10 38 PROPERTY SETTLEMENT AGREEMENT

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

10-38 PROPERTY SETTLEMENT AGREEMENT

[CAPTION] PROPERTY SETTLEMENT [AND CUSTODY] AGREEMENT

THIS AGREEMENT is made by and between [plaintiff/defendant name], a resident of [county] County, Arkansas, hereinafter called "[Plaintiff/Defendant]" and "Husband," and [plaintiff/defendant name], a resident of [county] County, Arkansas, hereinafter called "[Plaintiff/Defendant]" and "Wife," regarding the division of property and child custody as the result of a pending divorce between them.

WHEREAS, the parties hereto were lawfully married on or about [date of marriage];

WHEREAS, there are [no minor children born of this marriage and none are expected] [[number of children] minor child[ren] born of this marriage and no further children are expected];

WHEREAS, unhappy matrimonial differences have arisen between them by reason of which they are now living separate and apart from each other as of [date of separation];

WHEREAS, it is the desire of the parties to settle and compromise the various issues arising out of this litigation for the purpose of avoiding the expense and hardship thereof, rather than for the purpose of collusion for divorce; and,

WHEREAS, the parties further desire that this agreement be embodied in the final Decree of Divorce in the above-styled cause of action and be fully enforceable by any court of competent jurisdiction as a judgment against both parties, in addition to any other rights enforceable by the court.

NOW, THEREFORE, for and in consideration of the above premises and mutual covenants and agreements herein contained, and for other good and valuable considerations, the parties do promise and agree to and with each other as follows:

PROPERTY & DEBT
1. Real Property.

a. The parties own a home located at [address].

[option 1: [Husband/Wife] shall be awarded the marital home as [his/her] sole and separate property and shall be solely and separately responsible for the mortgage, insurances, taxes, and other expenses associated with the same. The parties agree that the home has $[amount of equity] in equity. [[Husband/Wife] shall pay to [Wife/Husband] $[one-half equity amount] for [his/her] one-half share of equity in the marital home.] [[Husband/Wife] shall refinance the marital home within [number of days] days of entry of this Decree.] [Husband/Wife] shall execute a quitclaim deed immediately upon presentation of the same after receipt of [his/her] share of the equity and receipt of proof that [his/her] name has been removed from the mortgage. If [Husband/Wife] does not pay [Wife/Husband] for [his/her] portion of the equity within [number of days], then the home shall be put on the market and sold. The parties shall use a mutually agreeable realtor. The parties shall cooperate in good faith to sell the home and shall follow the reasonable advice of the realtor regarding list price, repairs, offers, and counteroffers. The parties shall equally divide the proceeds from the sale of the home after payment of the mortgage, taxes, realtor fees, and other expenses of the sale. If the home has not sold within [period of time such as six to twelve months] after being on the market for sale, then either party may petition the Court to sell the home at auction in the same manner as it conducts foreclosure sales.]

[Option 2: [Husband/Wife] shall have possession of the marital home until the home is sold and shall be solely responsible for the mortgage and utilities. The parties agree to sell the marital home through a mutually agreeable realtor. The parties shall cooperate in good faith to sell the home and shall follow the reasonable advice of the realtor regarding list price, repairs, offers, and counteroffers. The parties shall equally divide the proceeds from the sale of the home after payment of the mortgage,

...