Dear [Spouse's Name], I hope this letter finds you well. As we navigate the difficult process of divorce, it is essential to ensure a fair and transparent division of our liabilities and assets. In accordance with the laws and regulations of South Dakota, I have prepared a comprehensive list outlining our financial obligations and resources. 1. Real Estate: — Principal Residence: Located at [address], with an estimated market value of [value]. — Vacation Property: Situated at [address], valued at [value]. 2. Vehicles: — Car 1: Make, model, year, and estimated value. — Car 2: Make, model, year, and estimated value. 3. Bank Accounts: — Checking accounts at [financial institution], with respective balances. — Savings accounts at [financial institution], including any certificates of deposit (CDs), with respective balances. 4. Investments: — Stocks and Bonds: Provide a detailed list of all stock holdings, bonds, and other investment vehicles, including their estimated value. — Retirement Accounts: Include information about individual retirement accounts (IRAs), 401(k)s, pensions, and their respective balances. 5. Business Interests: — List all businesses in which either of us holds an ownership interest, including professional practices, partnerships, or sole proprietorship. Detail the estimated value of each entity and any outstanding shareholder loans. 6. Personal Property: — Household Contents: Provide an inventory of furniture, appliances, electronics, and other valuable items in our possession. — Jewelry: Enumerate and appraise any significant jewelry pieces. — Artwork and Collectibles: List any valuable paintings, sculptures, antiques, or collectibles, including approximate values. 7. Liabilities: — Mortgage: Specify the outstanding balance and monthly payment of the mortgage on our principal residence. — Home Equity Line of Credit: Detail the outstanding balance and monthly payments for any loans secured by our properties. — Auto Loans: Mention the amount owed and monthly payments for each vehicle loan. — Credit Card Debt: Enumerate the balances and minimum payments of all credit cards held by both parties. — Personal Loans: Declare any outstanding loans or debts owed to family, friends, or institutions. — Other Debts: Include any additional liabilities, such as student loans, medical bills, or taxes owed. Please review this list thoroughly and feel free to suggest any changes or additions. It is vital to achieve an equitable division of our assets and liabilities, considering factors such as financial contributions, individual needs, and the best interests of all involved parties. I believe that discussing and addressing these matters in a respectful and constructive manner will facilitate the divorce process. Let us work together to ensure a fair outcome and pave the way for a new chapter in our lives. Please review the enclosed list, and let's set up a meeting at your earliest convenience to further discuss and finalize the division of our liabilities and assets. Yours sincerely, [Your Name]
South Dakota Sample Letter for Divorce - List of Liabilities and Assets
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How to Write a Divorce Agreement Date of the agreement. Full name of both spouses. Marriage date and location. Date of marriage end. Child support and custody arrangements. Spousal support terms and conditions. Life and health insurance. Division of spousal assets and property.
Priority things a mother should ask for in a divorce Custody. You will want physical and legal custody of your children. ... One of the main things a mother should ask for in a divorce is the marital home. ... A fresh financial start. ... Health insurance. ... Tax deductions.
South Dakota law requires courts to make an ?equitable division of property? during a divorce. This applies to all property owned by a married couple, both joint property and the individual property belonging to each spouse. It doesn't necessarily mean a split either.
How to write up a spousal support agreement Decide on amount and how it will be paid. How much one person will pay the other each month. ... Write-up your agreement. ... Sign and make copies of the agreement. ... Take your agreement to get judge's signature and pay fee. ... Get back signed agreement and give copy to your spouse.
South Dakota is an equal distribution state, and while that may imply a perfect 50/50 split of assets, it is not actually what it means or how it works out for many couples. Equal distribution just means each party will walk away with a fair share of assets, which may or may not equal 50% of the marital property.
"After a lot of soul searching, __________ and I have decided to divorce. This decision did not come easily, but we believe it's the right choice for us. We part with mutual admiration and respect for each other and thank you for your support as we work through this difficult time."
What Should Be Included in a Settlement Agreement? Identifying information for all involved parties. A description of the issue you're seeking to settle. An offer of resolutions that both parties agree to. Proof of valid consideration from both parties without coercion or duress. Legal purpose.
The Financial Affidavit is a sworn statement about the financial situation of the party completing the form. It is meant to give the judge and the parties accurate information about the property and debts involved in the divorce. The values used should be as of the day the party completes the Financial Affidavit.
