warranty. Both parties agree to pay for their own respective counsel fees and will make no claim on the other, in whole or in part, for the payment of counsel fees. ARTICLE XV Notices Notices required by this Agreement and Stipulation of Settlement to be sent by either party shall be sufficient if sent certified or registered mail, return receipt requested, to the other. ARTICLE XVI General Provisions This Agreement and Stipulation of Settlement and all obligations and covenants hereunder shall bind the parties hereto, their heirs, executors, administrators, legal representatives and assigns, and shall inure to the benefit of their respective heirs, executors, administrators, legal representatives and assigns. No modification, rescission, or amendment to this Agreement and Stipulation of Settlement shall be effective unless in writing signed by both parties hereto. This Agreement and Stipulation of Settlement and its provisions merge any prior agreements, if any, of the parties, and is the complete and entire agreement of the parties. This Agreement and Stipulation of Settlement shall at all times be governed by the laws of the State of (specify). Each of the parties hereto, without cost to the other, shall at any time and from time to time hereinafter, execute and deliver any and all further instruments and assurances and perform any acts that the other party may reasonably request for the purpose of giving full force and effect to the provisions of the Agreement. ARTICLE XVII Waiver Any Waiver by either party of any provision of this Agreement and Stipulation of Settlement or any right or option hereunder shall not be deemed a continuing waiver and shall not prevent or stop such party from thereafter enforcing such provision, right, or option, and the failure of either party to insist on any one or more instances of the strict performance of any of the terms or provisions of this Agreement by the other party shall not be construed as a waiver or relinquishment in the future of any such term or provision, but the same shall continue in full force and effect. ARTICLE XVIII Reconciliation and Matrimonial Decrees This Agreement and Stipulation of Settlement shall not be invalidated or otherwise affected by a reconciliation between the parties hereto, or a resumption
of marital relations between them unless said reconciliation or said resumption is documented by a written statement executed and acknowledged by the parties with respect to said reconciliation and resumption and, in addition, setting forth that they are canceling this Agreement, and this Agreement and Stipulation of Settlement shall not be invalidated or otherwise affected by any decree or judgment of separation or divorce made in any court in any action which may presently exist or may hereafter be instituted by either party against the other for a separation or divorce. Each party agrees that the provisions of this Agreement and Stipulation of Settlement shall be submitted to any court in which either party may seek a judgment or decree with such specificity as the court shall deem permissible and by reference as may be appropriate under law and under the rules of the court. However, notwithstanding such incorporation, the obligations and covenants of this Agreement and Stipulation of Settlement shall survive any decree or judgment of separation or divorce and shall not merge therein, and this Agreement and Stipulation of Settlement may be enforced independently of any such decree or judgment. ARTICLE XIX Implementation The Husband and Wife shall, at any and all times, upon request by the other party or his or her legal representatives, promptly make, execute, and deliver any and all such other and future instruments as may be necessary or desirable for the purpose of giving full force and effect to the provisions of this Agreement and Stipulation of Settlement, without charge therefor. ARTICLE XX Entire Understanding This Agreement and Stipulation of Settlement contains the entire understanding of the parties, who hereby acknowledge that there have been no representations, warranties, covenants, or undertakings other than those expressly set forth herein. Each of the parties has read this Agreement and Stipulation of Settlement carefully prior to signing thereof. Either party may cause this Agreement and Stipulation of Settlement or memorandum thereof to be filed in accordance with the laws of the State of (specify). All provisions of this Agreement and Stipulation of Settlement shall be binding on the respective heirs, next-of-kin, executors, administrators, and assigns of the parties hereto. ARTICLE XXI Default In the event either party defaults with respect to any obligation hereunder, the defaulting party agrees to indemnify the other against or to reimburse him or her for any and all expenses, costs, and reasonable attorneys' fees resulting from or made necessary by the bringing of any suit or other proceeding to enforce any of the terms, covenants, or conditions of this Agreement and Stipulation of Settlement to be performed or complied with by the other, provided such suit or other proceeding results in a judgment, decree, or order in favor of the other. For the purposes of this Agreement and Stipulation of Settlement, it is understood and agreed that if a party shall institute a suit or other proceeding against the other to enforce any of the terms, covenants, or conditions of this Agreement and Stipulation of Settlement and after the institution of such action or proceeding and before judgment is or can be rendered, the defaulting party shall comply with such term or condition of the Agreement and Stipulation of Settlement, then and in that event, the suit, motion, or proceeding instituted by the party shall be deemed to have resulted in a judgment, decree, or order in favor of the non-defaulting party.
IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals the day and year first above written. _______________________ Name of Wife ("Wife") ________________________ Name of Husband ("Husband") State of (specify) County of (specify) On the day of (date), before me personally came (name of Wife) to me known and known to me to be the person mentioned and described in and who executed the foregoing Agreement and Stipulation of Settlement, and she duly acknowledged to me that she executed same. _________________________ State of (specify) County of (specify) On the day of (date), before me personally came (name of Husband) to me known and known to me to be the person mentioned and described in and who executed the foregoing Agreement and Stipulation of Settlement, and he duly acknowledged to me that he executed same. _________________________ State of (specify) County of (specify)
EXHIBIT A List the parties' debts:
EXHIBIT B The following items of personal property will be distributed per the parties' prior agreement no later than seven (7) days prior to the sale of the marital premises:
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