A marital settlement agreement (MSA) is a written document that outlines the settlement on the various issues related to your divorce. It is supposed to be comprehensive and cover all aspects of the divorce. The terms outlined in the agreement will be used in the ruling of your divorce in the court. The marital settlement agreement is often confused with separation agreement which also outlines settlement on the issues surrounding the divorce. However, a separation agreement is not used by the judge and is primarily used as an agreement when the couples are separated.
You can work out the marital settlement agreement with your ex before filing for divorce. With the marital settlement agreement, you can file a motion if your spouse violates the agreement outlined in the MSA. You should have a good understanding of the law if you want to draft the agreement yourself. If not, it is recommended that you get a family law attorney to draft the agreement. Family law attorneys in Irving will make sure that the settlement is as comprehensive as possible by outlining all the necessary information.
Parenting schedule is one of the things that your family law attorney can include in the settlement. It is common for parents to have disputes about the schedule so you should do your best to avoid the issues. You should also include a holiday schedule so that you don’t have to argue with your spouse who will have the children during the holiday period.
Family law attorneys can also help you outline the provisions of child support and alimony in the settlement. Your gross incomes and the income that is available for the support will be mentioned. The amount of alimony that is paid out to your spouse, payment amount, and how long the support will be paid will also be stated in the agreement. Additionally, the attorney will also outline the terms of termination for the alimony. For example, the term can state that the other spouse will stop receiving alimony if he/she gets married again.
The attorney can also make a provision that the spouse needs to maintain life insurance to pay for child support. This will give you financial protection and allow you to continue receiving money if your spouse passed away. Assets/properties and retirement accounts that are to be divided will also be outlined in the settlement. In the case of a retirement account, the attorney will make provisions including the person responsible for completing the QDRO, the person who will pay the preparation cost, etc.
The attorney can also include a plan on the sale of the house after the divorce. For example, he can state that the house will be listed in the market within 30 days after the divorce. You can also have the lawyer specify the type of deed that will be exchanged if your spouse decides to buy back the house when it gets listed in the market.