The process of a divorce or separation from your partner is an extremely difficult and emotionally taxing situation that will certainly impact your entire family. The custody of your child is one of the most difficult aspects of a divorce to navigate, and assuming shared parenting rights means that you have to rely on one another to a certain extent. Through the divorce process, the best thing you can do is to pursue any means of preparing that you can. While one of these avenues is to sit down with a qualified family law professional to ensure that your legal rights are protected and that you can expect your responsibilities in all child care matters, it is also a good idea to get a close handle on the financial matters of the situation. You may think that just because you are getting a divorce, it has no bearing on your finances. However, the truth is that during the divorce process, the financial choices of your partner may have lifelong implications for you and your child.
One way in which you can be affected by their financial decisions is in the form of misunderstandings about legal documents. A loan agreement, for instance, is a universal document, while promissory notes are much more specific. A loan agreement serves as a means for determining whether or not one party can pay back a loan. These documents basically serve as evidence of a debt that is owed between two parties. These documents can have a complex structure and contain many stipulations for how, when, and why a monetary amount can be repaid, plus what can happen if they are not paid back.
In contrast, a promissory note is much more specific and is typically made between two individuals. It simply lays out the terms of the agreement and exactly how payment would be made. Because these agreements are much more specific and detailed than other documents, they often play a vital role in family law cases. When deciding on issues such as custody, the court will consider all financial aspects of your life-particularly where your child is considered. Because these documents can be used as evidence, it is important to understand how they work in the context of a custody hearing. Understanding the difference between loan agreement and promissory note can help clarify these financial matters.
For more information on legal documents and their implications in family law, you can visit USA.gov.