SAMPLE MARITAL SETTLEMENT AGREEMENT

SAMPLE MARITAL SETTLEMENT AGREEMENT

This sample agreement is a guide only. It cannot be relied upon as a substitute for independent research and planning. The provisions of a written separation and property settlement agreement should always be carefully drafted according to the particular needs of your client, the unique facts and circumstances of your case, and all applicable laws, including, but not limited to, state domestic relations law and federal and state tax, pension, and bankruptcy laws.

NOTE: THIS FORM AGREEMENT IS INTENDED TO BE A GUIDE, ONLY. The provisions of an Agreement will always depend upon the particular needs of the client, the unique facts and issues of the case, and all applicable laws.

MARITAL SETTLEMENT AGREEMENT

THIS MARITAL SETTLEMENT AGREEMENT (“Agreement”) is entered into this ___ day of ________________________, 2022, by and between ________________________ (“Wife”) and ________________________ (“Husband”).

EXPLANATORY STATEMENT

The parties were married by a [religious] [civil] ceremony on [date] in [city and state]. [#] child/ren were born to them as a result of their marriage; namely, ________________________, born ____________________, and ________________________, born ____________________, hereinafter referred to as “Children” or “Child.”

Differences have arisen between the parties and they are now and have been since [Date], [or: they are now, as of the date of this Agreement,] living separate and apart from one another in separate abodes, without cohabitation and without interruption.

It is the mutual desire of the parties in this Agreement to formalize their separation and to settle all questions of custody of their [Child] [Children], maintenance and support, alimony, counsel fees, their respective rights in the property or estate of the other, and in property owned by them jointly or as tenants by the entireties and in marital property, and all other matters of every kind and character whether arising from their marital relationship or otherwise.

It is the intention of the parties that the following shall be effective from the date hereof, regardless of whether or not any Judgment of Divorce is obtained by either party.

NOW, THEREFORE, in consideration of the promises and mutual covenants and understandings of each of the parties, the parties hereby covenant and agree as follows, all as of the effective date hereof.

EXPLANATORY STATEMENT

The above Explanatory Statement is incorporated herein by reference as if fully set forth herein.

PRIOR AGREEMENTS

Except as otherwise expressly provided herein, all provisions of this Agreement shall supersede any prior agreement between the parties, whether or not in writing, including but not limited to the [description] Agreement executed by the parties on [date].

SEPARATION

As of the date of this Agreement, Husband and Wife agree to commence living separate and apart from each other without cohabitation and without interruption. Neither party shall harass the other, or attempt to have sexual relations or demand the right to reside with the other. Each party shall be free from any control, authority, restraint or interference, direct or indirect, by the other party and each shall reside separate and apart from the other at such place or places as he or she may elect. [Husband] [Wife] shall vacate the marital home located at [address] on the date of execution of this Agreement [on date].

OR

On [date], Husband and Wife commenced living separate and apart. They have continued to do so without cohabitation and without interruption. The parties agreed that neither party would harass the other, or attempt to have sexual relations or demand the right to reside with the other. The parties agreed that each was thereafter to be free from any control, authority, restraint or interference, direct or indirect, by the other party, and each would reside separate and apart from the other at such place or places as he or she may elect. The parties hereby evidence, ratify and confirm their prior agreement and agree to continue the same.

OR

The parties are living separate and apart. Neither party shall harass the other or attempt to have sexual relations or demand the right to reside with the other. Each party shall be free from any control, authority, restraint or interference, direct or indirect, by the other party and each shall reside separate and apart from the other at such place or places as he or she may elect.

CHILDREN—PHYSICAL CUSTODY

A. [Husband] [Wife] shall have the physical custody and care of the minor [Child] [Children] of the parties and [Husband] [Wife] shall have the right to have access with the [Child] [Children] at all reasonable times, including but not limited to (insert specific schedule). The exercise of [Husband’s] [Wife’s] access rights shall not interfere with the school schedule of the [Child] [Children], nor with bona fide plans previously made for [his] [her] [their] activities and shall be with due regard for the health and general welfare of the [Child] [Children].

OR

A. The parties shall have joint physical custody of the minor [Child] [Children]; provided, however, that the primary residence of the [Child] [Children] shall be with [Husband] [Wife]. [Husband] [Wife] shall have the right to have access with the [Child] [Children] at all reasonable times, which shall include the right of [Husband] [Wife] to have physical custody of the [Child] [Children] for purposes of exercising overnight visitation privileges.

OR

A. [Husband] [Wife] shall have the primary physical custody of the [Child] [Children]. The primary residence of the [Child] [Children] shall be with [Husband] [Wife]. The parties recognize that it will be necessary for each of them to be flexible with respect to their respective rights and desires to spend time with the [Child] [Children]. [Husband] [Wife] shall have the right to have the [Child] [Children] with [him] [her] at all reasonable times, including as a minimum, the right of [Husband] [Wife] to have physical custody of the [Child] [Children] overnight. Specifically, as a minimum and only as a guide, [Husband] [Wife] shall have the right to have the [Child] [Children] with [him] [her] (a) every other weekend beginning on Friday after school and continuing until Monday morning, at which time [Husband] [Wife] shall make arrangements for the [Child] [Children] to be taken to school (or summer camp/activity), and (b) every Wednesday afternoon, at which time [Husband] [Wife] shall make arrangements for the [Child] [Children] to be picked up at school (or summer camp/activity) and continuing until 7:00 p.m. In addition, if [Husband] [Wife] is going to be out of town overnight without the [Child] [Children], then [Husband] [Wife] shall have the first option and right to have the [Child] [Children] with [him] [her] on those occasions.

OR

Regular Access Schedule

(1) The parties shall share physical custody of the [Child] [Children]. The “general” schedule shall be for the [Child] [Children] to be with [Husband] [Wife] (a) every other weekend from pick up at school (or summer camp/activity) on Friday until Monday morning, at which time [Husband] [Wife] shall arrange for the [Child] [Children] to be transported to school (or summer camp/activity); and (b) every Wednesday from pick up at school (or summer camp/activity) on that Wednesday until Friday morning, at which time [Husband] [Wife] shall arrange for the [Child] [Children] to be transported to school (or summer camp/activity). The following is an illustration of the overnight schedule during a four (4) week cycle:

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

Week 1 W W H H W W W

Week 2 W W H H H H H

Week 3 W W H H W W W

Week 4 W W H H H H H

W = (NAME)

H = (NAME)

On Mondays, [Husband’s] [Wife’s] responsibility for the [Child] [Children] shall begin at 9:00 a.m. On Wednesdays, [Husband’s] [Wife’s] responsibility for the [Child] [Children] shall begin at 9:00 a.m. Each party’s responsibility for the [Child] [Children] on [his] [her] weekend shall begin at 9:00 a.m. on Friday.

Holidays, Birthdays, Mother’s and Father’s Days

The parties shall [alternate] [fairly and equitably divide] having the [Child] [Children] with him or her on [the following] secular and religious holidays [LIST—e.g., New Year’s Day, Martin Luther King Jr.’s Birthday, President’s Day, Good Friday, Memorial Day, Independence Day, Labor Day, etc.]. Each party shall also have the right to be with the [Child] [Children] on the [Child’s] [Children’s] birthday. Each party shall have the right to have the [Child] [Children] with him or her on each party’s birthday. Wife shall have the [Child] [Children] with her on Mother’s Day, and Husband shall have the [Child] [Children] with him on Father’s Day. The holiday and birthday visitation rights shall supersede the general visitation schedule.

Thanksgiving Visitation

The parties shall alternate having the [Child] [Children] with him or her for the Thanksgiving holiday each year, which shall [consist of Thanksgiving Day from 10:00 a.m. until 8:00 p.m.] [begin no later than the Wednesday afternoon (at ___ p.m.) immediately prior to Thanksgiving Day and shall end on the Sunday afternoon (at ___ p.m.) immediately following Thanksgiving Day], with [Husband] [Wife] to have Thanksgiving visitation in [Year]. 

Christmas Visitation

The parties shall alternate having the [Child] [Children] with him or her during the [Child’s] [Children’s] winter (Christmas) vacation from school each year. [Husband] [Wife] shall have the [Child] [Children] with [him] [her] for winter vacation during [Year]. [The parties shall divide the [Child’s] [Children’s] winter (Christmas) vacation equally.] At least two (2) weeks prior to the commencement of the scheduled winter vacation, an itinerary which sets forth appropriate travel information, the address, and telephone number for the [Child] [Children] shall be provided to the other party. [The parties shall alternate having the [Child] [Children] on Christmas Eve and Christmas Day, as follows: In odd-numbered years, [Husband] [Wife] shall have the [Child] [Children] beginning at (time) a.m./p.m. on Christmas Eve and continuing until (time) a.m./p.m. on Christmas Day, and [Husband] [Wife] shall have the [Child] [Children] with [him] [her] beginning at (time) a.m./p.m. on Christmas Day and continuing until (time) a.m./p.m. on December 26. In even-numbered years, [Husband] [Wife] shall have the [Child] [Children] beginning at (time) a.m./p.m. on Christmas Eve and continuing until (time) a.m./p.m. on Christmas Day, and [Husband] [Wife] shall have the [Child] [Children] with [him] [her] beginning at (time) a.m./p.m. on Christmas Day and continuing until (time) a.m./p.m. on December 26.]

Spring/Easter Vacation

The parties shall alternate having the [Child] [Children] with him or her during the [Child’s] [Children’s] spring vacation from school each year. [Husband] [Wife] shall have the [Child] [Children] with [him] [her] for spring vacation during [Year]. [The parties shall divide the [Child’s] [Children’s] spring vacation equally.] At least two (2) weeks prior to the commencement of the scheduled spring vacation, an itinerary which sets forth appropriate travel information, the address, and telephone number for the [Child] [Children] shall be provided to the other party.

Summer Visitation

Each party shall also have the opportunity to have the [Child] [Children] with him or her for two (2) weeks, which may or may not be consecutive, during the [Child’s] [Children’s] summer vacation from school. This vacation visitation shall be taken when the [Child] [Children] are not otherwise scheduled to be in school, and shall be scheduled with due regard for the [Child’s] [Children’s] activities (i.e., summer camp schedule). Written notice of either party’s intention to exercise such vacation visitation shall be provided to the other party on or before [Date] each year. In addition, at two (2) weeks prior to the commencement of the scheduled vacation, an itinerary which sets forth appropriate travel information (i.e., airline flight number, hotel, etc.), and the address and telephone number for the [Child] [Children] during the vacation shall be provided to the other party. 

Religious Holidays

[Husband] [Wife] shall have visitation on the following holidays that shall supersede regularly scheduled visitation:

High Holy Days. In the event that the Jewish holidays of Rosh Hashanah and/or Yom Kippur fall in whole or in part on a weekend on which [Husband] [Wife] would otherwise have access to the [Child] [Children], [Husband] [Wife] shall waive [his] [her] access period provided however that [Husband] [Wife] shall instead have access to the [Child] [Children] on either the weekend preceding or the weekend following the waived weekend at [Husband’s] [Wife’s] election.

In the event that any access period of [Husband] [Wife] naturally ends on the day on which a Jewish Holiday commences, the [Child] [Children] shall be returned by [Husband] [Wife] to [Husband’s] [Wife’s] home by [time] (if [Husband] [Wife] is driving.)

Chanukah. In the event that the Jewish Holiday of Chanukah occurs such that the entirety thereof falls during [Husband’s] [Wife’s] Christmas/Winter Break access period, [Husband’s] [Wife’s] access period, in that year only, shall conclude with the [Child] [Children] either being returned to [Husband’s] [Wife’s] home by [Husband] [Wife] by [time] on the eighth (8th) day of Chanukah or by their being retrieved by [Husband] [Wife] from [Husband’s] [Wife’s] home at [time] on the eighth (8th) day of Chanukah, depending on who has the driving responsibility.

Passover. In the event that the first and second Seders of Passover fall entirely within Easter Weekend [Husband] [Wife] shall designate a 24-hour period commencing at either [time] on the day of the first Seder or [time] on the day of the second Seder for [Husband] [Wife] to have the [Child] [Children].

If the first and second Seders of Passover fall in whole or in part on another weekend on which [Husband] [Wife] would otherwise have access to the [Child] [Children] pursuant to the Regular Schedule, [Husband] [Wife] shall waive [his] [her] access provided however that [Husband] [Wife] shall instead have access to the [Child] [Children] on either the weekend preceding or the weekend following the waived weekend at [Husband’s] [Wife’s] election.

If both the first and second Seders of Passover fall within a Spring Break that is [Husband’s] [Wife’s] access period with the [Child] [Children], unless at least one of the Seders falls on the first two or last two days of the Spring Break, [Husband] [Wife] shall not be entitled to access to the [Child] [Children] for Passover. If either or both of the first two Seders fall within a Spring Break that is [Husband’s] [Wife’s] access period with the [Child] [Children], and falls on the first two days or last two days of the Spring Break, [Husband] [Wife] shall be entitled to access to the [Child] [Children] for the Seders and [Husband’s] [Wife’s] Spring Break access period shall commence on the day following the second Seder at [time] or shall conclude on the day of the first Seder at [time] as applicable.

Holiday Visitation Shall Supersede Normal Weekend Rotation

The parties agree that any holiday visitation shall supersede a normally scheduled weekend visitation. [The parties agree that [Husband] [Wife] shall be entitled to a “make up weekend” for the time lost due to the holiday.]

Cooperation Between the Parties

The parties acknowledge that the well-being of their [Child] [Children] is the paramount consideration of both parents and that this well-being requires that both [Child] [Children] have the companionship of both parents and that both parents participate in the [Child’s] [Children’s] [life] [lives]. It is the intention of the parties that both Husband and Wife shall have full and liberal rights to be with the [Child] [Children] so that as close a relationship as possible may be maintained between each party and each Child. Husband and Wife shall cooperate with each other in order to foster a feeling of affection between each Child and each parent. Each party shall have free and liberal access and telephone and e-mail communication with each Child. The parties shall cooperate to the fullest extent possible to effectuate this intent.

Notice of Change in Residence

The parties have established the foregoing custody and visitation arrangements to reflect their belief that they constitute the best arrangements to meet their [Child’s] [Children’s] needs to have a continuing and close relationship with both Husband and Wife. The parties further recognize that an arrangement which provides for less contact between the [Child] [Children] and each of the parties would not be in the best interests of the [Child] [Children] at this time. Accordingly, the parties agree that if either of them desires to move the [Child’s] [Children’s] residence to a location which is more than [___] miles from [specified location], that party shall first be required to give the other party at least ninety (90) days’ advance and prior written notice sent by certified mail, return receipt requested, of his or her intention to relocate the [Child’s] [Children’s] residence. In such event, the parties shall attempt to agree upon a modification of the physical custody and visitation arrangements if necessary and, in the absence of a modification agreement, each party shall have the right and opportunity to have the issues resolved by a court of competent jurisdiction. [Neither party shall remove the [Child] [Children] from the State of Maryland for the purpose of changing the [Child’s] [Children’s] residence to a location outside of Maryland, unless that party first obtains written agreement from the other party or, in the absence of such agreement, obtains a court order]. However, nothing contained herein shall prohibit either party from taking the [Child] [Children] outside of Maryland for brief periods of time such as for excursions or vacations, provided that the other party is informed in advance of the [Child’s] [Children’s] itinerary.

Renegotiation of Physical Custody

In the event that either party moves more than [number] miles from their current residence with the [Child] [Children], the parties agree to renegotiate the physical custody schedule and transportation responsibilities set forth above. If the parties are unable to reach an agreement, the issue shall be submitted to the Court for an appropriate order.

Indemnification of Move without Court Order

If either party acts to remove the [Child] [Children] without obtaining permission from the other party, or the Circuit Court for [Jurisdiction], that party shall be liable as follows: (a) to indemnify the other party on account of costs and expenses incurred by that party in finding the removing party’s new location with the [Child] [Children], including travel expenses, counsel fees, detective fees, lost wages, and all other similar and related costs; (b) to indemnify the other party on account of any costs and expenses incurred in connection with any legal proceedings, whether in this State or elsewhere, for the purpose of obtaining custody or establishing visitation rights, including court costs and counsel fees.

Grandparent Visitation

The parties acknowledge that they have been advised of the current case law regarding “Grandparent Visitation” and have chosen to voluntarily enter into this Agreement for grandparent visitation. Each parent shall be free to have the [Child] [Children] spend as much time as they desire during their respective visitation periods, with the [Child] [Children’s] grandparents. The parties further agree however that independent of the aforementioned, the grandparents shall be permitted visitation at least one overnight per [number] month period. [Husband] [Wife], as the parent having physical custody, agrees to cooperate in the scheduling of such visitation.

This Agreement shall not vest any additional rights to a grandparent beyond the terms and conditions of this Paragraph.

Transportation

The parties agree that [Husband] [Wife] shall be responsible for transporting the minor [Child] [Children] for all visitations.

OR

[Husband] [Wife] shall be responsible for transporting the minor [Child] [Children] to [Husband’s] [Wife’s] home at the commencement of all visitation, and [Husband] [Wife] shall have the responsibility for returning the [Child] [Children] to [Husband’s] [Wife’s] home following the scheduled visitation.

Clothing

The parties agree that for each visitation, [Husband] [Wife] agrees to send adequate clothing for the minor [Child] [Children] during the scheduled visitation. [Husband] [Wife] agrees to return all clothing with the [Child] [Children] at the end of said visitation.

Telephone Access

It is agreed between the parties that when the [Child] [Children] [is] [are] residing with [Husband] [Wife], [Husband] [Wife] shall have reasonable telephone access with the minor [Child] [Children]. The parent calling shall use good discretion as to the time, frequency, and duration of any phone conversation with the minor [Child] [Children].

OR

The parties agree that [Husband] [Wife] shall call on [day] at [time]. [Husband] [Wife] agrees to use all reasonable efforts not to schedule any other activities during the aforementioned scheduled time for phone calls.

OR

The [Child] [Children] shall be provided with a dedicated phone in their room at both Husband’s and Wife’s home, and shall be allowed free access with both parents at all reasonable times. Each parent shall be responsible for the cost of the individual phone line at their respective homes.

OR

The parties shall have joint physical custody of their [Child] [Children]. At the present time the parties agree that it is in the best interests of the [Child] [Children] to continue the physical custody arrangements which have been in place throughout the period of the parties’ separation. Accordingly, the [Child] [Children] shall reside with [Husband] [Wife] on Monday and Tuesday; they shall reside with [Husband] [Wife] on Wednesday and Thursday; and they shall alternate weekends with each parent. The parties recognize that it will be necessary for each of them to be flexible with respect to their respective rights and desires to spend time with the [Child] [Children]. The parties further agree that on those occasions when it is necessary for either party to travel outside of the Baltimore metropolitan area overnight, the other party shall first be provided the option and right to have the [Child] [Children] with him or her.

The parties shall fairly and equitably divide having the [Child] [Children] with him or her on secular and religious holidays, each Child’s birthday, and during the [Child’s] [Children’s] winter and spring vacations from school. Each party shall have the right to have the [Child] [Children] with him or her on each party’s birthday. Wife shall have the [Child [Children] with her on Mother’s Day, and Husband shall have the [Child] [Children] with him on Father’s Day. Each party shall also have the opportunity to have the [Child] [Children] with him or her for at least two (2) weeks, which may or may not be consecutive, during the [Child’s] [Children’s] summer vacation from school. The summer vacation visitation shall be taken when the [Child] [Children] [is] [are] not otherwise scheduled to be in school, and shall be scheduled with due regard for the [Child’s] [Children’s] activities (i.e., summer camp schedule). At least two (2) weeks prior to the commencement of either party’s scheduled vacation with the [Child] [Children] (whether the vacation is winter, spring, or summer), the party who is scheduled to have the [Child] [Children] for vacation purposes shall provide the other party with an itinerary which sets forth appropriate travel information, including but not limited to the address and telephone number for the [Child] [Children].

The parties acknowledge that the well-being of their [Child] [Children] is the paramount consideration of both parents and that this well-being requires that both [Child] [Children] have the companionship of both parents and that both parents participate in the [Child’s] [Children’s] [life] [lives]. It is the intention of the parties that both Husband and Wife shall have full and liberal rights to be with the [Child] [Children] so that as close a relationship as possible may be maintained between each party and each Child. Husband and Wife shall cooperate with each other in order to foster a feeling of affection between each Child and each parent. Each party shall have free and liberal access and telephone communication with each Child. The parties shall cooperate to the fullest extent possible to effectuate this intent.

The parties have established the foregoing custody and visitation arrangements to reflect their belief that they constitute the best arrangements to meet their [Child’s] [Children’s] needs to have a continuing and close relationship with both Husband and Wife. The parties further recognize that an arrangement which provides for less contact between the [Child] [Children] and each of the parties would not be in the best interests of the [Child] [Children] at this time. Accordingly, the parties agree that if either of them desires to move the [Child’s] [Children’s] residence to a location which is outside of the Baltimore metropolitan area, that party shall first be required to give the other party at least ninety (90) days’ advance and prior written notice sent by certified mail, return receipt requested, of his or her intention to relocate the [Child’s] [Children’s] residence. In such event, the parties shall attempt to agree upon a modification of the physical custody and visitation arrangements if necessary and, in the absence of a modification agreement, each party shall have the right and opportunity to have the issues resolved by a court of competent jurisdiction. However, nothing contained herein shall prohibit either party from taking the [Child] [Children] outside of Maryland for brief periods of time such as for excursions or vacations, provided that the other party is informed in advance of the [Child’s] [Children’s] itinerary.

CHILDREN—LEGAL CUSTODY

Decision Making—Keep Informed

Each party shall keep the other party fully informed of and involved in the decision-making process with regard to the [Child’s] [Children’s] emotional, moral, educational, physical and general welfare. It is the intention of the parties that each of them shall participate as much as possible in making all decisions with respect to education, medical treatment, illness, operations (except in emergencies), health, welfare and other matters of similar importance affecting each Child. Decisions with respect to the aforesaid matters shall not be made by either party in such a manner as to exclude the other from participation therein, and each party shall notify the other and invite the other to participate in any meeting or conferences with third parties which might affect such decisions, except in the event of an emergency. The parties shall mutually agree upon and select a family counselor or mental health therapist (i.e., social worker, psychologist, or psychiatrist) to assist them in the resolution of any difficulties which might arise in connection with their attempts to jointly decide major issues affecting each Child. Each party shall, upon request, provide the other with all medical, educational, and other records, notices or information which relate to any aspect of the welfare of the [Child] [Children] and execute any authorizations so that all information concerning [each] [the] Child shall be equally available to both parties. 

OR

Decision Making—Consult

The parties shall consult with each other regarding the emotional, moral, educational, physical and general welfare of the [Child] [Children]. They shall participate as much as possible in making decisions with respect to education, medical treatment, illness, operations (except in emergencies), health, welfare and other matters of similar importance affecting the [Child] [Children]. Decisions with respect to those matters shall not be made by either of the parties in such a manner as to exclude the other from participation therein. Except in the event of an emergency, each party shall notify the other and invite the other to participate in any meeting or conferences with third parties which affect those decisions. Each party shall, upon request, provide the other with medical, educational, and other records, notices or information which relate to the welfare of the [Child] [Children] and execute any authorizations so that information concerning the [Child] [Children] shall be equally available to both parties.

OR

Decision Making—Attempt Joint

The parties shall attempt to jointly decide matters of major importance affecting the [Child] [Children]. They shall consult with each other in an effort to mutually agree regarding the emotional, moral, educational, physical and general welfare of the [Child] [Children]. [Husband] [Wife] shall not unilaterally decide such matters of major importance affecting the [Child] [Children], but rather [he] [she] shall consult with [Husband] [Wife] in an effort to reach a mutual decision. The parties agree that each of them shall participate as much as possible in making all decisions with respect to education, medical treatment, illness, operations (except in emergencies), health, welfare and other matters of major importance affecting the [Child] [Children]. If [Husband] [Wife], after consultation with [Husband] [Wife], disagrees with [his] [her] decision on a matter of major importance affecting the [Child] [Children], [Husband] [Wife] shall have the right to seek a determination of the [Child’s] [Children’s] best interest in a court of competent jurisdiction. Decisions with respect to the aforesaid matters shall not be made by either of the parties in such a manner as to exclude the other from participation therein, and each party shall notify the other and invite the other to participate in meetings or conferences with third parties which might affect such decisions, except in the event of an emergency. Each party shall, upon request, provide the other with all medical, educational, and other records, notices or information which relate to any aspect of the welfare of the [Child] [Children] and execute any authorizations so that all information concerning the [Child] [Children] shall be equally available to both parties.

OR

Joint Legal Custody 

The parties shall have joint legal custody and joint decision-making power with each other regarding the emotional, moral, educational, physical and general welfare of the [Child] [Children]. It is the intention of the parties that each of them shall participate as much as possible in making all decisions with respect to education, medical treatment, illness, operations (except in emergencies), health, welfare and other matters of similar importance affecting the [Child] [Children]. Decisions with respect to the aforesaid matters shall not be made by either party in such a manner as to exclude the other from participation therein, and each party shall notify the other and invite the other to participate in any meetings or conferences with third parties which might affect such decisions, except in the event of an emergency. Each party shall, upon request, provide the other with all medical, educational, and other records, notices or information which relate to any aspect of the welfare of the [Child] [Children] and execute any authorizations so that all information concerning the [Child] [Children] shall be equally available to both parties. 

OR

Decision Making—Primary Responsibility

Both parties recognize that it will be necessary for there to be routine communications between them so that major decisions regarding the [Child] [Children] can be made in accordance with the best interests of the [Child] [Children]. [Husband] [Wife] shall consult with [Husband] [Wife] regarding the emotional, moral, educational, physical and general welfare of the [Child] [Children]. Although [Husband] [Wife] shall have the primary responsibility for making major decisions regarding the [Child] [Children], [he] [she] shall keep [Husband] [Wife] informed of and involved in the process of making major decisions regarding the [Child] [Children]. Except in the event of emergency, the parties will make genuine, sincere, and bona fide efforts to ensure that major decisions regarding the [Child] [Children] are not made by [Husband] [Wife] without an opportunity for input from and participation by [Husband] [Wife]. Each party shall be entitled to all medical, educational, and other records, notices or information which relate to the welfare of the [Child] [Children] and each party shall be entitled to telephone access with the [Child’s] [Children’s] medical providers, school officials, tutors, etc. Each party shall execute any authorizations so that information concerning the [Child] [Children] shall be equally available to both parties. Where appropriate, either party shall consult with a family counselor, educator or mental health therapist (i.e., social worker, psychologist, or psychiatrist) in order to ensure that decisions regarding major issues are made in accordance with the best interests of the [Child] [Children].

OR

Decision Making—Tiebreaker

The parties shall have joint legal custody and joint decision-making power with each other regarding the emotional, moral, educational, physical and general welfare of the [Child] [Children]. It is the intention of the parties that each of them shall participate as much as possible in making all decisions with respect to education, medical treatment, illness, operations (except in emergencies), health, welfare and other matters of similar importance affecting the [Child] [Children]. Decisions with respect to the aforesaid matters shall not be made by either party in such a manner as to exclude the other from participation therein, and each party shall notify the other and invite the other to participate in any meetings or conferences which might affect such decisions, except in the event of an emergency. Each party shall, upon request, provide the other with all medical, educational, and other records, notices or information which relate to any aspect of the welfare of the [Child] [Children] and execute any authorizations so that all information concerning the [Child] [Children] shall be equally available to both parties. After [Husband] [Wife] has made all reasonable efforts to consult with and inform [Husband] [Wife] and, if the parties are not able to come to an agreement then, and in that event, [Husband] [Wife] shall be the “tiebreaker,” and that decision shall be binding on both parties.

OR

Mediation and Primary Decision-Maker

The parties shall have joint legal custody and joint decision-making power with each other regarding the emotional, moral, educational, physical and general welfare of the [Child] [Children]. It is the intention of the parties that each of them shall participate as much as possible in making all decisions with respect to education, medical treatment, illness, operations (except in emergencies), health, welfare and other matters of similar importance affecting each Child. Decisions with respect to the aforesaid matters shall not be made by either party in such a manner as to exclude the other from participation therein, and each party shall notify the other and invite the other to participate in any meeting or conferences with third parties which might affect such decisions, except in the event of an emergency. Each party shall, upon request, provide the other with all medical, educational, and other records, notices or information which relate to any aspect of the [Child’s] [Children’s] welfare and execute any authorizations so that all information concerning the [Child] [Children] shall be equally available to both parties. 

In the event the parties disagree with respect to a significant decision affecting the [Child] [Children], the following dispute resolution agenda shall be employed by them: (a) the issue of disagreement shall be clearly identified by the parties; (b) the parties shall use good faith and reasonable efforts to persuade each other of the correctness of their respective positions; (c) if a disagreement persists, then within fifteen (15) days, the parties shall identify a mental health professional or other appropriate expert to assist them in resolving their differences. If the parties cannot mutually agree upon an expert/professional, then each party shall select one expert/professional and those two experts/professionals shall select a third expert/professional, and the third expert/professional shall assist the parties in resolving their differences. Each party shall participate, if necessary, in the opinion of the expert/professional, in at least two (2) sessions with the expert/professional in an attempt to resolve any major dispute. The costs of the expert/professional shall be divided equally between the parties; (d) if, after consulting with the expert/professional, a disagreement persists, then [Husband] [Wife] shall have the right to make the final decision; and (e) unless the parties mutually agree to dispense with the steps set forth in “(a)” through “(d)” of this Paragraph, then after the parties have completed the steps set forth in “(a)” through “(d)” of this Paragraph, each party shall have the right to have the issue resolved by a court of competent jurisdiction.

Decision Making—In the Event of an Emergency

If an emergency arises while the minor [Child] [Children] are physically residing at the time with one of the parents, that parent shall be permitted to make the decision necessitated by the emergency without consulting the other parent in advance. However, the parent making the emergency decision shall inform the other parent of the facts and circumstances concerning the “emergency” and consult with him or her as soon as reasonably possible.

Decision Making—Third Party Providers

The parties agree that each shall participate in the selection of any doctor, dentist, public or private school, or any other third-party provider who shall be involved with the minor [Child] [Children] and each shall be entitled to all information related thereto. The parties agree that each shall be entitled to all information concerning any doctor, dentist, public or private school, or any third-party provider who shall be involved with the minor [Child] [Children]. The aforementioned information shall include, but not be limited to, information regarding report cards, medical records, and reports, and any other information related to the minor [Child] [Children]. [Husband’s] [Wife’s] name shall be provided to the school as an alternative parent to be contacted in the event of emergencies.

Decision Making—Legal Name of Child

The parties agree and acknowledge that the minor [Child’s] [Children’s] name [is] [are] [list name(s)] and shall be known by that name for all purposes.

Decision Making—Religion

Prior to the execution of this Agreement, the parties have conferred and have agreed that it is in the best interests of the [Child] [Children] to be raised in the [religion] faith. Although [Husband] [Wife] is of the [religion] faith, [he] [she] agrees that [he] [she] will not expose the minor [Child] [Children] to any other religion other than what has been agreed to by the parties.

OR

The parties agree that [Husband] [Wife] is of the [religion] faith and [Husband] [Wife] is of the [religion] faith. They have agreed and conferred that it is in the best interests of the minor [Child] [Children] to be exposed to both of the aforementioned religions.

OR

The parties have agreed that the [Child] [Children] shall be raised in the Jewish religion. It is agreed between the parties that the [Child] [Children] shall continue to attend services on Rosh Hashanah and Yom Kippur. The parties further agree that the [Child] [Children] shall attend Hebrew school in accordance with the requirements so that [he] [she] [they] may receive training to enable [him] [her] [them] to be [Bar] [Bat] Mitzvahed.

Costs of Bar/Bat Mitzvah

The parties have agreed that they will participate in a joint celebration of the [Bar] [Bat] Mitzvah. The parties will meet and attempt to agree upon a location that is acceptable to both of the parties. The parties further agree that the costs of the [Bar] [Bat] Mitzvah shall be divided in the following manner: [                            ].

ALTERNATIVE DISPUTE RESOLUTION

If a disagreement arises concerning any issues regarding the [Child] [Children], the parties agree to contact [name] who shall act as a mediator regarding such dispute [return to the [Jurisdiction] Family Court Services Office]. Both parties reserve all of their rights to seek the appropriate relief from the Circuit Court for [Jurisdiction] if they are not able to reach an agreement with the aforementioned mediator. The parties agree that they shall not take any action in regard to the dispute until the issue has been adjudicated either through mediation, or through order of court.

The mediator shall assess costs in [his] [her] sole discretion between the parties. The parties, however, agree to each advance [number] percent ([   %]) pending the determination by the aforementioned mediator.

CHILD SUPPORT

Child Support—Charge Generally

As of the date of this Agreement, the parties agree that there shall be no direct child support payments from either party to the other. The parties have considered their respective financial circumstances and agree that each party shall be charged generally with the support of the [Child] [Children]. Each party shall provide for the support of each Child during the time in which the [Child] [Children] are with him or her, as the case may be. The parties have reached this agreement regarding child support with due regard for each party’s rights and benefits under this Agreement, and with due regard for the child support guidelines currently in effect in Maryland.

OR

Direct Child Support Payments

Commencing on the first day of the month immediately following the execution of this Agreement, [Husband] [Wife] shall pay directly to [Husband] [Wife], for the support and maintenance of the [Child] [Children], the sum of [Dollar Amount] ($ [   ]) per month, payable on the first day of each month.

[Husband’s] [Wife’s] child support payments shall be re-evaluated in accordance with the Maryland Child Support Guidelines upon the first to occur of any one of the following events with respect to the [Child] [Children]: (1) death of the [Child] [Children], (2) marriage of the [Child] [Children], (3) the [Child’s] [Children’s] becoming self-supporting, or (4) the [Child’s] [Children’s] arrival at the age of eighteen (18) years, except that if the [Child] [Children] [is] [are] enrolled in secondary school but [has] [have] not graduated at such time, [Husband’s] [Wife’s] child support payments shall continue until the Child graduates from or is no longer enrolled in secondary school or the occurrence of any other terminating event, but not longer than the Child’s arrival at the age of 19 years. 

[Husband’s] [Wife’s] obligation to pay child support, in whatever amount then payable, shall be reduced by thirty-two percent (32%) effective as of the date of the event described in the immediately preceding sentence without the necessity of judicial proceedings upon the first to occur off any such event as to one of the Children.

[Husband’s] [Wife’s] child support payments shall cease and terminate upon the first to occur of any one of the following events with respect to the [Child] [Children]: (1) death of the [Child] [Children] or [Husband] [Wife], (2) marriage of the [Child] [Children], (3) the [Child’s] [Children’s] becoming self-supporting, or (4) the [Child’s] [Children’s] arrival at the age of eighteen (18) years, except that if the [Child] [Children] [is] [are] enrolled in secondary school but [has] [have] not graduated at such time, [Husband’s] [Wife’s] child support payments shall continue until the Child graduates from or is no longer enrolled in secondary school or the occurrence of any other terminating event, but not longer than the Child’s arrival at the age of 19 years.

The parties have agreed to the amount of child support payments set forth above in consideration of each party’s rights and benefits under this Agreement, and with due regard for the child support guidelines currently in effect in Maryland. The parties have based this calculation on the following information: Husband’s gross annual income is $ _______________; Wife’s gross annual income from sources other than alimony is $ _______________; [Husband] [Wife] has a pre-existing child support obligation of $ __________ per year; [Husband] [Wife] pays alimony of $ __________ per month; [Husband] [Wife] pays work-related child care expenses of $ __________ per month; and [Husband] [Wife] does not have the [Child] [Children] for more than 128 overnights per year. A copy of the child support guidelines worksheet is attached to this Agreement. 

Acknowledgment of Earnings Withholding Order

[Husband] [Wife] acknowledges that [he] [she] is aware of [his] [her] right to have the amounts due her from [Husband] [Wife] as child support to be paid to [him] [her] by having earnings withheld from [Husband’s] [Wife’s] wages or by wage lien and/or to have payments made through the Circuit Court for [Jurisdiction]. At the present time, [Husband] [Wife] elects to have all child support payments due [him] [her] to be paid directly to [him] [her] by [Husband] [Wife]; provided, however, [he] [she] may exercise [his] [her] right to receive child support payments by earnings withholding, etc. in the future should [he] [she] so elect.

In the event that [Husband] [Wife] determines that [he] [she] desires to have the child support paid by way of a wage lien then, and in that event, [Husband] [Wife] consents to the entry of the aforementioned earnings withholding order.

HEALTH INSURANCE—CHILDREN

[Husband] [Wife] shall maintain [his] [her] existing health insurance coverage, or equivalent coverage available to him through his employment, for the benefit of the [Child] [Children]. [Husband’s] [Wife’s] obligation to maintain health insurance coverage for the benefit of the [Child] [Children] shall continue so long as the [Child] [Children] [is] [are] eligible for coverage under the provisions of the policy. The cost for this coverage has been factored in the determination of [Husband’s] [Wife’s] child support obligation set forth in Paragraph [   ] above. If [Husband] [Wife] no longer has insurance available through [his] [her] employment and/or [Husband] [Wife] can provide comparable or better coverage for less cost, then [Husband] [Wife] shall provide coverage and [Husband] [Wife] shall reimburse [Husband] [Wife] for that portion of the health insurance premium that is incurred solely to provide coverage for the [Child] [Children]. If [Husband] [Wife] no longer has insurance through [his] [her] employer and if the insurance available to [Husband] [Wife] is neither comparable or better coverage for less cost, the parties shall decide which parent shall provide coverage for the [Child] [Children] and the parties shall re-evaluate whether or not there should be any adjustment to [Husband’s] [Wife’s] child support obligation set forth in Paragraph [   ] above as a result thereof.

UNINSURED MEDICAL EXPENSES—CHILDREN

[The parties shall divide equally the payment] [Husband shall pay [   ]% and Wife shall pay [   ]%] [Each party shall pay in proportion to [his] [her] “adjusted actual income” as defined in Section 12-201 of the Family Law Article, as amended from time to time] the payment of any necessary and reasonable medical, dental, orthodontia, prescription, eyecare and/or hospitalization expenses incurred on behalf of their [Child] [Children] and which are not covered or reimbursed by insurance. This obligation shall include any necessary counseling or mental health therapy expenses for [the] [either] [Child] which are mutually agreed upon by the parties, with neither party to unreasonably withhold his or her consent. Unless it is not practicable to do so, the health care provider of services to each Child shall be a recognized and approved participant under [Husband’s] [Wife’s] health insurance plan. Unless [Husband] [Wife] has provided [his] [her] written consent for [Husband] [Wife] to utilize services of a health care provider for each Child which is not a recognized and approved participant under [Husband’s] [Wife’s] health insurance plan, and except in the event of an emergency, [Husband] [Wife] shall have no obligation pursuant to this Paragraph. The parties shall cooperate with each other in order to provide for the prompt payment of each Child’s expenses and reimbursement between the parties themselves. If one party has advanced payment of these expenses directly to the third-party provider of services, the other party’s share of these expenses shall be paid directly to the advancing party immediately upon receipt of documentation which sets forth the total expense, the uninsured portion of the expense, and the portion of the expense which has already been paid by the advancing party. If neither party has advanced payment of these expenses, then each party shall pay his or her respective share directly to the third-party provider of services. Each party’s payment shall be made immediately upon his or her respective receipt of documentation which sets forth the total expense and the uninsured portion of the expense. The terms of this Paragraph shall apply only to the payment of “extraordinary expenses” which shall mean an uninsured expense over $100 for a single illness or condition. If [Husband] [Wife] so requests, [he] [she] shall pay for the preparation and filing with the Circuit Court for [Jurisdiction] County for entry of a Qualified Medical Child Support Order (“QMCSO”) in accordance with Section 609 of the Employment Retirement Income and Security Act of 1974, as amended (ERISA), which will (a) direct [Husband] [Wife] to provide insurance coverage for the [Child] [Children], (b) authorize the insurance company to provide materials, forms and notices to [Husband] [Wife], and (c) authorize [Husband] [Wife] to be reimbursed directly by [Husband’s] [Wife’s] health insurance provider for all sums paid by [Husband] [Wife] for medical, dental, hospitalization, or other healthcare related expenses incurred on behalf of the [Child] [Children]. The parties’ obligations pursuant to this Paragraph shall remain in effect so long as [Husband] [Wife] has an obligation to maintain health insurance coverage for each Child pursuant to Paragraph [   ] of this Agreement.

DEPENDENCY EXEMPTION

Assignment

If the federal or state income tax laws so permit, [Husband] [Wife] shall be entitled to claim the dependency exemption for each Child. [Husband] [Wife] expressly agrees to release unto [Husband] [Wife] any right [he] [she] may have to claim the dependency exemption for each and every calendar year and/or taxable year, and [Husband] [Wife] shall execute such documents as may be necessary or required by appropriate Internal Revenue Code provisions and/or Treasury Regulations. Notwithstanding anything above to the contrary, however, in the event Internal Revenue Code provisions, Treasury Regulations, or the Federal Tax Laws, nevertheless prevent [Husband] [Wife] from realizing a tax benefit on [his] [her] federal income tax return by claiming either Child or both Children as dependents, then [Husband] [Wife] shall be entitled to so claim the Child or Children as dependents on her income tax returns for that year.

OR

Dependency Exemption—Two Children-Split

Commencing with the 2019 calendar year, Wife shall be entitled to claim the parties’ Child, [Child’s Name], as a dependent on her income tax returns, and Husband shall be entitled to claim the parties’ Child, [Child’s Name], as a dependent on his income tax returns. In the event that [Husband] [Wife] cannot realize any benefit from claiming [Child’s Name], then [Husband] [Wife] shall also be able to claim the Child for that year. In the event that [Husband] [Wife] cannot realize any benefit from claiming [Child’s Name] , then [Husband] [Wife] shall also be able to claim the Child for that year. Each party shall execute such assignments and/or releases as may be necessary or required by appropriate Internal Revenue Code provisions and/or Treasury Regulations in order to effectuate the purposes of this Paragraph. At such time as only one Child of the parties is eligible to be claimed as a dependent, the parties shall alternate claiming such child as a dependent during each calendar year. The party who is otherwise entitled to claim the Child in accordance with this Agreement (i.e., Wife claims [Child’s Name] and Husband claims [Child’s Name]) will have the right to claim said Child during the first calendar year during which said Child is the only dependent. The other party shall have the right to claim said Child during the next calendar year and the parties shall continue to alternate claiming the Child as a dependent thereafter. 

Dependency Exemption—One Child—Alternate

So long as [Husband] [Wife] is in compliance with the child support provisions of this Agreement, [he] [she] shall be entitled to claim the dependency exemption for the Child for all calendar years which end in an even number or a zero (i.e., 2020, 2022, etc.). So long as [Husband] [Wife] is in compliance with the child support provisions of this Agreement, [Husband] [Wife] expressly agrees to release unto [Husband] [Wife] any right [he] [she] may have to claim the dependency exemption for each and every calendar year which ends in an even number or zero, and [Husband] [Wife] shall execute such documents as may be necessary or required by appropriate Internal Revenue Code provisions and/or Treasury Regulations. Notwithstanding anything above to the contrary, however, in the event that Internal Revenue Code provisions, Treasury Regulations, or the Federal Tax Laws nevertheless prevent [Husband] [Wife] from claiming the Child as a dependent, then [Husband] [Wife] shall be entitled to claim the Child as a dependent on [his] [her] income tax returns for that year. [Husband] [Wife] shall have the right to claim the dependency exemption for the Child in all odd-numbered years.

SUMMER CAMP/ACTIVITIES

[The parties shall divide equally] [Each party shall pay in proportion to [his] [her] “adjusted actual income” as defined in Section 12-201 of the Family Law Article, as amended from time to time] all costs for each Child to attend summer day/sleep away camp or participate in summer activities through age eighteen (18). The selection of which summer day camp or activities each Child shall attend shall be made by mutual agreement, prior to application and prior to enrollment, after consultation between Husband, Wife, and the Child. Each party shall pay his or her respective share of camp expenses directly to the camp/activity. Each party’s payment shall be made immediately upon his or her respective receipt of documentation which sets forth the total expense. 

The parties agree that the selection of camp/activity shall be made no later than [date] of each year. The parties agree that they will not unreasonably withhold their consent. Absent extraordinary circumstances, a parent’s refusal to consent shall be deemed unreasonably withheld if the Child attended the same camp/activity in the prior year.

PRIVATE SCHOOL

For purposes of this Agreement, the term “Private School Costs” shall mean tuition, enrollment/registration fees, books, uniforms, tutoring, school supplies required for a particular class, expenses for a computer and/or computer related equipment which is required by the school, and all other mandatory fees charged by and paid directly to the school as a condition of the Child’s attendance. Private School Costs [shall] [shall not] include transportation expenses. Each party shall have the right to be listed in each Child’s school directory, and each party shall have unrestricted access to each Child’s education records.

Private School—Split Expenses

[Husband] [Wife] shall pay [number] percent [   ]%] [Each party shall pay in proportion to [his] [her] “adjusted actual income” as defined in Section 12-201 of the Family Law Article, as amended from time to time] [The parties shall divide equally] the [Child’s] [Children’s] Private School Costs at private or parochial school through the twelfth (12th) grade; provided, however, that each party’s obligation pursuant to this Paragraph shall be in accordance with his or her financial ability to do so. [Husband] [Wife] shall not be responsible for payment of the Child’s transportation expenses. The selection of the Child’s school shall be jointly agreed upon and decided by Husband and Wife prior to application and prior to enrollment. 

OR

Private School—One Party Pays

[Husband] [Wife] shall timely pay all Private School Costs incident to providing each Child with a private day school education through the completion of twelfth (12th) grade including, but not limited to, the costs of tuition, uniforms, books, application fees, enrollment fees, transportation expenses, and graduation fees. This obligation shall also include, but not be limited to, expenses for a computer and/or computer related equipment which is billed by the school. The parties acknowledge that each Child presently attends [School], and that it is in the best interests for each Child to continue to do so. [Husband’s] [Wife’s] obligation pursuant to this provision shall apply to each Child’s attendance at either [School] or a similar institution which provides a private day school education. [Husband] [Wife] shall execute such school applications and enrollment contracts as may be required in order to carry out the purposes of this Paragraph. [Husband’s] [Wife’s] obligation shall not include school lunches or basic school supplies.

COLLEGE EDUCATION

For purposes of this Agreement, the term “College Expenses” shall be defined as application fees, SAT or ACT or similar college preparatory exam course/tutoring, college advisory fees, travel expenses for the [Child] [Children] to visit potential colleges, tuition, enrollment/registration fees, room and board, books, and all other mandatory fees charged by and paid directly to the college/university a Child elects to attend as a condition of his/her attendance. College Expenses shall not include spending money or transportation while at school but shall include transportation to and from home to college, if the college is located sufficiently far away as to reasonably require the use of a form of transit (plane, train, bus, etc.). The parties further agree that College Expenses may include other items such as fraternity/sorority expenses, and clothing expenses that are mutually agreed upon by Husband and Wife after discussion between Husband Wife, and the [Child] [Children].

College—One Party Pays—Limit on Expenses

[Husband] [Wife] shall contribute towards the College Expenses incident to providing the [Child] [Children] with an undergraduate college education for four (4) consecutive years of college; provided, however, that the amount which [Husband] [Wife] shall be obligated to contribute on behalf of each Child during any academic year shall not be more than the actual costs of tuition, room and board, books, and registration fees as if the [Child] [Children] attended the University of Maryland, College Park, as a full-time student and in-state resident for that academic year. The selection of which college or university each Child shall attend shall be made by [Husband] [Wife] and the Child, prior to application and prior to enrollment, and shall be made with and after due consideration of the financial circumstances and resources of [Husband] [Wife] and the Child.

OR

College—Each Party Contributes

Each party shall contribute towards the College Expenses incident to providing each Child with an undergraduate college education for four (4) consecutive years of college. Each party’s obligation pursuant to this Paragraph shall be in accordance with his and her respective financial ability to do so, considering each party’s income, assets, liabilities, expenses, and financial circumstances; provided, however, that neither party shall be obligated to contribute more than fifty percent (50%) of each Child’s College Expenses as set forth above. The selection of which college or university each Child shall attend shall be made by mutual agreement, prior to application and prior to enrollment, after consultation between Husband, Wife, and the Child, and shall be made with and after due consideration of the financial circumstances and resources of Husband, Wife, and the Child. 

College—Primary Residence—Financial Aid

For each year in which [Husband] [Wife] pays for education pursuant to this provision, the primary residence of the Child shall be deemed to be with the [Husband] [Wife]. Husband and Wife shall fully cooperate in the timely completion and execution of all forms and shall provide all relevant financial information including, but not limited to, tax returns, as requested by the FAFSA (Free Application for Federal Student Aid) or college financial aid office.

ALIMONY AND SUPPORT

Mutual Waiver of Alimony

It is the mutual desire of the parties that hereafter they shall each maintain and support themselves separately and independently of the other. Accordingly, and in consideration of this Agreement, Wife releases and discharges Husband, absolutely and forever, for the rest of her life from any and all claim or right to receive from Husband temporary, rehabilitative, definite, or indefinite alimony, support, or maintenance for the past, present or future. Wife understands and recognizes that, by the execution of this Agreement, she cannot at any time in the future make any claim against Husband for alimony, support, or maintenance. Husband releases and discharges Wife, absolutely and forever for the rest of his life from any and all claim or right to receive from Wife temporary, rehabilitative, definite, or indefinite alimony, support, or maintenance for the past, present or future. Husband understands and recognizes that, by the execution of this Agreement, he cannot at any time in the future make any claim against Wife for alimony, support, or maintenance. The parties agree that the provisions of this paragraph with respect to alimony, spousal support, and/or maintenance are not and shall not be subject to any court modification. 

OR

Waiver by One Party

In consideration of the terms of this Agreement and the provisions contained herein for the respective benefit of the parties and for other good and valuable considerations, [Husband] [Wife] hereby releases and waives any claim or right to receive from [Husband] [Wife] temporary, definite, or indefinite alimony, support, or maintenance for the past, present or future. [Husband] [Wife] acknowledges that this Paragraph has been explained to [him] [her] and [he] [she] understands and recognizes that, by [his] [her] execution of this Agreement, [he] [she] cannot at any time in the future make any claim against [Husband] [Wife] for alimony, support or maintenance.

OR

Modifiable Alimony

[Husband] [Wife] shall pay directly to [Husband] [Wife], as alimony and for [his] [her] her support and maintenance, the fixed and non-modifiable sum of [Dollar Amount] Dollars ($[ ]) per month, accounting from and with the first payment being due and payable on the first day of the month next following the date of execution of this Agreement and on the first day of each month thereafter. [Husband’s] [Wife’s] alimony payments shall be payable by cash, check or money order payable on demand. [Husband’s] [Wife’s] alimony and support payments as set forth in this Paragraph shall be payable so long as the parties live separate and apart from each other and shall terminate (except as to accrued arrears, if any) upon the first to occur of any one of the following events: (1) remarriage of [Husband] [Wife]; (2) death of Husband; (3) death of Wife; or (4) the arrival of [Date]. In no event shall [Husband] [Wife] have any liability to make any alimony payments or any payment as a substitute for such payments after the death of [Husband] [Wife]. This Agreement has been executed subsequent to the effective date of the Tax Cuts & Jobs Act of 2017 (“TCJA”) with the mutual intent of the parties that the payments required by this Paragraph shall neither be taxable to [Husband] [Wife] as alimony, nor deductible as alimony by [Husband] [Wife]. If, prior to the termination of [Husband’s] [Wife’s] obligation, the alimony tax deduction is restored to its pre-TCJA status by change in law, regulation or judicial interpretation, the parties expressly agree that [Husband’s] [Wife’s] payments shall continue to be non-deductible to [Husband] [Wife] and non-taxable to [Husband] [Wife] as they would have been entitled to so agree under IRC § 71(b)(1)(B).

OR

Non-Modifiable Alimony with Automatic Reductions Over Time

[Husband] [Wife] shall pay directly to [Husband] [Wife], as alimony and for [his] [her] support and maintenance, the fixed and non-modifiable sum of [Dollar Amount] Dollars ($[   ]) per month, accounting from and with the first payment being due and payable on the first day of the month next following the date of execution of this Agreement and on the first day of each month thereafter. [Husband’s] [Wife’s] alimony payments shall be payable by cash, check or money order payable on demand. [Husband’s] [Wife’s] alimony and support payments as set forth in this Paragraph shall be payable so long as the parties live separate and apart from each other and shall terminate (except as to accrued arrears, if any) upon the first to occur of any one of the following events: (1) remarriage of [Husband] [Wife]; (2) death of Husband; (3) death of Wife; or (4) the arrival of [Date]. In no event shall [Husband] [Wife] have any liability to make any alimony payments or any payment as a substitute for such payments after the death of [Husband] [Wife]. In the event [Husband’s] [Wife’s] alimony obligation pursuant to this Paragraph terminates solely by reason of the arrival of [Date], then [Husband] [Wife] shall thereafter pay directly to [Husband] [Wife], as alimony and for [his] [her] support and maintenance, the fixed and non-modifiable sum of [Dollar Amount] Dollars ($[   ]) per month, accounting from and with the first payment being due and payable on [Date] and on the first day of each month thereafter. [Husband’s] [Wife’s] alimony payments shall be payable by cash, check or money order payable on demand. [Husband’s] [Wife’s] alimony and support payments as set forth in this Paragraph [    ] shall be payable so long as the parties live separate and apart from each other and shall terminate upon the first to occur of any one of the following events: (1) remarriage of [Husband] [Wife]; (2) death of Wife; (3) death of Husband; or (4) the arrival of [Date]. In no event shall [Husband] [Wife] have any liability to make any alimony payments or any payment as a substitute for such payments after the death of [Husband] [Wife]. This Agreement has been executed subsequent to the effective date of the Tax Cuts & Jobs Act of 2017 (“TCJA”) with the mutual intent of the parties that the payments required by this Paragraph shall neither be taxable to [Husband] [Wife] as alimony, nor deductible as alimony by [Husband] [Wife]. If, prior to the termination of [Husband’s] [Wife’s] obligation, the alimony tax deduction is restored to its pre-TCJA status by change in law, regulation or judicial interpretation, the parties expressly agree that [Husband’s] [Wife’s] payments shall continue to be non-deductible to [Husband] [Wife] and non-taxable to [Husband] [Wife] as they would have been entitled to so agree under IRC § 71(b)(1)(B).

OR

Non-Modifiable by a Court, But Subject to Arbitration

The above payments to [Husband] [Wife] shall not be subject to any court modification but shall be modifiable by arbitration only in the event [Husband] [Wife] is able to prove by a preponderance of the evidence at an arbitration proceeding that one or more of the following conditions has been met: (1) there is a serious and disabling injury or illness to [Husband] [Wife] where, as a result, [Husband’s] [Wife’s] overall financial circumstances are substantially reduced or [his] [her] expenses are substantially increased as a direct result of said injury or illness such that [his] [her] ability to make the alimony payments required by Paragraph [   ] is substantially impaired; or (2) [Husband] [Wife] involuntarily experiences a serious negative work-related economic event where, as a result, [Husband’s] [Wife’s] overall financial circumstances are substantially reduced or [his] [her] expenses are substantially increased as a direct result thereof such that [his] [her] ability to make the alimony payments required by Paragraph [  ] is substantially impaired. [Husband] [Wife] may request in writing to [Husband] [Wife] that the matter be submitted to binding arbitration and thereafter the parties will submit the matter to binding arbitration under the rules of the American Arbitration Association. If [Husband] [Wife] seeks arbitration, it shall occur promptly in accordance with the rules and procedures of the American Arbitration Association. [Husband] [Wife] shall maintain [his] [her] existing payments for six (6) months after [he] [she] requests arbitration or until an arbitration award modifies [his] [her] payments, whichever shall first occur. Neither party will delay the arbitration process. The arbitrator shall have the power to modify alimony downward only on [Husband’s] [Wife’s] first request for arbitration. The arbitrator shall have the right to make any modification retroactive to the date [Husband] [Wife] notifies [Husband] [Wife] of [his] [her] request for arbitration. The arbitrator shall have broad discretion in determining the parties’ relative abilities to support themselves and [Husband’s] [Wife’s] obligation to provide continued support to [Husband] [Wife]. After the first request for modification of alimony is made by [Husband] [Wife], either party may subsequently request a modification at any time that there is a material change in circumstances the existence of which material change shall be for the arbitrator to decide. The arbitrator shall then have the power to increase or decrease alimony from the date the request for arbitration is made to the other party. Notwithstanding the above, in no event shall [Husband] [Wife] be entitled to receive alimony or the arbitrator empowered to award alimony in an amount greater than the amount set forth in the schedule set out above.

Non-Modifiable

In accordance with Section 8-103 of the Family Law Article of the Annotated Code of Maryland, the parties agree that the provisions of this Paragraph with respect to alimony, spousal support, and/or maintenance are not and shall not be subject to any court modification. This includes the parties’ agreement that the provisions of this Paragraph with respect to the circumstances and events upon which alimony may be modified and/or terminated (including but not limited to the statutory provisions concerning termination of alimony set forth in Md. Code Ann., Fam. Law § 11-108) shall not be subject to any court modification. [Husband] [Wife] accepts the terms of this Paragraph in lieu of any other provision or allowance for [his] [her] support. The parties agree that the terms of this Paragraph shall not be subject to modification by any court, and the parties waive the right to ever request any court to change or make a different provision for the support and maintenance of either Husband or Wife, including but not limited to, alimony, duration of alimony, and terminating events. The parties further expressly covenant and agree that under no circumstances whatsoever shall either of them hereafter apply to any court for an increase or decrease in the amount of, the duration of, the terminating events pertaining to alimony, or any other modification of the terms of such alimony, support and maintenance as herein provided.

REMARRIAGE DEFINED

For purposes of this Paragraph, the term “remarriage of [Husband] [Wife]” shall mean [his] [her] actual remarriage or her “cohabitation” as defined herein. “Cohabitation” shall mean that [Husband] [Wife] has not remarried, but [Husband] [Wife] has established and maintained a living arrangement in which [he] [she] has a common practical (as opposed to legal) residence with another adult not related to [him] [her] by blood or marriage, and [Husband] [Wife] has been involved intimately or romantically with said adult for either one hundred fifty (150) consecutive days or one hundred eighty (180) days in any three hundred sixty-five (365) day period one year or longer, and they have established a “cohabitation” relationship as defined herein. “Cohabitation” is a relationship of parties living together “as married persons,” and includes mutual assumption by those parties of the duties and obligations associated with marriage. In determining whether a living arrangement between [Husband] [Wife] and an unrelated adult constitutes “cohabitation,” the following factors shall be considered: establishment of a common residence; long-term intimate or romantic involvement; shared assets or common bank accounts; joint contribution to household expenses; joint ownership of real property and recognition of the relationship by the community. (This list is non-exhaustive, and no one factor serves as an absolute prerequisite for a finding of “cohabitation.”) “Cohabitation with an unrelated adult” shall not apply to the circumstance where [Husband] [Wife] establishes a landlord/tenant relationship, only, with an unrelated adult who pays a fair and reasonable rent. 

MONETARY AWARD/PROPERTY SETTLEMENT

In consideration of [Husband’s] [Wife’s] release of claims against [Husband] [Wife], including but not limited to [Husband’s] [Wife’s] release of claims pursuant to Sections 8-201 through 8-214 of the Family Law Article of the Annotated Code of Maryland, Husband shall pay the sum of [Dollar Amount] Dollars ($[    ]) directly to [Husband] [Wife] as a property settlement. This property settlement payment shall be made by [Husband] [Wife] simultaneously [within days of] the execution of this Agreement. This payment shall be a tax-free payment to [Husband] [Wife] and shall not be income tax deductible by [Husband] [Wife] nor taxable to [Husband] [Wife] and shall be a property settlement as provided in IRC § 1041.

OR

This property settlement payment shall be made by [Husband] [Wife] as follows: (A) the sum of [Dollar Amount] Dollars ($[   ]) shall be paid to [Husband] [Wife] on or before [Date]; (B) the sum of [Dollar Amount] Dollars ($[   ]) shall be paid to [Husband] [Wife] on or before [Date]; (C) the sum of [Dollar Amount] Dollars ($[   ]) shall be paid to [Husband] [Wife] on or before the settlement of sale of the Home described in Paragraph [   ] of this Agreement; and (D) the sum of [Dollar Amount] Dollars ($[   ]) shall be paid to [Husband] [Wife] on or before [Date]. These payments shall be tax free payments to [Husband] [Wife] and shall not be income tax deductible by [Husband] [Wife] nor taxable to [Husband] [Wife] and shall be a property settlement as provided in IRC § 1041.

LIFE INSURANCE

Except as otherwise expressly provided in this Agreement, each party waives and releases any and all right to receive insurance proceeds at the death of the other, whether named as beneficiary or otherwise. All rights of either party in and to the proceeds of any policy or contract of life insurance or annuity upon the life of the other party which is not owned by him or her, but in which he or she is named or designated as beneficiary, shall hereafter become and be payable to either (a) the estate of the insured party, or (b) such named beneficiary as shall be affirmatively designated after the execution of this Agreement.

OR

A. [Husband] [Wife] shall, through life insurance beneficiary designations, provide a fund of not less than [Dollar Amount] Dollars ($[   ]) for each Child (for a total of at least           ) to be used for the support, maintenance, and education of each Child in the event of [Husband’s] [Wife’s] death. [Husband] [Wife] shall maintain a life insurance policy (or policies) on [his] [her] life with net death benefits of Seven Hundred Fifty Thousand Dollars ($750,000). The [number] ([   ]) Children of the parties shall be named and designated as the irrevocable and equal beneficiaries of the life insurance policy (or policies), and [Husband] [Wife] shall be named as Guardian/co-Guardian of the proceeds of the policy (or policies) on behalf of the Children. The intention of the parties is that each Child as co-beneficiaries, shall receive a single lump sum payment of Two Hundred Fifty Thousand Dollars ($250,000) in the event of [Husband’s] [Wife’s] death, and that [Husband] [Wife] shall be named as Guardian/co-Guardian of each Child’s proceeds. [Husband] [Wife] shall maintain the life insurance policy (or policies) free and clear of all loans, liens and encumbrances. [Husband] [Wife] shall timely pay the insurance premiums when due and shall prevent the policy (or policies) from lapsing or being cancelled. [Husband] [Wife] shall cause the company issuing the policy to provide duplicate premium notices to be sent to [Husband] [Wife] and shall further authorize the insurance company to communicate directly with [Husband] [Wife] from time to time regarding the status of the policy. Upon the written request by [Husband] [Wife] not more than two (2) times in any calendar year, [Husband] [Wife] shall provide [him] [her] with documentation and proof of [his] [her] compliance with the terms of this Paragraph, including but not limited to designation of the co-beneficiaries and proof of premium payments and that the policy is in force. [Husband’s] [Wife’s] obligation pursuant to this Paragraph with respect to each Child shall terminate upon the first to occur of (1) death of Child; (2) marriage of Child; (3) Child’s arrival at the age of 25 years; or (4) Child no longer maintains full-time student status at the high school or college (undergraduate or graduate) level. To the extent that [Husband] [Wife] shall fail to comply with the terms of this Paragraph [his] [her] estate shall be charged with the obligations hereinabove assumed.

B. [Husband] [Wife] shall have the right and option, prior to or within one hundred eighty (180) days of the date of entry of a Judgment of Absolute Divorce between the parties, to apply for ownership of one or more life insurance policies on the life of [Husband] [Wife]; provided, however, that the total amount of death benefits shall not exceed One Million Dollars ($1,000,000). Should [Husband] [Wife] choose to exercise this option, upon [Husband’s] [Wife’s] request to [Husband] [Wife], [he] [she] shall execute such documents and perform such acts as may be reasonably required, including but not limited to completing all forms and applications, appearing for and submitting to any reasonable physical examinations and/or reasonable and/or necessary medical tests required by the insurance carrier, and providing any medical authorizations or documents required, so that [Husband] [Wife] may apply for and obtain ownership of one or more life insurance policies on [Husband’s] [Wife’s] life. [Husband] [Wife] shall be solely responsible for payment of all application fees and premiums in connection with any insurance policy on [Husband’s] [Wife’s] life which [he] [she] elects to obtain and maintain.

C. So long as [Husband] [Wife] has an obligation to [Husband] [Wife] pursuant to Paragraphs [      ] of this Agreement, [he] [she] shall maintain a life insurance policy (or policies) on [his] [her] life with net death benefits in an amount equal to the lesser of (1) $250,000 or (2) the unpaid amount due under [Husband’s] [Wife’s] alimony obligation as set forth in Paragraph [   ], plus the unpaid Monetary Award due under Paragraph [   ] of this Agreement. [Husband] [Wife] shall be named and designated as the irrevocable beneficiary of the life insurance policy (or policies), and the intention of the parties is that [Husband] [Wife] shall receive a single lump sum payment in an amount equal to the lesser of (1) $250,000 or (2) the unpaid amount due under [Husband’s] [Wife’s] alimony obligation as set forth in Paragraph [  ], plus the unpaid Monetary Award due under Paragraph [   ] of this Agreement in the event of [Husband’s] [Wife’s] death. [Husband] [Wife] shall maintain the life insurance policy (or policies) free and clear of all loans, liens and encumbrances. [Husband] [Wife] shall timely pay the insurance premiums when due and shall prevent the policy (or policies) from lapsing or being cancelled. [Husband] [Wife] shall cause the company issuing the policy to provide duplicate premium notices to be sent to [Husband] [Wife], and shall further authorize the insurance company to communicate directly with [Husband] [Wife] from time to time regarding the status of the policy. On or before [Date], [Husband] [Wife] shall provide written proof and documentation to [Husband] [Wife] of [his] [her] compliance with this Paragraph. Thereafter, upon the written request by [Husband] [Wife] not more than two (2) times in any calendar year, [Husband] [Wife] shall provide [her] [him] with documentation and proof of [his] [her] compliance with the terms of this Paragraph, including but not limited to designation of the beneficiary and proof of premium payments and that the policy is in force. To the extent that [Husband] [Wife] shall fail to comply with the terms of this Paragraph, [his] [her] estate shall be charged with the obligations hereinabove assumed.

HEALTH INSURANCE FOR [HUSBAND] [WIFE]

[Husband] [Wife] shall maintain [his] [her] existing health insurance coverage for the benefit of [Husband] [Wife] until the parties are awarded a Judgment of Absolute Divorce. Thereafter, so long as [Husband] [Wife] is eligible under applicable Federal or State law, [he] [she] may elect to have a continuation of said coverage under the group plan available to [Husband] [Wife], but [Husband] [Wife] shall be responsible for all costs associated with coverage for [himself] [herself] after the divorce. From and after the date of execution of this Agreement, each party shall be solely responsible for any and all uncovered and/or uninsured health expenses incurred by him or her.

HEALTH INSURANCE—EACH HAS OWN

Each party has separate health insurance coverage for his or her respective benefit. Each party shall continue to maintain separate health insurance coverage and shall be solely responsible for all costs associated with coverage for himself or herself after the execution of this Agreement. From and after the date of execution of this Agreement, each party shall be solely responsible for any and all uncovered and/or uninsured health expenses incurred by him or her.

PERSONAL PROPERTY

A. Prior to the execution of this Agreement, the parties divided their tangible personal property. The parties agree that all tangible personal property and household chattels presently located at Wife’s residence, except for those items on Schedule A, shall be and remain the sole and exclusive property of Wife, free and clear of any interest of Husband. The parties further agree that all tangible personal property and household chattels presently located at Husband’s residence, together with those items on Schedule A, shall be and remain the sole and exclusive property of Husband, free and clear of any interest of Wife. The items set forth on Schedule A shall be taken into possession by Husband at a mutually agreeable date and time within thirty (30) days of the execution of this Agreement.

B. The parties agree that the (year) (manufacturer/model) automobile presently titled in Wife’s name shall be and remain her sole and exclusive property. Wife shall be solely responsible for the payment of any automobile loan and all other expenses associated with the automobile and she shall indemnify and hold Husband harmless from any liability or responsibility in connection therewith. The parties agree that the (year) (manufacturer/model) automobile presently titled in Husband’s name shall be and remain his sole and exclusive property. Husband shall be solely responsible for all expenses associated with the automobile and he shall indemnify and hold Wife harmless from any liability or responsibility in connection therewith.

OR

Simultaneously with the execution of this Agreement, [Husband] [Wife] shall execute and acknowledge all documents, including the certificate of title and Gift Certification Form, which may be necessary to transfer all of [his] [her] right, title, and interest in the (year) (manufacturer/model) to [Husband] [Wife]. [Husband] [Wife] shall promptly apply for and obtain a new certificate of title and registration for the automobile in [his] [her] own name. All costs of transfer, including titling fees and motor vehicle transfer taxes, if any, shall be paid by [Husband] [Wife]. The automobile is subject to a loan held by [Lender] for which the parties are jointly liable. [Husband] [Wife] shall be solely responsible for the payment of the automobile loan and all other expenses associated with the automobile and [he] [she] shall indemnify and hold [Husband] [Wife] harmless from any liability or responsibility in connection therewith. If title to the automobile cannot be transferred because of a lien on the title, [Husband] [Wife] shall promptly obtain the new certificate of title and registration in [his] [her] own name at the time all payments have been made and the lien is finally released.

PERSONAL PROPERTY—BANK AND INVESTMENT ACCOUNTS

A. The parties agree that all bank accounts and investment accounts presently titled in Wife’s name shall be and remain her sole and exclusive property, free and clear of any right, title, claim or interest of Husband. 

B. The parties agree that all bank accounts and investment accounts presently titled in Husband’s name shall be and remain his sole and exclusive property, free and clear of any right, title, claim or interest of Wife. 

C. The parties jointly own a [Financial Institution] account ending in #xxxx, which is a non-retirement account. Within thirty (30) days of the execution of this Agreement, each party shall execute such documents and perform such acts as may be reasonably required to instruct the account representative at [Financial Institution] to equally divide this non-retirement account and to create two “mirror image” accounts, one in the name of each party. This division shall be effected by the [Financial Institution] account representative, taking into consideration in such equal division the basis for tax purposes of all assets in the account. Based on the (date of Account Statement) value of this account, each party’s new non-retirement account will have a value of approximately [Dollar Amount] ($[   ]). Subsequent to each party establishing a new account consisting of one-half (1/2) of the assets from the [Financial Institution] non-retirement account ending in #xxxx, the [Financial Institution] account ending in #xxxx shall be closed. All costs incident to the parties’ equal division of these jointly owned and jointly titled assets shall be divided equally between the parties. Each party shall promptly provide the other with a copy of the 1099 form for [Year] when it is issued, and each party shall declare fifty percent (50%) of any income or loss, regardless of which party’s social security number is attached to this account.

D. The parties’ joint [checking] [savings] [money market] account #xxxx at [Financial Institution] shall be closed by the parties upon execution of this Agreement, and any funds in the account shall be divided equally between them. 

OR

The parties own checking account # [   ] at [Financial Institution], and savings account # [   ] at [Financial Institution]. [Husband] [Wife] shall retain the checking account as [his] [her] sole and exclusive property, free and clear of any interest of [Husband] [Wife]. [Husband] [Wife] shall retain the savings account as [his] [her] sole and exclusive property, free and clear of any interest of [Husband] [Wife]. Upon the execution of this Agreement, each party shall execute such documents and perform such acts as may be necessary in order to remove his or her name from the account to be retained by the other party.

BOAT TRANSFER

The parties jointly own a [Description] boat which is subject to a loan held by [Name of Bank] Bank. Simultaneously with the execution of this Agreement, [Husband] [Wife] shall execute and acknowledge all documents and perform such acts as may be reasonably required to transfer all of [his] [her] right, title, and interest in the [Description] boat unto [Husband] [Wife]. [Husband] [Wife] shall promptly apply for and obtain a new certificate of title and registration for the [Description] boat in [his] [her] own name. All costs of transfer, including titling fees and transfer taxes, if any, shall be paid by [Husband] [Wife]. Upon the execution of this Agreement, [Husband] [Wife] shall be solely responsible for the payment of all expenses associated with the [Description] boat, including but not limited to the loan held by [Name of Bank], and [he] [she] shall indemnify and hold [Husband] [Wife] harmless from any liability or responsibility in connection therewith.

PERSONAL PROPERTY—MISCELLANEOUS.

A. Except as otherwise provided in this Agreement, each party shall retain, as his or her sole and separate property, any automobiles, partnership interests, stocks, bonds, or other securities, savings or checking accounts, certificates of deposit, money market funds, pensions, profit-sharing plans, individual retirement accounts, deferred compensation of any kind, and any other assets of any kind or nature in his or her own name, free and clear of any interest of the other.

B. Except as otherwise provided in this Agreement, Husband and Wife agree that any property acquired by either party subsequent to the execution of this Agreement shall be the sole property of the party who acquired the property, free and clear of any right, title, claim or interest of the other party. Each party shall keep and retain sole ownership and control of all property of any kind or nature, real, personal, or mixed, which is hereafter acquired by such party including all interest, dividends, distributions, rents, profits, and any and all appreciation in value which may accrue therefrom as well as the proceeds from any sale or exchange thereof. The parties intend that all rights in property, real and personal, tangible and intangible, acquired after the execution of this Agreement shall be governed strictly by title, and that no such property shall be deemed to be “marital property” as that term is defined in Section 8-201 of the Family Law Article of the Annotated Code of Maryland (“Family Law Article”), as from time to time amended for any purpose. The parties further intend this to be a “valid agreement” pursuant to Family Law Article § 8-201(e), for the purpose of preventing any property either party or both parties acquire after the execution of this Agreement from being “marital property.”

STOCK OPTIONS

As of the date of execution of this Agreement, [Husband] [Wife] had been awarded certain outstanding options to purchase common stock in [Company], Inc. (the “Stock Options”), as set forth on Exhibit A attached hereto. As of the date of execution of this Agreement, [Husband] [Wife] owned [Number] exercisable Stock Options. [Husband] [Wife] warrants and represents that [he] [she] is presently the owner of the Stock Options.

The parties agree that [Husband] [Wife] shall receive fifty percent (50%) of the “after tax” shares or fifty percent (50%) of the “after tax” cash gain received by [Husband] [Wife] as a result of [his] [her] exercise of the Stock Options, “if, as and when” the options are exercised and the shares and/or cash are received by [Husband] [Wife] (hereafter “[Husband’s] [Wife’s] Entitlement”). The parties intend that [Husband] [Wife] shall receive [Husband’s] [Wife’s] Entitlement regardless of the actual method by which [Husband] [Wife] exercises the Stock Options, that is, by way of either payment in cash, “cashless” transaction, stock swap, or any other method utilized by [Husband] [Wife] to exercise the Stock Options. [Husband’s] [Wife’s] Entitlement shall be with respect to fifty percent (50%) of the Stock Options, together with any dividends, splits or additions attributable to the Stock Options from the date of this Agreement, forward.

[Husband] [Wife], by written request, may direct that [Husband] [Wife] exercise for [his] [her] benefit all or a portion of [his] [her] share of the Stock Options, and [he] [she] may request that the Stock Options be exercised in either a single transaction or in multiple transactions. [Husband] [Wife] shall be responsible for payment of the funds necessary to exercise [his] [her] share of the Stock Options at the exercise or “strike price”. [Husband] [Wife] acknowledges that there may be additional nominal expenses incurred to sell the shares of stock, and that [Husband] [Wife] will transfer the net “after tax” shares and/or “after tax” cash proceeds to [him] [her]. Within ten (10) days of [Husband’s] [Wife’s] receipt of the shares of stock or cash proceeds of sale thereof, or within ten (10) days of the expiration of any applicable restrictions on the sale or transfer of such shares of stock, [Husband] [Wife] shall receive one-half (1/2) of [Husband’s] [Wife’s] Entitlement. The parties intend that [Husband] [Wife] shall receive the first one-half (1/2) of [Husband’s] [Wife’s] Entitlement without having to wait for a final calculation of the actual tax consequences to [Husband] [Wife] which are attributable to the exercise of the Stock Options. [Husband] [Wife] shall retain the remaining one-half (1/2) of [Husband’s] [Wife’s] Entitlement for [Husband’s] [Wife’s] benefit and said stock, or cash proceeds, shall be used to satisfy any taxes or expenses payable by [Husband] [Wife] as a result of exercising these Stock Options or any nominal expenses [he] [she] incurred to sell these shares of stock. [Husband’s] [Wife’s] tax consequences for the exercise of Stock Options for the benefit of [Husband] [Wife] shall be calculated based upon the actual increase in taxes due by [Husband] [Wife] as a result of the exercise of the Stock Options for [Husband’s] [Wife’s] Entitlement, as compared to what [Husband’s] [Wife’s] income tax liability would have been without the exercise of the Stock Options for [Husband’s] [Wife’s] Entitlement. [For example, assume that Husband’s federal, state, and local income tax liability from all sources of income, including the income from the exercise of the Stock Options for Wife’s Entitlement, is $1,000. The parties shall then determine what Husband’s federal, state, and local income tax liability would have been based upon all of Husband’s sources of income EXCEPT the income from the exercise of the Stock Options for Wife’s Entitlement. Assume for purposes of this example that the income tax liability would be $925. In this example, the tax liability which is incurred solely as a result of the exercise of the Stock Options for Wife’s Entitlement would be $75.] Within thirty (30) days of the final calculation of the actual increase in taxes due by [Husband] [Wife] as a result of the exercise of the Stock Options for [Husband’s] [Wife’s] Entitlement, as well as the determination of the expenses to exercise the Stock Options and the net amount due, [Husband] [Wife] shall transfer to [Husband] [Wife] any stock or cash proceeds that he holds as a result of the exercise of Stock Options for [Husband’s] [Wife’s] Entitlement in excess of these obligations.

On a quarterly basis, commencing on [Date], [Husband] [Wife] shall provide [Husband] [Wife] with proof and documentation regarding the exercise and status of the Stock Options, including but not limited to copies of documentation provided by [Company], Inc. or any other entity regarding the Stock Options. In addition, [Husband] [Wife] shall provide [Husband] [Wife] with written notice if [he] [she] exercises any of the Stock Options within ten (10) days of the exercise. In the event the parties are unable to agree on the amount of [Husband’s] [Wife’s] income tax liability as a result of [his] [her] exercise of the Stock Options for [Husband’s] [Wife’s] Entitlement or agree upon the net amount due to [Husband] [Wife], then the matter shall be submitted to a Certified Public Accountant to be selected by agreement of the parties, whose fee shall be borne equally by the parties, and whose decision shall be final and binding upon the parties.

RETIREMENT INTERESTS

Waiver of Rights

The term “Retirement Interests” as used herein shall mean and include, without limitation, any and every retirement interest, pension plan, annuity, deferred compensation or deferred income plan, 401(k) or Keogh Plan or account, profit sharing plan, or Individual Retirement Account, of every kind, nature, character or description, whether qualified or non-qualified, vested or non-vested. Except as otherwise expressly provided in this Agreement, each party waives any interest, right, division or distribution of all or any part of the other party’s Retirement Interests, including, without limitation, any interest which the waiving party might otherwise have, take or receive as a result of any existing law, regulation, statute, contract, plan provision, beneficiary designation, will, or otherwise. This waiver includes a waiver of any survivorship interests, future expectancies or interests. Further, except as otherwise expressly provided in this Agreement, each party expressly waives any right either may have under any Federal or State law as a spouse or otherwise to participate as a payee, alternate payee, or beneficiary of or to any rights, claims, or any interest the other may have in any Retirement Interests including, but not limited to, the right either party may have to receive any benefit, in the form of a lump-sum death benefit, joint and/or survivor annuity, survivorship interest or future expectancy, or pre-retirement survivor annuity either by contract, beneficiary designation, or pursuant to any State or Federal law or Plan provision, and each party hereby expressly consents to any election made by the other, now or at any time hereafter, with respect to the recipient and the form of distribution or payment of any benefit at any time. Each party shall, within five (5) days of the request by the other party, execute such documents as may be necessary in order to effectuate the purposes of this Paragraph.

Except and unless as otherwise expressly provided in this Agreement, each party agrees to execute a consent at any time at the request of the other party consistent with applicable requirements of the Retirement Equity Act of 1984 or any other applicable law or regulations promulgated thereunder, as amended from time to time, or plan or contract, in order to waive in writing all rights, if any, he or she may now have or hereafter acquire in any Retirement Interests of the other party. 

If either party fails or is unable for any reason to change the beneficiary of the death benefits or survivor benefits of his or her Retirement Interests, or if one party files an election or designation of beneficiary subsequent to the date of execution of this Agreement but such election or designation of beneficiary is ineffective and the benefits subject to such election or designation are, in fact, payable to the other party, then such party shall, at the sole discretion of the other party’s personal representative, either disclaim any entitlement or pay the net after-tax benefits over to the beneficiary designated in the otherwise ineffective election or designation or, if there is no such election or designation, to the decedent’s estate.

Each party shall execute such other and further documents or orders, and take all action which is necessary or appropriate in order to effectuate the provisions of this Paragraph.

DIVISION OF RETIREMENT ASSETS—IRA TRANSFER (alternative)

A. [Husband] [Wife] is the owner of the following retirement assets: (a) various IRAs and annuities at [Name of Firm/Bank] having a combined fair market value of $[   ] as of [Date]; and (b) [Company], Inc. 401(k) Plan valued at $[   ] as of [Date], (collectively referred to as “[Husband’s] [Wife’s] Retirement Assets”). [Husband] [Wife] warrants and represents that [he] [she] has not withdrawn or transferred any assets from [Husband’s] [Wife’s] Retirement Assets subsequent to [Date].

B. [Husband] [Wife] is the owner of various IRAs at [Name of Bank/Firm] having a combined fair market value of $[  ] as of [Date] (collectively referred to as “[Husband’s] [Wife’s] Retirement Assets”). [Husband] [Wife] warrants and represents that [he] [she] has not withdrawn or transferred any assets from [Husband’s] [Wife’s] Retirement Assets subsequent to [Date].

C. The parties shall determine the fair market value of Husband’s Retirement Assets and Wife’s Retirement Assets on [Date] (or the close of business on [Date]). The parties agree that each of them shall receive fifty percent (50%) of the combined fair market value of their retirement assets. Such amount as is equal to (a) fifty percent (50%) of the combined fair market value of their retirement assets, MINUS (b) one hundred percent (100%) of the fair market value of [Husband’s] [Wife’s] Retirement Assets, shall be referred to as “[Husband’s] [Wife’s] Share of [Husband’s] [Wife’s] Retirement Assets.” 

D. Immediately upon the entry of a Judgment of Absolute Divorce, the parties agree that [Husband’s] [Wife’s] Share of Husband’s Retirement Assets shall be transferred and assigned from [Husband’s] [Wife’s] IRAs to an individual retirement account for the benefit of [Husband] [Wife], together with a pro rata share of earnings, gains or losses occurring from the close of business on [Date] until the valuation date immediately preceding the date of the transfer. The parties shall submit an Order for IRA Transfer to the Court for entry immediately following entry of the Judgment of Absolute Divorce. The costs and/or fees for the preparation, submission, and approval of the Order, including any administrative fees charged by the Trustee or Administrator of [Husband’s] [Wife’s] Retirement Assets shall be paid as follows:  . [Husband] [Wife] shall not withdraw or transfer any assets from [Husband’s] [Wife’s] Retirement Assets after the execution of this Agreement and prior to the transfer and assignment to [Husband] [Wife] without the written consent of [Husband] [Wife]. In addition, [Husband] [Wife] shall name and designate [Husband] [Wife] as the beneficiary of such portion of the death benefits of [his] [her] Retirement Assets that is equal to [Husband’s] [Wife’s] Share as defined above until the transfer. Each party shall execute such documents and perform such acts as may be reasonably required to effectuate the purposes of this Paragraph. The parties intend for this transfer and assignment of individual retirement account funds to be non-taxable in accordance with Internal Revenue Code Section 408(d)(6).

PROVISION FOR QDRO

A. Husband is the owner of the following retirement assets, valued as of [Date]: [Company, Inc.] 401(k) Plan valued at $[   ] (referred to as “Husband’s Retirement Assets”).

B. Wife is the owner of the following retirement assets, valued as of [Date]: [Company, Inc.] 401(k) Plan valued at $[   ] (referred to as “Wife’s Retirement Assets”). 

C. The parties agree that [Husband] [Wife] shall receive fifty percent (50%) of the combined fair market value of their retirement assets as of [Date]. Such amount as is equal to (a) fifty percent (50%) of the combined fair market value of their retirement assets, MINUS (b) one hundred percent (100%) of the fair market value of [Husband’s] [Wife’s] Retirement Assets shall be referred to as “[Husband’s] [Wife’s] Share of [Husband’s] [Wife’s] Retirement Assets.” [For example, if the combined total of each party’s Retirement Assets is $xxx,xxx, then Wife shall receive 50% of $xxx,xxx. If Wife has $30,000 of retirement assets in her name, she would receive 50% of $xxx,xxx MINUS $30,000, from Husband’s retirement assets in this example].

D. Immediately upon the entry of a Judgment of Absolute Divorce, the parties agree that [Husband’s] [Wife’s] Share of [Husband’s] [Wife’s] Retirement Assets shall be transferred and assigned from [Husband’s] [Wife’s] [Company, Inc.] 401(k) Plan. The transfer to [Husband] [Wife] shall be pursuant to a QDRO and shall provide for [Husband] [Wife], as alternate payee, to also receive investment experience (earnings, gains and losses) on the amounts to be transferred based upon investment performance from the close of business on [Date] until the Plan valuation date immediately preceding the date of distribution or transfer to [Husband] [Wife] in order to obtain an equal division of all retirement assets. Husband and Wife intend for the terms of this Paragraph to be approved by an Order which meets the requirements of a Qualified Domestic Relations Order, as defined in Section 414(p) of the Internal Revenue Code of 1986, as amended, and the Retirement Equity Act of 1984, Pub. L. No. 98-397. Each party shall execute such documents and perform such acts as may be necessary to effectuate the purposes of this Paragraph, including, but not limited to, the execution of such documents and performance of such acts as may be required to have the terms of this Paragraph incorporated in the proposed QDRO, as that term is defined in the Internal Revenue Code. The parties agree that the proposed QDRO shall contain a statement that jurisdiction over the parties and the subject matter is expressly reserved for the limited purpose of amending the Judgment to cause it to meet the definition of a QDRO, in the event the Judgment is determined by the Plan Administrator or a court of competent jurisdiction not to meet that definition. Husband and Wife shall each pay fifty percent (50%) of the costs incurred for the preparation and finalization of the QDRO required by this Paragraph. In addition, the fees charged by the Plan Administrator for review and approval of the QDRO required by this Paragraph shall be divided equally between Husband and Wife.

IRA TRANSFER

[Husband] [Wife] is the owner of Individual Retirement Account # [    ] at [Financial Institution] which had a value of $[   ] as of [Date] (“[Husband’s] [Wife’s] IRA”). [Husband] [Wife] warrants and represents that [he] [she] has not withdrawn or transferred any assets from [Husband’s] [Wife’s] IRA subsequent to [Date]. Immediately upon the entry of a Judgment of Absolute Divorce, the parties agree that [the sum of $ ] [an amount equal to fifty percent (50%) of the value of [Husband’s] [Wife’s] IRA as of the date of Judgment of Absolute Divorce] shall be transferred and assigned from [Husband’s] [Wife’s] IRA to an individual retirement account for the benefit of [Husband] [Wife] [as a flat sum with no earnings, gains or losses] [together with a pro rata share of earnings, gains or losses occurring after the date of the Judgment of Absolute Divorce to the valuation date immediately preceding the date of the transfer]. The parties shall submit an Order for IRA Transfer to the Court for entry immediately following entry of the Judgment of Absolute Divorce. The costs and/or fees for the preparation, submission, and approval of the Order, including any administrative fees charged by the Trustee or Administrator of [Husband’s] [Wife’s] IRA shall be paid as follows: . [Husband] [Wife] shall not withdraw or transfer any assets from [Husband’s] [Wife’s] IRA after the execution of this Agreement and prior to the transfer and assignment to [Husband] [Wife] without the written consent of [Husband] [Wife]. Each party shall execute such documents and perform such acts as may be reasonably required to effectuate the purposes of this Paragraph. The parties intend for this transfer and assignment of individual retirement account funds to be non-taxable in accordance with Internal Revenue Code Section 408(d)(6).

CIVIL SERVICE RETIREMENT

[Husband] [Wife] is an employee of the United States Government and is a participant in the Civil Service Retirement System (“CSRS”). [Husband] [Wife] is or will be eligible for monthly retirement benefits under the CSRS based on employment with the United States Government.

[Husband’s] [Wife’s] address is             ; [his] [her] date of birth is          ; [his] [her] service computation date is         ; and [his] [her] social security number is                                                . [Husband’s] [Wife’s] address is                     ; [his] [her] date of birth is               ; and [his] [her] social security number is            .

The parties agree that a court of competent jurisdiction shall enter an order which directs the United States Office of Personnel Management (“OPM”) to pay directly to [Husband] [Wife] such amount as is equal to a pro rata share           [percent (   %) of the “marital share”] of [Husband’s] [Wife’s] [gross] [self-only] [net] monthly annuity under CSRS. [For purposes of this Agreement, “marital share” shall mean a fraction, the numerator of which is the number of months of [Husband’s] [Wife’s] creditable service earned during the marriage and the denominator of which is the total number of months of [Husband’s] [Wife’s] creditable service under the CSRS].

In addition, [Husband] [Wife] agrees that [he] [she] shall not request a refund of [his] [her] contributions from the CSRS, and the Court Order shall direct OPM not to pay [Husband] [Wife] a refund of [his] [her] employee contributions. If [Husband] [Wife] receives any refund of [his] [her] contributions, [Husband] [Wife] shall receive a pro rata share thereof.

In addition, [Husband] [Wife] shall elect that [Husband] [Wife] shall be entitled to [the maximum possible] [a pro rata share] [       %] of the former spouse survivor annuity under CSRS, and the parties agree that a court of competent jurisdiction shall enter an order which provides for [Husband] [Wife] to be awarded this benefit.  [Husband’s] [Wife’s] share of [Husband’s] [Wife’s] self-only annuity under CSRS shall be reduced] [the parties’ respective shares of [Husband’s] [Wife’s] self-only annuity shall be reduced equally] by the amount of costs associated with providing the former spouse survivor annuity which shall be awarded to [Husband] [Wife] in accordance with this Paragraph. [Husband] [Wife] shall execute such documents and perform such acts as may be necessary or required so that [Husband] [Wife] shall receive [his] [her] share of the gross monthly annuity directly from OPM and so that [Husband] [Wife] shall be awarded the maximum possible former spouse survivor annuity under the terms of this Paragraph, including but not limited to any forms which [Husband] [Wife] is required to execute by OPM in order to effectuate the terms of this Agreement. 

If no survivor benefit is payable at [Husband’s] [Wife’s] death, Husband] [Wife] shall receive [ %] of [a pro rata share of] any death benefits payable, and [Husband] [Wife] shall take every action necessary or convenient to designate [Husband] [Wife] as beneficiary thereof.

DEFINED CONTRIBUTION PLAN—PROVISION FOR QDRO

[Husband] [Wife] is a participant in the Corporation 401(k) Plan (the “Plan”). The name, address, and telephone number of the Plan Administrator are: . [Husband’s] [Wife’s] Social Security number is . [Husband’s] [Wife’s] present address is . [Husband’s] [Wife’s] date of birth is . [Husband’s] [Wife’s] Social Security number is . [Husband] [Wife’s] present address is                         . [Husband’s] [Wife’s] date of birth is .

The amount to be assigned to [Husband] [Wife], as alternate payee, from the Plan shall be $[  ], plus investment experience (earnings, gains and losses) on such amount based upon investment performance from [date] [the Plan valuation date immediately preceding the date of the parties’ Judgment of Absolute Divorce] until the Plan valuation date immediately preceding the date of distribution. 

As soon as administratively possible following entry of a judgment which constitutes a QDRO as defined by Internal Revenue Code Section 414(p), as amended from time to time, and the completion of any required forms [and the attainment of the Participant of [his] [her] earliest retirement age as that term is defined by IRC Section 414(p)] [Husband] [Wife] (or [his] [her] designated Trustee) shall receive the share designated above as a lump sum distribution or a transfer to an eligible retirement plan, whichever [he] [she] shall elect. 

In the event the Plan does not permit an immediate lump sum distribution to [Husband] [Wife], then the Plan shall segregate [Husband’s] [Wife’s] share in an account for [Husband’s] [Wife’s] sole benefit. [Husband] [Wife] shall continue to be named and treated as the surviving spouse of [Husband] [Wife], but only to the extent of [his] [her] interest in the Plan as set forth in this Agreement, and only until such time as [Husband] [Wife] receives [his] [her] interest in the Plan or a segregated account is established for [Husband] [Wife]. Except as otherwise provided herein, [Husband] [Wife] shall waive [his] [her] right to receive a joint and survivor annuity and pre-retirement survivor annuity and any death benefits under the Plan. 

Husband and Wife intend for the terms of this Paragraph to be approved by an Order which meets the requirements of a Qualified Domestic Relations Order, as defined in Section 414(p) of the Internal Revenue Code of 1986, as amended, and the Retirement Equity Act of 1984, Pub. L. No. 98-397. Each party shall execute such documents and perform such acts as may be necessary to effectuate the purposes of this Paragraph, including, but not limited to, the execution of such documents and performance of such acts as may be required to have the terms of this Paragraph incorporated in a QDRO, as that term is defined in the Internal Revenue Code. 

The parties agree that the proposed QDRO shall contain a statement that jurisdiction over the parties and the subject matter is expressly reserved for the limited purpose of amending the Judgment to cause it to meet the definition of a QDRO, in the event the Judgment is determined by the Plan Administrator or a court of competent jurisdiction not to meet that definition. Husband and Wife shall each pay fifty percent (50%) of the costs incurred for the preparation and finalization of the QDROs required by this Agreement. In addition, the fees charged by the Plan Administrator for review and approval of any of the qualified domestic relations orders will be divided equally between Husband and Wife. The parties shall submit all QDROs required by this Agreement to the Circuit Court for [Jurisdiction] County with the proposed Judgment of Absolute Divorce.

DEFINED BENEFIT PENSION PLAN—QDRO

[Husband] [Wife] is a participant in the Corporation Pension Plan (the “Plan”). The name, address, and telephone number of the Plan Administrator are: . 

[Husband’s] [Wife’s] Social Security number is .[Husband’s] [Wife’s] present address is . [Husband’s] [Wife’s] date of birth is . [Husband’s] [Wife’s] Social Security number is . [Husband] [Wife’s] present address is . [Husband’s] [Wife’s] date of birth is .

Sharing Order

The amount to be assigned to [Husband] [Wife], as alternate payee, from the Plan shall be fifty percent (50%) of the marital property portion of [Husband’s] [Wife’s] monthly pension benefits under the Plan, payable “if, as and when” [Husband] [Wife] is eligible to receive benefits. The marital property portion of the monthly pension benefit shall be a fraction of the total monthly accrued benefit, and shall be defined as follows: the numerator shall be the total number of months of [Husband’s] [Wife’s] credited service under the Plan between   (date participation began during marriage )  and   (the Determination Date);  and the denominator of which shall be the total number of months of [Husband’s] [Wife’s] credited service under the Plan to the Determination Date. If [Husband’s] [Wife’s] accrued benefit is subject to any early retirement subsidies, cost of living increases, supplemental benefits or other increases, prior to the Determination Date, then [Husband’s] [Wife’s] Share shall be adjusted by multiplying such increase or benefit by fifty percent (50%) and the marital share fraction specified in this Paragraph, and adding that amount to [Husband’s] [Wife’s] Share. 

[Husband’s] [Wife’s] Share shall be paid to [him] [her] if, as and when [Husband] [Wife] receives any benefit under the Plan.

[Husband] [Wife] shall be designated as the beneficiary of the full survivor annuity under the qualified joint and survivor benefit (QJSA) and the qualified pre-retirement survivor benefit (QPSA) and shall be deemed to be the surviving spouse to the extent necessary to provide therefor.

Separate Interest Order

The amount to be assigned to [Husband] [Wife], as alternate payee, from the Plan shall be fifty percent (50%) of the marital property portion of [Husband’s] [Wife’s] accrued monthly pension benefits under the Plan as of                                               [the “Determination Date”]. The marital property portion of the monthly pension benefit shall be a fraction of the total monthly accrued benefit, and shall be defined as follows: the numerator shall be the total number of months of [Husband’s] [Wife’s] credited service under the Plan between   (date participation began during marriage ) and  (the Determination Date); and the denominator of which shall be the total number of months of [Husband’s] [Wife’s] credited service under the Plan to the Determination Date. If [Husband’s] [Wife’s] accrued benefit is subject to any early retirement subsidies, cost of living increases, supplemental benefits or other increases, prior to the Determination Date, then [Husband’s] [Wife’s] Share shall be adjusted by multiplying such increase or benefit by fifty percent (50%) and the marital share fraction specified in this Paragraph, and adding that amount to [Husband’s] [Wife’s] Share. 

The amount which is the actuarial equivalent of the amount assigned to [Husband] [Wife], as alternate payee, shall, upon the alternate payee’s request, be paid to [him] [her] in such manner as [he] [she] may elect under the Plan as if [Husband] [Wife] was a participant, after the first to occur of the following: 

(i) the date on which [Husband] [Wife] (the participant) (or in the event of [his] [her] death, the participant’s beneficiaries designated under the Plan) receives any distribution from the Plan as a result of death, disability, termination of the participant’s participation in the Plan, or the termination of the Plan; 

(ii) the date on which [Husband] [Wife] (the participant) attains (or would have attained) [his] [her] “earliest retirement age,” where such term is defined as the earlier of (A) the date the participant is entitled to a distribution under the Plan or (B) the later of (1) the date the participant attains age 50 or (2) the earliest date on which the participant could begin receiving benefits under the Plan if he separated from service; or 

(iii) any other date or event which, under the Plan and applicable law, would permit the alternate payee to receive distributions as alternate payee. 

Payments to [Husband] [Wife] shall be subject to any adjustments provided by the Plan for early payment as provided by the Plan and based upon the age of [Husband] [Wife] (and the age of [Husband] [Wife] if [Husband] [Wife] has not then attained normal retirement age under the Plan) as of [Husband’s] [Wife’s] Benefit Commencement Date. [Husband] [Wife] shall receive [his] [her] benefits in such form as may be permitted under the terms and conditions of the Plan, but not in the form of a joint and survivor annuity for the lives or life expectancies of [Husband [Wife] and any subsequent spouse.

[Husband] [Wife] shall be designated as the beneficiary of the full survivor annuity under the qualified pre-retirement survivor benefit (QPSA) under the Plan and shall be deemed to be the surviving spouse to the extent necessary to provide therefor until such date as [Husband’s] [Wife’s] Share is segregated for her sole benefit.

General Provisions

Husband and Wife intend for the terms of this Paragraph to be approved by an Order which meets the requirements of a Qualified Domestic Relations Order, as defined in Section 414(p) of the Internal Revenue Code of 1986, as amended, and the Retirement Equity Act of 1984, Pub. L. No. 98-397. Each party shall execute such documents and perform such acts as may be necessary to effectuate the purposes of this Paragraph, including, but not limited to, the execution of such documents and performance of such acts as may be required to have the terms of this Paragraph incorporated in a QDRO, as that term is defined in the Internal Revenue Code. 

The parties agree that the proposed QDRO shall contain a statement that jurisdiction over the parties and the subject matter is expressly reserved for the limited purpose of amending the Judgment to cause it to meet the definition of a QDRO, in the event the Judgment is determined by the Plan Administrator or a court of competent jurisdiction not to meet that definition.

MARITAL HOME

The parties own, as tenants by the entireties, the improved premises in [City or County] known as [Address] (the “Home”). The Home is subject to the lien of a mortgage held by [Lender/Bank] for which the parties are jointly liable.

The parties shall list the Home for sale with a real estate broker to be selected by agreement of the parties at an agreed upon initial asking price. If no contract for the sale of the Home has been accepted by the parties after the expiration of ninety (90) days from the date on which the Home was listed for sale, and further provided that no proposed contract has been submitted and is “pending” the parties’ approval at that time, then the parties shall re-evaluate the asking price for the Home. Husband and Wife agree that the listing agent shall determine the re-evaluated asking price for the Home unless both parties disagree with the listing agent’s determination. If both parties disagree with the listing agent’s determination of the re-evaluated asking price, then the listing agent shall provide a different figure for the re-evaluated asking price until either Husband or Wife is in agreement with the listing agent. This procedure for re-evaluating the asking price shall continue with each subsequent ninety (90) day cycle.  Either party shall have the right to accept, on behalf of both parties, any bona fide offer to purchase the Home submitted by a third party at a price which is equal to or more than ninety-eight percent (98%) of the asking price. For example, if the Home has an asking price of $600,000, either party may accept any offer, on behalf of both parties, of $588,000 or more. The parties may accept any other offer only by express agreement between them. Both parties shall fully cooperate with the broker in an effort to sell the Home. This will include, but not be limited to, each party’s agreement for there to be “open houses,” for there to be a For Sale sign posted on the Home, etc., as recommended by the broker. If no contract for the sale of the Home has been accepted by the parties after the expiration of nine (9) months from the date on which the Home was listed for sale, and further provided that no proposed contract has been submitted and is “pending” the parties’ approval at that time, then each party shall have the right to institute formal proceedings for sale of the Home in lieu of partition and to have an independent Trustee appointed to conduct the sale of the Home. The terms of this Paragraph shall be binding upon the parties and their respective heirs, personal representatives, and assigns. 

[Husband] [Wife] may continue to reside in the Home until the closing. Until the settlement of sale of the Home, [Husband] [Wife] shall be responsible for all expenses thereof, including but not limited to mortgage payments, water and utility bills, real property taxes, telephone bills, insurance premiums on the Home and contents, and the cost of pest control. [Husband’s] [Wife’s] obligations shall be without claim of contribution from [Husband] [Wife]. The parties shall divide equally the cost of any major repairs (in excess of $ per repair) which are necessary for the sale of the house and which are recommended by the listing broker. Neither party shall unreasonably withhold his or her consent to have these repairs made. Until the settlement of sale of the Home, [Husband] [Wife] shall provide [Husband] [Wife] with documentation each month that [he] [she] has made timely payment of the required amounts due for the mortgage. [Husband] [Wife] shall timely pay the “total amount due” for the mortgage each month, as reflected on the monthly statements from [Mortgage Corporation]. 

Upon the sale of the Home, the net proceeds of sale shall be divided equally between the parties, including any refund to the parties from the mortgage escrow account. The net proceeds of sale shall mean such sum as remains after deducting from the gross sales price (i) any broker’s commission and/or attorney’s fees incurred in connection with the sale, (ii) all expenses of sale and closing costs, and (iii) the principal, accrued interest, and any prepayment penalty due by the terms of any Financing encumbering the Property. In the event the net proceeds of sale are insufficient to pay off and satisfy in full the Financing encumbering the Property, then each party shall be liable and responsible for payment of fifty percent (50%) of such deficiency.

MARITAL HOME (1st alternative)

The parties own, as tenants by the entireties, the improved premises in [City or County] known as [Address] (the “Home”). The Home is subject to the lien of a mortgage held by [Lender/Bank], Mortgagee, for which the parties are jointly liable. 

Subject to the terms as set forth below, [Husband] [Wife] shall convey to [Husband] [Wife] all of [his] [her] right, title, and interest in and to the Home, and shall execute any deed, assignment, or other documents which may be reasonably necessary for the conveyance of such right, title, and interest. [Husband] [Wife] shall further assign to [Husband] [Wife] any escrow or expense account presently held by the Mortgagee. Payment of the cost of preparing the Deed, transfer and recording, including documentary stamps, recordation fees and transfer taxes required by law, and any and all real estate taxes due at the time of delivery of the Deed shall be the responsibility of [Husband] [Wife]. 

Immediately upon the execution of this Agreement, [Husband] [Wife] shall execute the Deed and transfer documents necessary to transfer [his] [her] interest in the Home to [Husband] [Wife], which Deed shall be held by [Husband’s] [Wife’s] attorney, to be delivered to the closing of [Husband’s] [Wife’s] financing of the existing mortgage, subject to the condition that [Husband] [Wife] refinances the existing mortgage loan encumbering the Home or otherwise obtains a Release of [Husband’s] [Wife’s] liability thereunder within one hundred twenty (120) days of the execution of this Agreement. Subject to the terms of this Paragraph, [Husband’s] [Wife’s] transfer of title to the Home to [Husband] [Wife] shall enable [Husband] [Wife] to hold the Home as [his] [her] sole and exclusive property, free and clear of any interest of [Husband] [Wife]. Subject to the terms of this Paragraph, after [Husband’s] [Wife’s] transfer of title to the Home to [Husband] [Wife], upon sale of the Home at any time, the proceeds of sale shall be and remain the sole and exclusive property of [Husband] [Wife], free and clear of any interest of [Husband] [Wife].

In the event [Husband] [Wife] does not refinance the Home or otherwise obtain a Release of [Husband’s] [Wife’s] liability under the existing mortgage within one hundred twenty (120) days of the execution of this Agreement, then the Home shall immediately thereafter be listed for sale with a real estate broker to be selected by agreement of the parties. Either party shall have the right to accept, on behalf of both parties, any bona fide offer to purchase the Home submitted by a third party at a price which is equal to or more than ninety-five percent (95%) of the asking price. For example, if the Home has an asking price of $425,000, either party may accept any offer, on behalf of both parties, of $403,750 or more. The parties may accept any other offer only by express agreement between them. Both parties shall fully cooperate with the broker in an effort to sell the Home. This will include, but not be limited to, each party’s agreement for there to be “open houses,” for there to be a For Sale sign posted on the Home, etc., as recommended by the broker. Upon the sale of the Home, the net proceeds of sale shall be the sole and separate property of [Husband] [Wife]. The net proceeds of sale shall mean such sum as remains after deducting from the gross sales price (i) any broker’s commission and/or attorney’s fees incurred in connection with the sale, (ii) all expenses of sale and closing costs to the parties as Seller, and (iii) the principal, accrued interest, and any prepayment penalty due by the terms of the mortgage encumbering the Home. The terms of this Paragraph shall be binding upon the parties and their respective heirs, personal representatives, and assigns. 

[Husband] [Wife] shall be solely responsible to pay the mortgage and all other expenses of the Home, including but not limited to, water and utility bills, real property taxes, telephone bills, insurance premiums on the Home and contents and the cost of pest control, and all repairs and improvements. [Husband] [Wife] shall hold and save [Husband] [Wife] harmless from the expenses which [he] [she] covenants to pay herein, and shall indemnify [Husband] [Wife] from any liability therefor. [Husband] [Wife] shall hold the Home as [his] [her] sole and exclusive property, free and clear of any interest of [Husband] [Wife]. Upon sale of the Home at any time, the proceeds of sale shall be and remain the sole and exclusive property of [Husband] [Wife], free and clear of any interest of [Husband] [Wife].

MARITAL HOME (2nd alternative)

A. The parties own, as tenants by the entireties, the improved premises in [City or County] known as [Address] (the “Home”). The Home is subject to the lien of a mortgage held by [Lender/Bank] , Mortgagee, for which the parties are jointly liable. 

B. [Husband] [Wife] shall have the exclusive right to occupy the Home until the first to occur of any one of the following events: (a) remarriage of [Husband] [Wife], (b) [Husband] [Wife] no longer occupies the Home as [his] [her] primary residence, or (c) the arrival of [Date]. During the period of [Husband’s] [Wife’s] exclusive right to occupy the Home, and in lieu of any direct support payments from [Husband] [Wife] to [Husband] [Wife], [Husband] [Wife] shall timely pay the monthly mortgage (principal, interest, taxes, and insurance), as well as the homeowner’s association dues. [Husband’s] [Wife’s] payments shall be made without contribution from [Husband] [Wife]. During the period of [Husband’s] [Wife’s] exclusive right to occupy the Home, [he] [she] shall timely pay all water and utility bills, telephone bills, insurance premiums on the contents of the Home which are owned exclusively by [Husband] [Wife], and the cost of pest control. The cost of any major necessary repairs or any improvements, which shall be defined as any single repair in excess of $200, shall be divided equally between the parties. The parties shall consult with each other prior to incurring any major necessary repair or any major improvement, except in the event of an emergency. Each party shall indemnify and hold the other party harmless from any liability in connection with those expenses which he or she has agreed to pay. 

C. Upon the termination of [Husband’s] [Wife’s] exclusive right to occupy the Home, or upon the earlier desire of [Husband] [Wife] as expressed by [him] [her] in writing to [Husband] [Wife], [Husband] [Wife] shall have the option to purchase [Husband’s] [Wife’s] interest in the Home in accordance with the terms of this Paragraph. In such event, [Husband] [Wife] shall provide [Husband] [Wife] with written notice of [his] [her] intention to exercise [his] [her] purchase option. Within ten (10) days of [Husband’s] [Wife’s] receipt of [Husband’s] [Wife’s] written notice, the parties shall attempt to agree to the fair market value of the Home. If they are unable to so agree, the parties (or their respective counsel) shall mutually agree upon a certified real estate appraiser who shall determine the fair market value, with the appraisal costs to be divided equally between the parties. The “total equity” in the Home shall be equal to (1) fair market value MINUS (2) five percent (5%) of fair market value, which figure represents a fraction of the actual expenses which would be incurred if the Home was sold to a third party, and MINUS (3) the outstanding balance due on the mortgage incident to the Home. The amount which [Husband] [Wife] shall pay to [Husband] [Wife] for [his] [her] interest in the Home shall be equal to one-half of the total equity. [Husband] [Wife] shall make payment in full to [Husband] [Wife] for [his] [her] interest in the Home within sixty (60) days of the parties’ determination of the Home’s fair market value. Simultaneously upon [Husband’s] [Wife’s] payment to [Husband] [Wife], [he] [she] shall convey to [Husband] [Wife] all of [his] [her] right, title, and interest in and to the Home, and shall execute any deed, assignment, or other documents which may be reasonably necessary for the conveyance of such right, title, and interest. [Husband] [Wife] shall further assign to [Husband] [Wife] any escrow or expense account presently held by the Mortgagee. Payment of the cost of transfer and recording, including documentary stamps, recordation fees and transfer taxes required by law, and any and all real estate taxes due at the time of delivery of the Deed shall be the responsibility of [Husband] [Wife]. The Deed to [Husband] [Wife] shall set forth [Husband’s] [Wife’s] express assumption of the above-referenced Mortgage and shall be signed and acknowledged by [Husband] [Wife] prior to recording. Thereafter, [Husband] [Wife] shall be solely responsible to pay the mortgage and all other expenses of the Home, including but not limited to, homeowners’ association dues, water and utility bills, real property taxes, telephone bills, insurance premiums on the Home and contents and the cost of pest control, and all repairs and improvements. Thereafter, [Husband] [Wife] shall hold and save [Husband] [Wife] harmless from these expenses and shall indemnify [Husband] [Wife] from any liability therefor. Thereafter, [Husband] [Wife] shall hold the Home as [his] [her] sole and exclusive property, free and clear of any interest of [Husband] [Wife]. Upon sale of the Home at any time, the proceeds of sale shall be and remain the sole and exclusive property of [Husband] [Wife], free and clear of any interest of [Husband] [Wife]. 

D. Upon the termination of [Husband’s] [Wife’s] exclusive right to occupy the Home, if [he] [she] does not exercise [his] [her] option to purchase [Husband’s] [Wife’s] interest in the Home, then the parties shall list the Home for sale with a real estate broker to be selected by agreement of the parties at an agreed upon initial asking price. If no contract for the sale of the Home has been accepted by the parties after the expiration of ninety (90) days from the date on which the Home was listed for sale, and further provided that no proposed contract has been submitted and is “pending” the parties’ approval at that time, then the parties shall re-evaluate the asking price for the Home. Husband and Wife agree that the listing agent shall determine the re-evaluated asking price for the Home unless both parties disagree with the listing agent’s determination. If both parties disagree with the listing agent’s determination of the re-evaluated asking price, then the listing agent shall provide a different figure for the re-evaluated asking price until either Husband or Wife is in agreement with the listing agent. This procedure for re-evaluating the asking price shall continue with each subsequent ninety (90) day cycle. Either party shall have the right to accept, on behalf of both parties, any bona fide offer to purchase the Home submitted by a third party at a price which is equal to or more than ninety-eight percent (98%) of the asking price. For example, if the Home has an asking price of $600,000, either party may accept any offer, on behalf of both parties, of $588,000 or more. The parties may accept any other offer only by express agreement between them. Both parties shall fully cooperate with the broker in an effort to sell the Home. This will include, but not be limited to, each party’s agreement for there to be “open houses,” for there to be a For Sale sign posted on the Home, etc., as recommended by the broker. If no contract for the sale of the Home has been accepted by the parties after the expiration of nine (9) months from the date on which the Home was listed for sale, and further provided that no proposed contract has been submitted and is “pending” the parties’ approval at that time, then each party shall have the right to institute formal proceedings for sale of the Home in lieu of partition and to have an independent Trustee appointed to conduct the sale of the Home. The terms of this Paragraph shall be binding upon the parties and their respective heirs, personal representatives, and assigns. 

[Husband] [Wife] may continue to reside in the Home until the closing, and the parties shall continue to pay the expenses of the Home in accordance with the terms of Paragraph [   ]. Upon the sale of the Home, the net proceeds of sale shall be divided equally between the parties. The net proceeds of sale shall mean such sum as remains after deducting from the gross sales price (i) any broker’s commission and/or attorney’s fees incurred in connection with the sale, (ii) all expenses of sale and closing costs, and (iii) the principal, accrued interest, and any prepayment penalty due by the terms of any Financing encumbering the Property. In the event the net proceeds of sale are insufficient to pay off and satisfy in full the Financing encumbering the Property, then each party shall be liable and responsible for payment of fifty percent (50%) of such deficiency. 

SECOND HOME/VACATION HOME PROPERTY

The parties own, as tenants by the entireties, the improved premises in [City or County] known as [Address] (the “Property”). The Property is subject to the lien of a mortgage held by [Lender/Bank] for which the parties are jointly liable.

Within thirty (30) days of the execution of this Agreement, [Husband] [Wife] shall convey to [Husband] [Wife] all of [his] [her] right, title, and interest in and to the Property, and shall execute any deed, assignment, or other documents which may be reasonably necessary for the conveyance of such right, title, and interest. Payment of the cost of preparing the Deed, transfer and recording, including documentary stamps, recordation fees and transfer taxes required by law, and any and all real estate taxes due at the time of delivery of the Deed shall be the responsibility of [Husband] [Wife]. [Husband] [Wife] shall be solely responsible to pay all expenses of the Property, and [Husband] [Wife] shall hold and save [Husband] [Wife] harmless from the expenses which [he] [she] covenants to pay herein, and shall indemnify [Husband] [Wife] from any liability therefor. [Husband] [Wife] shall hold the Property as [his] [her] sole and exclusive property, free and clear of any interest of [Husband] [Wife]. Upon sale of the Property at any time, the proceeds of sale shall be and remain the sole and exclusive property of [Husband] [Wife], free and clear of any interest of [Husband] [Wife].

DEBTS

A. Except as otherwise provided in this Agreement, each party shall assume all responsibility for debts contracted by himself or herself up to the date of this Agreement, and each shall hold and save the other harmless from any and all liability therefor. From and after the date of this Agreement, Husband and Wife covenant and agree that they will not pledge or attempt to pledge the credit of the other, nor will they contract or attempt to contract any debts or obligations in the name or on behalf of each other, and as to any debts or obligations incurred or contracted by them from and after the date of this Agreement, each will be responsible for his or her own debt or liability, and shall hold and save the other harmless, and indemnify the other, from any such debts or obligations.

B. [Husband] [Wife] shall pay the following debts and [he] [she] shall indemnify and hold [Husband] [Wife] harmless from any liability or responsibility in connection therewith: (1) VISA credit card account #9876 in [Husband’s] [Wife’s] sole name with an approximate balance due of $[  ]; (2) AMEX credit card account #1234 in [Husband’s] [Wife’s] sole name with an approximate balance due of $[  ]; and (3) HFC unsecured loan in the joint names of the parties, Account #[   ], with an approximate balance due of $[   ].

INCOME TAX RETURNS

The parties shall file joint Federal and State income tax returns for the calendar year [    ]. Each party shall pay fifty percent (50%) of the cost of preparing the returns and any taxes due. Any refunds due the parties as a result of the filing of joint income tax returns shall be divided equally between the parties. Each party shall save and hold the other party harmless of and from all claims for taxes, interest, additions to taxes, penalties and expenses in connection with his or her own income and deductions. Beginning with the first income tax year in which the parties shall file separate income tax returns, the parties shall equally claim and/or divide any outstanding Net Operating Loss Carry Forwards and any outstanding Capital Loss Carry Forwards related to and arising from their investment activities. 

OR

[Husband] [Wife] shall be entitled to any income tax refund for [Year], and [Husband] [Wife] shall immediately endorse any income tax refund check and deliver it to [Husband] [Wife].

The parties have filed certain joint Federal and State income tax returns during their marriage. [Husband] [Wife] represents and warrants to [Husband] [Wife] that: [he] [she] has duly paid all income taxes due on such past returns; [he] [she] does not owe any interest or penalties with respect to them; no tax deficiency proceeding is pending or threatened against [him] [her]; and no audit is pending with respect to any such joint return. If there is a deficiency proposed with respect to any of the joint returns, [Husband] [Wife] shall provide [Husband] [Wife] with immediate written notice thereof. [Husband] [Wife] shall pay the amount ultimately determined to be due, together with interest and penalties, if any, as well as all expenses that may be incurred if [Husband] [Wife] decides to contest the assessment. [Husband] [Wife] shall hold [Husband] [Wife] harmless and indemnify [him] [her] from any claim, damage or expense, including reasonable accountant’s fees and reasonable counsel fees, arising out of any such deficiency assessment. Any refund due on any of the joint returns shall be the sole and separate property of [Husband] [Wife].

OR

Beginning with the first income tax year in which the parties shall file separate income tax returns, the parties shall equally claim and/or divide any outstanding Net Operating Loss Carry Forwards and any outstanding Capital Loss Carry Forwards related to and arising from their investment activities.

RECORDS REGARDING TRANSFERS OF PROPERTY

With respect to all property transferred between the parties pursuant to this Agreement, within sixty (60) days of the date of each transfer, the transferor shall provide the transferee with records to determine the adjusted basis and holding period of the property as of the date of the transfer, together with any additional documentation or information necessary to permit either or both parties to comply with tax reporting and record keeping requirements.

RELIGIOUS DIVORCE/ANNULMENT

The parties agree that upon the request of either of them, the other will do and perform all such acts and things as may be necessary and proper, at [Husband’s] [Wife’s] expense, to procure and effectuate a Jewish divorce, or “get,” between the parties in accordance with the principles and doctrines of orthodox Judaism.

INDEPENDENT COUNSEL

Wife hereby acknowledges that , Esquire has represented her and rendered legal advice to her with respect to the marital rights of the parties and in connection with the negotiation and execution of this Agreement. Husband hereby acknowledges that , Esquire has represented him and rendered legal advice to him with respect to the marital rights of the parties and in connection with the negotiation and execution of this Agreement.

OR

[Husband] [Wife] hereby acknowledges that                 ,Esquire has represented [him] [her] and rendered legal advice to [him] [her] with respect to the marital rights of the parties and in connection with the negotiation and execution of this Agreement. [HUSBAND] [WIFE] ACKNOWLEDGES THAT [HE] [SHE] HAS BEEN ADVISED AND AFFORDED THE OPPORTUNITY TO OBTAIN INDEPENDENT COUNSEL OF [HIS] [HER] OWN SELECTION IN CONNECTION WITH THIS AGREEMENT, SO THAT [HE] [SHE] MAY HAVE [HIS] [HER] OWN ATTORNEY ANSWER ANY QUESTIONS WHICH [HE] [SHE] MAY HAVE. [HUSBAND] [WIFE] FURTHER ACKNOWLEDGES THAT [HUSBAND’S] [WIFE’S] ATTORNEY HAS NEITHER REPRESENTED [HUSBAND] [WIFE] NOR PROVIDED [HIM] [HER] WITH ANY LEGAL ADVICE IN CONNECTION WITH THE TERMS OR OPERATING EFFECT OF THIS AGREEMENT. FINALLY, [HUSBAND] [WIFE] ACKNOWLEDGES THAT [HIS] [HER] DECISION TO EXECUTE THIS AGREEMENT WITHOUT [HIS] [HER] OWN ATTORNEY IS MADE FREELY AND VOLUNTARILY. 

FINANCIAL DISCLOSURE

Absolute Full Disclosure Option

A. Each party acknowledges that there has been full and complete financial disclosure of the income, assets, liabilities, and financial circumstances of the other party. Each party acknowledges that this Agreement is entered into after formal discovery, during which each party provided the other with signed Answers to Interrogatories and Responses to Requests for Production of Documents. Each party has deposed the other. [Husband] [Wife] acknowledges that [he] [she] has engaged the services of two (2) certified public accountants who have reviewed [Husband’s] [Wife’s] financial circumstances, analyzed [Husband’s] [Wife’s] income and expenses, and valued [Husband’s] [Wife’s] ownership interests in various closely-held entities. In fact, [Husband’s] [Wife’s] expert has valued [Husband’s] [Wife’s] ownership interest in Company as of and . In addition, [Husband] [Wife] has engaged the services of a real estate valuation expert who has valued [Husband’s] [Wife’s] ownership interest in [Real Property]. Through the discovery process, each party has obtained records of the other party’s bank accounts, retirement assets, and other financial circumstances. Each party acknowledges that he or she has had full opportunity to discover, evaluate and investigate all material information, financial or otherwise, in the possession of the other party. Each party is satisfied with the nature and extent of the disclosures made prior to the execution of this Agreement, as well as the terms and provisions of this Agreement, and each has had the benefit of the advice of counsel of his or her own selection. The provisions of this Agreement and their legal and practical effect have been fully explained to each party by their respective counsel. The parties are entering into this Agreement at or about the time when their divorce proceedings are scheduled for trial in the Circuit Court for [Jurisdiction]. The parties have been advised by their respective counsel of their right to compel further discovery and inspection of the other party’s financial books and records, both business and personal, and of their right to have accountants, appraisers or others further investigate, appraise or evaluate the other party’s business and property. Each party has waived these rights and instructed his or her respective counsel not to take any further steps, themselves or through others, in connection with discovery, inspection, investigation, appraisal or evaluation of the other party’s business or property. Each party is entering into this Agreement freely and voluntarily, and each party regards the terms of this Agreement as a fair and reasonable compromise and settlement. 

B. Wife accepts the benefits of this Agreement as consideration for her waiver of her right to seek a determination by a court of her rights to alimony, marital property, and monetary award. This includes Wife’s waiver of her right to ask a court to consider the value of Husband’s business interests, investments, income and all other assets which Husband now has or may later acquire, including but not limited to [Company]. Wife acknowledges that she is voluntarily entering into this Agreement after having conducted formal discovery of Husband’s financial circumstances, and that she is voluntarily entering into this Agreement after having reviewed her expert’s valuation of Husband’s ownership interest of his separately titled assets. Wife recognizes that there may be no proportionality in the relationship of the benefits provided for her in this Agreement and the total assets and resources of the parties, and further recognizes that the consideration passing to Wife under this Agreement may be an insignificant fraction of Husband’s total worth.

C. Husband accepts the benefits of this Agreement as consideration for his waiver of his right to seek a determination by a court of his obligation to pay alimony, or his rights to marital property and monetary award. This includes Husband’s waiver of his right to ask a court to consider the value of Wife’s investments, income and all other assets which Wife now has or may later acquire. Husband acknowledges that he is voluntarily entering into this Agreement after having conducted formal discovery of Wife’s financial circumstances.

Satisfied with the Disclosure Option

Each party acknowledges that he or she has been informed of the income, assets, liabilities, and financial circumstances of the other party. Each party is satisfied with the nature and extent of the financial disclosure, and each has had the benefit of the advice of counsel of his or her own selection. The provisions of this Agreement and their legal and practical effect have been fully explained to each party by their respective counsel. The parties have been advised by their respective counsel of their right to compel discovery and inspection of the other party’s financial books and records, both business and personal, and of their right to have accountants, appraisers or others investigate, appraise or evaluate the other party’s business and property. Each party has waived these rights and instructed his or her respective counsel not to take any further steps, themselves or through others, in connection with discovery, inspection, investigation, appraisal or evaluation of the other party’s business or property. Each party is entering into this Agreement freely and voluntarily, and each party regards the terms of this Agreement as fair and reasonable. Wife accepts the benefits of this Agreement as consideration for her waiver of her right to seek a determination by a court of her rights to alimony, marital property, and monetary award. This includes Wife’s waiver of her right to ask a court to consider the value of Husband’s business interests, investments, income and all other assets which Husband now has or may later acquire, including but not limited to Husband’s interest in [Company]. Husband accepts the benefits of this Agreement as consideration for his waiver of his right to seek a determination by a court of his rights to alimony, marital property, and monetary award. This includes Husband’s waiver of his right to ask a court to consider the value of Wife’s business interests, investments, income and all other assets which Wife now has or may later acquire, including but not limited to Wife’s interest in [Company].

Attach Financial Statement Option—Non-Disclosure

Attached to this Agreement as Schedule D is a statement of the parties’ assets and liabilities as of [Date]. Notwithstanding anything in Paragraph [ ] to the contrary, if it is determined, pursuant to a preponderance of the evidence standard, that a party:

(1) failed to disclose the existence of any material asset in which he/she has an interest and which constitutes “marital property,” whether or not there was any intent to misrepresent; and/or 

(2) materially understated the value of an asset (which constitutes “marital property”) having an objectively determinable value (e.g. an account of money) whether or not there was any intent to misrepresent; and/or

(3) materially underestimated the value of an asset (which constitutes “marital property”) as to which an estimated value was provided, intentionally or under circumstances demonstrating that the party having provided the estimate had in their actual or constructive possession or reasonably available to them objective information demonstrating the underestimation of the asset’s value, whether or not there was an intent to misrepresent; then, although there shall be no right of rescission of this Agreement by the other party, the Circuit Court for [Jurisdiction] County, Maryland shall retain and/or have jurisdiction and venue over the parties to remedy said misrepresentation by way of further equitable distribution of the non-disclosed asset(s), so that the other party shall be entitled to receive fifty percent (50%) of the value of the undisclosed marital asset (either at the time of the Agreement or at the time such asset is located, whichever is greater), or by way of an award of actual damages, as appropriate, any releases or waivers of rights contained anywhere in this Agreement to the contrary notwithstanding. The jurisdiction of the court so acting shall be limited to the extent of a “material” misrepresentation only, and shall not extend to any provisions of this Agreement not related to a material misrepresentation, and shall be limited in time from the execution of the Agreement until [Date]. For purposes of this provision, the term “material” shall mean Ten Thousand Dollars ($10,000) or more. In order for a party to proceed with a claim pursuant to this Paragraph, he or she must have a genuine and good faith basis for making the claim because neither party shall have the right to embark on a “fishing expedition” following the divorce. If a party makes a claim and alleges the “failure to disclose,” and is successful in his or her efforts to prove the failure to disclose, then the non-disclosing party shall pay one hundred percent (100%) of his or her legal fees and costs in prosecuting the matter. However, if the “claiming party” is unsuccessful in his or her efforts, then he or she shall pay one hundred percent (100%) of the other party’s legal fees and costs in defending the matter. Notwithstanding any provision in the Agreement to the contrary, the terms and provisions of this Paragraph shall no longer be of any force or effect, and shall automatically be null and void, after the arrival of [Date].

COUNSEL FEES; COURT COSTS

Each party shall pay his or her own counsel fees incurred in connection with their separation and divorce. Each party hereby waives the right to assert any claim against the other party for counsel fees for legal services rendered to him or her at any time in the past, present, or future, except as permitted by law and except that if either party breaches any provision of this Agreement, or is in default thereof, said party shall be responsible for any reasonable legal fees and costs incurred by the other party in seeking to enforce this Agreement which are awarded by a court of competent jurisdiction. [In any proceeding in which the parties are awarded a Judgment of Absolute Divorce,] If a divorce proceeding is brought by either party against the other, the parties shall divide all court costs thereof, including any Magistrate’s fee, equally between them.

OR

On or before [Date], [Husband] [Wife] shall pay the sum of [Dollar Amount] Dollars ($[  ]) directly to [Husband] [Wife] as a contribution towards the counsel fees and costs incurred by [Husband] [Wife] in connection with the parties’ divorce. Except as otherwise provided, each party shall pay his or her own …

MUTUAL GENERAL RELEASE

Except as otherwise provided in this Agreement:

A. Each party absolutely and unconditionally releases the other and the estate of the other from any and all rights, causes of action, claims and obligations which either may have, whether known or unknown and whether arising out of the marriage or otherwise, including, but not limited to, any claim arising under Sections 8-201 through 8-214 of the Family Law Article of the Annotated Code of Maryland, and any claim arising out of contract or tort. This release shall include, but not be limited to, a release and waiver of all claims to possession and use of the family home, possession and use of family use personal property, marital property, monetary award as an adjustment of the equities and rights of the parties concerning marital property, to have a court transfer ownership of an interest in a pension, retirement, profit sharing, or deferred compensation plan from one party to either or both parties, to have a court transfer ownership of an interest in any primary residence which the parties jointly own, and to have a court transfer ownership of any family use personal property.

B. Each party absolutely and unconditionally releases the other and his or her heirs, personal representatives and estate from any claims arising by virtue of the marital relationship of the parties. This release shall be effective whether such claims arise by way of dower or curtesy, statutory thirds, halves or legal shares, widow’s or widower’s rights, or under intestate laws, or the right to take against the spouse’s Will, or the right to treat a lifetime conveyance by the other party as testamentary, or the right to participate in any way in the enjoyment or distribution of any real or personal estate of which the other party may be possessed at the time of his or her death, or all other rights of a surviving spouse to participate in or administer a deceased spouse’s estate (including, but not limited to, the right to act as personal representative of the deceased spouse’s estate), whether arising under the laws of Maryland or any State, Commonwealth or Territory of the United States or any other country. Except as otherwise expressly provided in this Agreement, each party waives and releases any and all right to receive insurance proceeds at the death of the other, whether named as beneficiary or otherwise.

C. Each party further waives his or her right to receive any property, real, personal or mixed, and any other right, including but not limited to a power of appointment, which would otherwise arise or vest upon or by virtue of the death of the other party, including but not limited to: (i) a testamentary disposition under the Last Will and Testament of or any trust established by such party under a written deed of trust, trust agreement, declaration of trust, similar document or otherwise; (ii) as “payable on death,” “transfer on death,” or other beneficiary designation on any account, investment, insurance policy, annuity, qualified or non-qualified retirement plan; (iii) as joint tenant or tenant by the entireties as to any property; (iv) by virtue of being designated as remainderman under a life estate deed; or (v) as a primary or contingent beneficiary under any document or plan of testamentary or other similar or related disposition. The parties agree that, except as otherwise expressly provided in this Agreement, any beneficiary designation or document, testamentary or otherwise, shall upon execution of this Agreement be deemed null and void and without effect, and in the event either party receives any such property upon or by virtue of the death of the other party, then the party receiving such property shall pay over or convey such property to the estate of the deceased party, unless a contingent beneficiary thereof shall be designated, in which case, to such contingent beneficiary; and for purposes of any such disposition, the party receiving such property shall be treated as if such party had predeceased the other party.

D. Each party further waives any and all rights and authorities that he or she would otherwise have in accordance with the provisions of any document executed by or on behalf of the other party or by operation of law, including but not limited to, as attorney-in-fact or agent under a power of attorney, health care agent or surrogate medical decision maker under any medical directive or health care power of attorney, trustee, personal representative, guardian of the person or guardian of the property. The provisions of this section shall be deemed by the parties, and may be relied upon by all other parties or persons, as the resignation of such party from such appointment and as the revocation by the other party of such appointment.

INCORPORATION OF AGREEMENT, WITHOUT MERGER

This Agreement is not intended in any way to affect or prejudice the rights of either party to bring suit for divorce or to amend any pending suit for divorce. This Agreement shall survive and continue in full force, regardless of whether or not a Judgment of Divorce shall be entered in any action between the parties in any jurisdiction. In the event a Judgment of Divorce shall be entered in any jurisdiction in favor of either party, this Agreement shall be incorporated in the Judgment of Divorce, but not merged therein. It is further agreed that regardless of whether this Agreement or any part thereof is incorporated in any such Judgment of Divorce, the same shall not be merged in the Judgment but said Agreement and all of the terms thereof shall continue to be binding upon the parties and their respective heirs, personal representatives and assigns.

RECONCILIATION

This Agreement shall not be invalidated, modified, waived or otherwise affected by any reconciliation between the parties or any resumption of marital relations between them unless a written, signed, sealed and acknowledged by both parties so provides.

NON-MODIFICATION

[Except for the terms and provisions of Paragraphs      and      regarding child custody and Paragraph       regarding monthly child support payments], it is expressly agreed by the parties that no term or provision in this Agreement shall be subject to any Court modification.

NOTICE

So long as either party has any duty or obligation to the other party or to the Children of the parties pursuant to this Agreement, or has the right to receive benefits from the other party pursuant to this Agreement, each party shall keep the other informed of his or her then residence from time to time. Any notice given pursuant to this Agreement may be directed to the party’s address last disclosed or known to the other.

FURTHER ACTS TO EFFECTUATE AGREEMENT

Each party shall execute such other and further instruments and perform such acts as may be reasonably required to effectuate the purposes of this Agreement.

FREE AND VOLUNTARY AGREEMENT

The parties mutually agree that in entering into this Agreement, each party signs this Agreement freely and voluntarily for the purpose and with the intent of fully settling and determining all of their respective rights and obligations growing out of or incident to their marriage. Each party was represented by independent counsel of his or her own selection in the negotiation and execution of this Agreement. Husband and Wife acknowledge that this Agreement is a fair and reasonable agreement, and that it is not the result of any fraud, duress, or undue influence exercised by either party upon the other, or by any person or persons upon either party.

USE OF GENDER REFERENCES

Whenever the masculine gender is used herein, it shall also mean the feminine gender, where appropriate, and plural shall mean singular, and vice-versa, where appropriate.

INTEGRATION AND FUTURE MODIFICATION

This Agreement contains the entire understanding between the parties. There are no representations, warranties, covenants or undertakings other than those expressly set forth in this Agreement. No modification or waiver of any of the terms of this Agreement by the parties shall be valid unless made in writing, and signed by the parties.

SEVERABILITY OF PROVISIONS

Should any provision of this Agreement be found, held, or deemed to be unenforceable, voidable or void, as contrary to law or public policy under the laws of Maryland or any other State, Commonwealth or Territory of the United States, the parties intend that the remaining provisions of this Agreement shall nevertheless continue in full force and be binding upon the parties, their heirs, personal representatives, executors and assigns.

GOVERNING LAW

The parties are presently residents of and domiciled in the State of Maryland and this Agreement shall be governed by and construed in accordance with laws of Maryland.

BINDING UPON HEIRS AND ASSIGNS

This Agreement shall be irrevocably binding upon the parties, their respective heirs, personal representatives and assigns. The parties and their respective heirs, personal representatives and assigns shall execute such other supplemental agreements, deeds, releases or other writings as may be necessary or advisable to carry out the full intent and meaning of this Agreement.

CONFIDENTIALITY

A. On [Date], Husband and Wife executed a Confidentiality Agreement concerning the disclosure of information and documents pertaining to [Husband’s] [Wife’s] Business Interests. Following the execution of this Agreement, the parties agree to continue to abide by the terms and provisions of the Confidentiality Agreement.

B. The parties agree that the provisions of this Agreement shall be kept in confidence. Neither party shall reveal the extent of the other party’s assets, liabilities, income or expenses except as they may expressly, in writing, agree to do, or except in the limited circumstances incident to a dispute between themselves, and in that event, should litigation ensue, the parties further agree that their financial information shall be kept in confidence and/or sealed from public view. Neither party shall publicize or disseminate information of any kind about the other party that is or may be detrimental to the other party’s personal image, employment, business interests, reputation or career. Notwithstanding the above, each party shall have the right not to disclose the other party’s financial information as necessary, on a confidential basis, to a party’s accountants, financial advisors and attorneys. 

MISCELLANEOUS

A. No provision of this Agreement shall be interpreted for or against any party hereto by reason that said party or his or her legal representative drafted all or any part hereof.

B. Any headings preceding the text of any of the provisions in this Agreement are inserted solely for convenience of reference and do not constitute a part of the Agreement, nor shall they affect the meaning, construction or effect of any of the provisions of this Agreement.

C. This Agreement shall be executed in duplicate or more copies, and each executed copy shall have the same force and effect as if it were the original copy.

IN WITNESS WHEREOF, the parties have set their hands and seals the day and year first above written.

WITNESS:

                                                                                                                (SEAL)

(Name)

                                                                                                                (SEAL)

(Name)

STATE OF MARYLAND :

          TO WIT:

CITY/COUNTY OF :

I HEREBY CERTIFY that on this ____ day of ____________________, 2018, the above-named                    ____________________ personally appeared before me and made oath in due form of law that the matters and facts set forth in the foregoing Agreement with respect to the separation of the parties are true and correct as therein stated and acknowledged that the said Agreement is in fact her voluntary act and deed and that she has full understanding thereof.

AS WITNESS my hand and Notarial Seal

NOTARY PUBLIC

My Commission Expires:

STATE OF MARYLAND :

          TO WIT:

CITY/COUNTY OF :

I HEREBY CERTIFY that on this ____ day of ____________________, 2018, the above-named                   ____________________ personally appeared before me and made oath in due form of law that the matters and facts set forth in the foregoing Agreement with respect to the separation of the parties are true and correct as therein stated and acknowledged that the said Agreement is in fact his voluntary act and deed and that he has full understanding thereof.

AS WITNESS my hand and Notarial Seal

NOTARY PUBLIC

My Commission Expires: