Divorce, which signals the end of a marriage or a family relationship, is difficult. However, a marital settlement agreement (also known as a separation agreement or property settlement agreement) will help the parties avoid future conflicts and additional stress by working at resolving their issues together and will establish each party’s rights and duties before they become problems. Once executed, this comprehensive agreement can then be incorporated into a divorce decree or serve as a separate contract between husband and wife.
Provisions that need to be addressed, among others, include:
- Identification of the children of the marriage
- Description of how the marital assets will be divided
- Clarification of what each spouse is responsible to pay
- Declaration of alimony, if any, to be paid
- Removal of a spouse as insurance beneficiary, if necessary