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What Is a Marital Settlement Agreement?

A Marital Settlement Agreement is a legal document wherein you include all your assets and debts; all children’s issues; child support; time sharing; parental responsibility; all real property; all businesses; and all personal property of the parties. This contract settles the case. The document tells what each parties rights and obligations are under the agreement. It tells what each party receives from the divorce. It explains the Child Time Sharing schedule, the child support and alimony obligations of the parties, if any. Many times, a parenting plan, and child support guideline worksheet are attached to the martial settlement agreement as exhibits and made a part of the document by reference.

After Mandatory Disclosure pursuant to Family Law Rule of Procedure 12.285 is completed, you should have a full picture of all the assets and debts of the marriage. Then you can negotiate back and forth between spouses’ attorneys and draft a martial settlement agreement that both parties sign. Each parties’ signature is witnessed by 2 witnesses and a notary public.

The more specific you are in describing the asset or debt, the better. You list all bank accounts, credit cards, loans, with name of bank or company, account number, and how the account will be divided. You also list if a party must remove their name from the account. That is done for all accounts. That is also done for pensions, profit sharing, stocks, bonds, and IRAs. You specify whether the asset will be divided by QDRO and who will pay for the QDRO.

You list all personal property such as household furnishings, clothes, jewelry and how they will be divided, or whether they were previously divided.

You state whether the real property will be sold, or quit claimed to a party. You state how this will be done, and the time frames for this. You state whether the mortgage will be refinanced, or who is responsible to pay the mortgage.

This information is provided only as educational materials, and does not constitute the providing of legal advice, and does not create an attorney client relationship.