The settlement agreement is a significant section of any individual’s divorce case. There is a need to fully understand this agreement at first. The marital settlement agreement is a legally binding document that outlines the terms of divorce of both spouses. It addresses a variety of issues depending upon the specific case.
The main goal of the marital settlement agreement is to provide a roadmap to your post-divorce life. Both spouses agree to end their marriage life without getting the court involved. Moreover, it also defines how an individual and their spouse want to handle property, spousal, and child support obligations.
What Is a Marital Settlement Agreement?
Dealing with the terms of divorce can be a complicated process; however, with a common excuse, it is possible to design a marital settlement agreement form. It is a legally binding and a written contract that the divorcing spouses create to sort out their divorce-related issues.
The document outlines all the important terms such as division of property and assets, child custody, alimony, and others. Depending on the situation between both spouses, they can create a sample marital settlement agreement on their own. It is easily signed by the parties and gets approved at the final court hearing.
If there are doubts regarding the marital settlement agreement, it is best to seek guidance from legal counsel. It should be known that each spouse will require their own attorney to negotiate terms on their behalf.
These agreements have slightly different names, sometimes referred to as separation agreement, divorce settlement agreement, or something similar.
What is Marital Settlement Agreement Used For?
The compromise agreement between husband and wife is the main goal of every divorce case. If the spouses are contemplating a way to settle the dispute without going to court, drafting a marital settlement agreement is one of the legal options.
It is written and signed by both spouses that define the terms of their separation. This agreement addresses several issues, which is why it has great importance in the divorce matter. The spouses can use the marital settlement agreement form to agree on issues such as property, spousal, and child obligations.
A well-considered and negotiated agreement can take much stress out of ending the marriage. By agreeing on all the terms mentioned in it, court appearances and misunderstandings can be avoided.
Further issues in the event of a dispute or involvement of the parent for custody and parenting time are common in such agreements. Besides, the agreement outlines the terms of the divorce and relationship between two spouses after their separation.
The marital settlement agreement is a very important document as it is your way of life after divorce. It is a valid and forceful contract that should cover all the issues that are valuable for both parties.
Types of Marital Settlement Agreement
A marital settlement agreement covers certain terms that to be completely understood by both parties. In addition, there are some other types of such agreements that can be used for different scenarios, which are provided as follows.
- Property Settlement Agreement
This agreement is a binding contract between two spouses that defines the terms of the divorce. Property settlement agreement template that covers the disposal of debts, property division, or child custody.
- Mediated Separation Agreement
The mediated separation agreement is the interaction of two parties who are willing to sort out their dispute under the counseling of a skilled mediator. It is a cooperative process with a neutral third party.
- Collaborative Settlement Agreement
It is known as collaborative practice, which is a legal process that enables couples to work with their collaborative professionals on the decision of the separation. The collaborative professionals include coaches, trained lawyers, and other financial professionals.
- Custody, Support, and Property Agreement
This agreement outlines the terms related to the custody of the child, expenses and support, and division of property among the two parties.
How Does Marital Settlement Agreement Work?
The marital settlement agreement template becomes effective as soon as both parties sign it. The spouses do not need to wait for the finalization of their divorce process. A well-written marital settlement agreement covers every term of the divorce, such as a parenting agreement, child and spousal support order, and a detailed list of personal property.
Both spouses agree upon the marital settlement agreement before going to court. A divorce attorney or a professional mediator can compose the agreement and submit it to the judge to ensure that all the mentioned terms are fair and equitable. Once the agreement is drawn up, both parties authenticate their agreement in writing and have signatures.
It is highly recommended that the agreement is drafted or reviewed by a divorce attorney or a qualified mediator and not generated on your own. However, the agreement can be amended if both parties are agreed with the proposed changes.
Defining the terms of the divorce is a complicated process; for that purpose, this article has explained the possible way to create a marital settlement agreement. It is a legally binding contract that resolves divorce-related issues. Both parties reach an agreement that covers child custody, alimony, and property issues. The user needs to make sure that the marital settlement agreement has all the fair terms to both parties and must be reviewed by the divorce attorney.