A Marital Settlement Agreement resolves all the issues between the spouses, including marital property, child custody, child support, alimony, and division of retirement assets. With this document completed, 99% of your divorce is done. For example, if you won the lottery the day before you signed your Marital Settlement Agreement, that money would be marital and you would need to split it with your spouse. If you won the lottery the day after your sign your Marital Settlement Agreement, that money would be 100% yours. The Marital Settlement Agreement severs every tie between you, except for the final legal tie of marriage. The only thing you cannot do with a Marital Settlement Agreement is get remarried to someone else. Often established couples will execute a Martial Settlement Agreement and wait to obtain the legal divorce because, for example, they wish to maintain reasonably priced health insurance.
A Marital Settlement Agreement can be drafted in one day or three months, it depends on the couple’s goals, needs and how complex the agreement must be. Consider the case of a couple who wished to divorce but one of the spouses was deploying in two weeks. Their attorneys were able to schedule several meetings during that time, collect information quickly, and have a Marital Settlement Agreement done before the deployment. Some couples need additional time to figure out whether a home can be refinanced, whether a spouse can qualify for a mortgage, or where children should attend school. Each situation is different, but the Martial Settlement Agreement need not drag on - - the goal is to move the couple into a better future.
If you are interested in negotiating a marital settlement agreement with your spouse, click here.