Divorce can be a difficult and emotional process, especially when it comes to dividing assets. When a couple goes through the divorce settlement process, they typically create a property settlement agreement (PSA) that outlines how their assets will be divided. However, sometimes circumstances change, and one or both parties may need to modify the PSA. Here’s what you need to know about modifying a property settlement agreement.
What is a Property Settlement Agreement (PSA)?
A PSA is a legal document that outlines how a couple’s marital property will be divided during a divorce. This can include assets such as homes, vehicles, bank accounts, investments, and retirement accounts. The agreement must be in writing, signed by both parties, and approved by a judge.
Why Would Someone Want to Modify a PSA?
There are several reasons why someone may want to modify their PSA. The most common reason is a change in financial circumstances. For example, if one spouse loses their job or experiences a significant change in income, they may need to modify the PSA to ensure a fair division of assets.
Another reason for modification could be a change in living arrangements. If one spouse moves out of the marital home, they may need to modify the agreement to reflect the new housing situation. Additionally, if one spouse remarries or has more children, they may need to modify the PSA to account for these new family members.
How to Modify a Property Settlement Agreement
In order to modify a PSA, both parties must agree on the changes. The modified agreement should be in writing and signed by both parties. Once the new agreement is complete, it must be filed with the court and approved by a judge. It’s important to note that the court will only approve modifications if they are deemed fair and just for both parties.
It’s also important to work with a knowledgeable attorney when modifying a PSA. An experienced attorney can help ensure that all the required steps are taken and that the modified agreement is enforceable.
Conclusion
Modifying a PSA can be a complicated process, but it is often necessary when circumstances change. If you’re considering modifying your PSA, it’s important to work with a qualified attorney who can guide you through the process and ensure that your rights and interests are protected. Remember, any modifications to the PSA must be approved by a judge to be legally binding. With the right legal guidance, you can modify your PSA to reflect your current situation and move forward with confidence.
