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 & Wills, L.L.P. are experienced in negotiating and drafting customized settlement agreements to meet your needs and unique circumstances.