Many situations resolve by way of a settlement agreement. The purpose of a settlement agreement is to state, in a writing signed by both parties, the terms which both parties accept to resolve their disagreement.
Settlement agreements can be reached when there is a pending court case or before any litigation has been filed. Different goals can be accomplished through settlement agreements. For example:
- A final, global settlement, designed to resolve all disputed issues.
- A partial settlement, which resolves some but not all disputed issues, leaving certain issues for further settlement or determination by the court.
- An interim or temporary settlement, designed to resolve pressing issues for a specific period of time. Such as, to address short-term parenting time with children, child support, alimony, use and possession of the home, car, and contents of the home. Some interim or temporary settlements expire on a specific date, others expire when the parties reach a further agreement or the court makes a different decision.
Settlement agreements are beneficial because:
- the parties control the terms in the agreement, avoiding the unpredictability and expense of litigation;
- they are unique to the specific needs and situation;
- they can address complex issues in greater detail than often can be accomplished in court;
- parties can get to resolution sooner than may happen in court; and,
- parties can agree to terms that go beyond the limits of what can be accomplished in court.
The attorneys of Dragga Hannon, LLP are experienced in negotiating and drafting customized settlement agreements to meet your needs and unique circumstances.