Form 15-12

NOTICE: THIS DOCUMENT
CONTAINS SENSITIVE DATA

[Caption. See § 3 of the Introduction in volume 1 of this manual.]

Collaborative Law Settlement Agreement

1.Parties

The parties to this Collaborative Law Settlement Agreement are [name of party A] and [name of party B].

2.Scope of Agreement

The parties hereby settle all claims and controversies between them, asserted or assert­able, in this case.

3.Real Estate

1.[[Name of party A]/[name of party B]] will own the property commonly known as [address, city], Texas, and will pay the remaining balance of the mortgage.

2.The property commonly known as [address, city], Texas, will be listed for sale with a real estate agent who is active in the area where the property is located. It will be sold for a price and on terms that are mutually agreeable to the parties. Until the closing of the sale—

a.[[Name of party A]/[name of party B]] will have the exclusive use and posses­sion of the property and will pay all utilities and keep the property maintained and in good repair;

b.[[Name of party A]/[name of party B]] will pay the mortgage payments as they come due; and

c.[[Name of party A]/[name of party B]] will pay the insurance premiums and ad valorem taxes as they come due.

On the sale, the net sales proceeds will be divided [percent] percent to [name of party A] and [percent] percent to [name of party B]. If, after [number] days after the divorce, the parties are unable to agree on a sales price or terms, then either party may apply to the Court for the appointment of a receiver to take possession of the property and sell it and, after the receiver’s fee, to distribute the remaining proceeds in the proportions specified above.

3.[[Name of party A]/[name of party B]] will own the property commonly known as [address, city], Texas, and will pay [[name of party B]/[name of party A]] the sum of [number] dollars ($[amount]) in the following manner:

a.The execution of a vendor’s lien note in the principal sum of [number] dollars ($[amount]), bearing [percent] percent interest per year, payable over a period of [number] months, in equal installments of [number] dollars ($[amount]).

b.The assumption of the remaining balance of the mortgage to [name of mort­gagee].

c.The execution of a deed of trust to secure the vendor’s lien note described in (a.) above and the execution of a deed of trust to secure the assumption of the mortgage described in (b.) above.

4.Personal Property

1.[Name of party A] will own the property listed in Schedule A.

2.[Name of party B] will own the property listed in Schedule B.

5.Motor Vehicles

1.[Name of party A] will own the [specify] motor vehicle and will pay the remaining balance of any lien debt on it.

2.[Name of party B] will own the [specify] motor vehicle and will pay the remaining balance of any lien debt on it.

6.Money

1.[Name of party A] will receive the following bank accounts: [specify].

2.[Name of party B] will receive the following bank accounts: [specify].

7.Life Insurance

1.[Name of party A] will receive all policies of insurance on [her/his] life.

2.[Name of party B] will receive all policies of insurance on [his/her] life.

8.Retirement

[[Name of party A]/[name of party B]]’s retirement benefits at [employer] that have accrued through the date of divorce will be divided [percent] percent to [name of party A] and [percent] percent to [name of party B]. A QDRO will be submitted to the Court for entry that contains the following particulars regarding the division of benefits: [specify].

9.Spousal Maintenance

[[Name of party A]/[name of party B]] will pay spousal maintenance to [[name of party B]/[name of party A]] of [number] dollars ($[amount]) per month for [number] months, begin­ning on [date], but if [[name of party B]/[name of party A]] dies before all payments are made, the maintenance will terminate at the death of [[name of party B]/[name of party A]].

10.Liabilities

1.[Name of party A] will pay the liabilities listed in Schedule C.

2.[Name of party B] will pay the liabilities listed in Schedule D.

11.Parenting Plan

The parties agree to the terms and provisions contained in the parenting plan required under Texas Family Code section 153.603, which is incorporated in this agreement as Exhibit [exhibit number/letter] attached to this agreement. [See form 16-1.]

12.Attorney’s Fees and Costs

1.[Name of party A]’s attorney’s fees will be paid by [[name of party A]/[name of party B]].

2.[Name of party B]’s attorney’s fees will be paid by [[name of party A]/[name of party B]].

3.Costs will be paid by [[name of party A]/[name of party B]].

13.Other Provisions

[Specify any other provisions of agreement.]

14.Release

Each party releases the other from all claims, demands, and causes of action each may have against the other, save and except those covenants, duties, and obligations set forth in this agreement.

15.Full Disclosure

Each party represents that [he or she/he/she] has made a fair and reasonable disclosure to the other of the property and financial obligations known to [him or her/him/her].

16.Final Documents

1.The terms of this agreement will be incorporated in a decree and agreement inci­dent to divorce that will follow the forms published in the current edition of Texas Family Law Practice Manual. The attorney for [[name of party A]/[name of party B]] will prepare the documents.

2.Other closing documents will be prepared by the attorney for the party who will benefit thereby, with such documents to follow the forms published in the current edition of Texas Family Law Practice Manual.

17.Disputes Regarding This Agreement

If any dispute arises with regard to the interpretation of this agreement or any of its pro­visions, including the necessity and form of closing documents, the parties agree to try to resolve the dispute by phone conference with the collaborative law attorneys who facilitated this settlement. Any disputes regarding drafting shall be resolved whenever possible by refer­ence to the current edition of Texas Family Law Practice Manual.

18.Place of Performance

This agreement is made and is performable in [county] County, Texas, and must be construed in accordance with Texas law.

19.Court Appearance

The parties agree to appear in court at the first available date to present evidence and secure rendition of judgment in accordance with this agreement.

20.THIS AGREEMENT IS NOT SUBJECT TO REVOCATION.

   
[Name of party]
Signed on:       

   
[Name]
Attorney for [name of party]
Signed on:       

   
[Name of party]
Signed on:       

   
[Name]
Attorney for [name of party]
Signed on: