In a previous post on our website, we discussed the significance of the 2011 Collaborative Family Law Act. This important piece of legislation allows Texas families to engage in divorce settlement agreements with the help of specialists and their attorneys. Put simply, the CFLA allows divorcing couples to include financial planning experts, psychologists and others into their joint negotiations regarding child custody issues and division of property and assets.
Many couples prefer the CFLA for several reasons. Some spouses feel as though they would rather have some say on such important decisions instead of leaving it to a judge to decide for them. Other spouses enjoy the privacy of CFLA divorce settlement agreements, as they are confidential and generally negotiated outside of a court room.
However, participants in a CFLA need to understand that some agreements that are made during the formation of the document may require spouses to follow up and bring to conclusion after the divorce is finalized. For example, a couple may agree to sell the marital home and split the proceedings between both spouses within six months of the agreement. The agreement may also specify one party as responsible for the completion and distribution of that sale. It is, therefore, the responsibility of the other spouse to ensure that the terms of the agreement are carried out.
Another example might be an agreement reached between a divorcing couple that will grant one spouse a portion of the proceeds from stocks after they vest or otherwise create dividends. It is important that the receiving spouse follow up on the status of those assets because it is unlikely that an ex-spouse will take the initiative and surrender those funds without prompting.
Based in Houston, our Texas family law firm has over 20 years of experience assisting clients with the sometimes complex procedures regarding litigation. Whether you need help negotiating a divorce settlement agreement or enforcing one, our law office offers free initial consultations for prospective clients.