Free Mutual Divorce Agreement Template
Mutual Divorce Agreement
This Mutual Divorce Agreement ("Agreement") is made and entered into by and between the undersigned parties ("Parties") as of this December 9, 2054.
1. Purpose
The purpose of this Agreement is to outline the mutual terms and conditions under which the Parties agree to dissolve their marriage through a legally binding divorce. This Agreement is intended to ensure an amicable separation and fair distribution of assets and responsibilities.
2. Parties
This Agreement is made between:
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Party 1: Max Hale , residing at Chicago, IL 60601
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Party 2: June Reed, residing at Renton, WA 98055
3. Terms of Agreement
3.1 Separation of Assets
The Parties agree to the following distribution of marital assets:
Property: Party 1 will retain ownership of the family home located at Chicago, IL 60601 . Party 2 will retain ownership of the vacation property at Renton, WA 98055.
Bank Accounts: The joint bank account with Universal Bank will be divided equally, with each Party receiving 50% of the balance as of the Effective Date. Individual accounts held by Party 1 at Credit Union and Party 2 at Universal Bank will remain with their respective owners.
Other Assets: The Parties agree to divide their collection of artwork, with Party 1 receiving the painting titled "Sunset View" and Party 2 receiving the sculpture titled "Modern Abstract". Additionally, the Parties will split the contents of their shared investment portfolio equally.
3.2 Debts and Liabilities
Each Party agrees to be responsible for the following debts:
Party 1: Party 1 will be responsible for the outstanding mortgage balance of $250,000 on the family home, as well as the car loan for the 2054 Tesla Model X valued at $30,000.
Party 2: Party 2 will be responsible for the credit card debt with Bank of America, totaling $15,000, and the personal loan of $20,000 from QuickLoan Lender.
3.3 Child Custody and Support
The Parties have agreed on the following terms regarding child custody and support:
Custody Arrangement: The Parties agree that physical custody of their two children, Mia (age 8) and Lucas (age 5), will be shared equally, with the children alternating between the parents' homes on a week-to-week basis. Legal custody will be joint, with both Parties making decisions regarding education and medical care.
Support Payments: Party 1 agrees to pay Party 2 $1,200 per month in child support, effective immediately, with payments to be made on the 1st of each month via direct deposit.
3.4 Spousal Support
The Parties agree to the following spousal support arrangement:
Duration: Spousal support will be paid by Party 1 to Party 2 for a period of 5 years, with payments to commence on the 1st of the month following the Effective Date of this Agreement.
Amount: Party 1 agrees to pay Party 2 $2,500 per month in spousal support, with the first payment due within 30 days of the Effective Date. This amount will be adjusted for inflation annually based on the Consumer Price Index (CPI).
4. Confidentiality
The Parties agree to keep the terms of this Agreement confidential and not disclose details to any third parties, except as required by law.
5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.
6. Entire Agreement
This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
7. Signatures
Max Hale
June Reed
