Protecting Relationships

Protecting Relationships And Legacies

What to include in your Marital Settlement Agreement

On Behalf of | May 27, 2022 | Family Law

In more than a few marriages, there comes a time when the relationship is beyond repair. Even when children are part of the equation, getting a divorce remains the best path forward.

Simply because your legal union is dissolving does not mean the experience needs to be nasty. When both parties are collaborative, divorcing can be smooth sailing. Together, you can hash out a Marital Settlement Agreement. The most effective MSAs address all concerns.

Parenting schedules

Your kids are important to both of you. Dividing time with them can be a sensitive topic. It is a mistake to assume you can work out a handshake agreement. Completing an official custody calendar establishes a common understanding between both parents. Do not forget to account for variations during holidays. Coparenting apps can subsequently ease logistics between separate households.

Residential plans

For most people, the home is their most valuable asset. Since you no longer wish to be together, it makes little sense to continue living under the same roof. Who will stay? Your MSA should name the remaining owner and state the terms of compensation. Specify sale parameters if you are putting the house on the market.

Retirement accounts

Even pensions and 401Ks are marital property. Fair splits divide these assets. Authorizing this activity may require filing a qualified domestic relations order. In your MSA, establish which spouse bears responsibility for handling this paperwork. Also, set a timeframe for rolling over IRAs.

Dissolving your marriage does not have to be a fretful situation. Just be sure to cover all major concerns when working out an agreement.

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