Write your own separation agreement

Section 6: Debts

 

List of debts

Joint debts

1

The parties have a .

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2

The parties have a .

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3

The parties have a .

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4

The parties have a .

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5

The parties have a .

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6

The parties have a .

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Individual debts

7

Name has a .

Party 1
Party 2
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8

Name has a .

Party 1
Party 2
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9

Name has a .

Party 1
Party 2
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10

Name has a .

Party 1
Party 2
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11

Name has a .

Party 1
Party 2
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12

Name has a .

Party 1
Party 2
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Responsibility for particular debts

13

Party 1 and Party 2 will each pay their individual debts as listed above. Party 1 and Party 2 agree to divide all joint debts equally.

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14

Party 1 will be responsible for paying the following debts:

Party 1
Party 2
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15

in the amount of .

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16

in the amount of .

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17

in the amount of .

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18

in the amount of .

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19

Party 2 will be responsible for paying the following debts:

Party 1
Party 2
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20

in the amount of .

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21

in the amount of .

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22

in the amount of .

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23

in the amount of .

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24

Each person will be solely responsible to pay their own personal debts and liabilities:

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25

in the amount of .

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26

in the amount of .

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27

in the amount of .

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28

in the amount of .

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29

Each person is responsible for paying a specific portion of the amount on some or all the debts listed as follows:

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30

in the amount of . Party 1 will pay and Party 2 will pay .

Party 1
Party 2
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31

in the amount of . Party 1 will pay and Party 2 will pay .

Party 1
Party 2
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32

in the amount of . Party 1 will pay and Party 2 will pay .

Party 1
Party 2
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33

in the amount of . Party 1 will pay and Party 2 will pay .

Party 1
Party 2
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34

Neither of us will increase the amount owed on the following accounts:

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35

in the amount of .

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36

in the amount of .

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37

in the amount of .

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38

in the amount of .

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Taxes owed

39

Party 1 has disclosed all information about any tax they owe, including interest and penalties. These are as follows:

Party 1
Party 2
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40

in the amount of .

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41

in the amount of .

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42

Party 2 has disclosed all information about any tax they owe, including interest and penalties. These are as follows:

Party 1
Party 2
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43

in the amount of .

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44

in the amount of .

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Except as otherwise provided in this agreement, each of us will:

  • take responsibility for paying all of their taxes, interest, and penalties owing
  • pay their own income tax as assessed for the current year

If either person fails to comply with this clause, they will pay the other person for any expense or loss they suffer as a result.

Closing accounts

45

When this agreement is signed, the parties will close the following joint accounts:

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46
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47
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48
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