What Is A Satisfaction of Judgment?
In divorce or family law cases, there is often times an order or judgment from the court for a payment from one party to the other. This may be through a consent judgment. Conversely, the court might order the payment after a trial or hearing.
The payments might involve property settlements in a divorce. For example, one party might be ordered to the pay the other party a certain amount for property settlement (which can be referred to as an equalization payment).
It might be that an account is being divided and one party is to pay the other. It could be that a particular item of marital property is being sold or refinanced with a payment is being ordered to another. These are just a couple example, but there are numerous other possibilities. For example, the payment could involve past due child support, spousal support attorney’s fees.
When these payments are made, the party paying should strongly consider getting a Satisfaction of Judgment. A Satisfaction of Judgment is a document signed by the receiving party recognizing receipt of the payment. The Satisfaction of Judgment is usually filed with the court.
This benefits the paying party for multiple reasons. One, the court will know that the judgment has been satisfied. Second, the party who received the payment cannot claim later that they never received the payment. Finally, when a Satisfaction of Judgment is filed, it can protect the payor’s credit rating by ensuring that the past due obligation does not reveal itself on a credit report.
Ultimately, Satisfaction of Judgments are important for parties paying of an obligation in family court. Parties who need a Satisfaction of Judgment should contact an attorney to ensure that this process is completed correctly.
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Do you have questions about Satisfaction of Judgment? To learn how an understanding of the exceptions and complications of marital property characterization can benefit you, contact us online or call us at 855-805-0595. Our law firm has convenient office locations throughout the area in the Midwest in cities such as St. Louis, Kansas City, Columbia, Springfield, Wichta, Tulsa and beyond.