3 Things to Know About a Marital Settlement Agreement

1. Marital Settlement Agreements Force You to Consider the Specifics of Your Divorce

A marital settlement agreement is a great tool to spell out you and your partner's expectations in regard to the separation of your finances and property. You will use the agreement to clarify who is responsible for specific debts and how you will split your assets. If you have kids, it can also include details regarding your parenting plan for your children, child support, and a child custody schedule for each parent. 

When you have so many decisions to make, you may inadvertently overlook certain details. When you use a marital settlement agreement, you're more likely to address all of you and your partner's concerns regarding your separation.

This can expedite the divorce process and prevent animosity from building between you and your partner due to misunderstandings about the details of your divorce. The sooner you reach an agreement, the lower the legal costs related to your divorce will be.

If you ever have questions about what terms you or your partner agreed to after your divorce is final, all you need to do is consult your agreement.

2. The Use of a Marital Settlement Agreement Can Reduce or Eliminate Your Time in Court

If you want to keep the costs associated with your divorce as low as possible, you can reduce the amount of time that you spend in court. There are a couple of ways a marital settlement agreement can decrease your time in court.

Even fairly simple divorces have a lot of details to clarify. You need to spell out specifics regarding your possessions, finances, and children. If you fail to discuss any of these details or don't address them in your divorce, you may have to return to court multiple times to ensure that you and your partner agree on everything.

A marital settlement agreement also proves to the judge that you've spent time contemplating the details of your divorce and that you're properly informed of your legal rights. Depending on the circumstances of your divorce, you may be able to avoid going to court and just submit the required documents for your divorce. A judge is more likely to approve your divorce when it's clear both parties have given the details ample attention.

However, to realize the most benefits from your marital settlement agreement, have an attorney assist with the drafting, completion, and reviewing of the document. For the agreement to be valid, it must adhere to the guidelines set forth by Florida laws. An attorney knows how to create the document so that it satisfies all applicable legal requirements.

3. You Can Introduce a Marital Settlement Agreement at Any Time During Your Divorce

Perhaps you and your spouse initially agreed on most details of your divorce, but now you have second thoughts. Or, maybe you still agree but want to put the agreement in writing. You can use a marital settlement agreement at any point in the divorce.

You don't have to begin your divorce with a marital settlement agreement for it to be helpful. The paperwork for the agreement is filed with your final divorce judgment, but you can submit it at any point prior to the final judgment. Some couples also use a marital settlement agreement to assist with negotiations over details they don't initially agree on.

Want to see if a marital settlement agreement is right for your divorce?  Contact  Budget Divorce Center for a consultation.