By: Tim Davids, Authority Content  writer

Divorce agreements can work when both parties in the divorce view the divorce as a contract for living. The divorce agreement might stipulate financial terms like use of joint banking accounts, credit cards, and automobiles. Disposition of joint property for sale and the division of proceeds should be denoted. Third parties called mediators, may be involved for neutral negotiation of terms and conditions of the divorce agreement. One benefit of a do-it-yourself divorce agreement is that costly legal fees are not involved. Notarizing the document can furnish legal proof in the future that such an agreement did exist and was signed by both parties.

A divorce ties off loose ends once and for all. Disputes over real property and personal property, gifts and investments need to be resolved. Arbitration and financial advisers may want to assist a couple divorcing to make sure they don’t sacrifice tax and estate planning advantages accidentally. Divorce agreements can involve gradual erosion of financial and situational interdependence between formerly married parties. Modern divorce agreements should stipulate no internet harassment, publicizing of personal photos, or slander or smearing of either party’s reputation is allowed. Violation of the terms of a divorce agreement can be grounds for a lawsuit or litigation to recover damages.